The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-01-06
COTTON MARKETS
Gables Come Very Poor and
Much Pressure This Side,
But Some Recovery.

-
Further activity on the part Of the
bear crowd in cotton was witnessed to-
day aided by poor cables from Liver
pool, and prices dropped almost 100
points before there was "A turn In the
tide, March in New York sold as low
as &c l9C, which compares with 20 cents
one week ago n the recent high OF
2s,l0c. The mostscommonly mentioned
reason for the beapish success OF the
past few days is failure Of the promised
enlargement Of spot demand to mate
rialize. Although those who are hold
ing the actual have not shown disposi-
ton to press anything for sale n APP
parently are undisturbed by the rever-
sal In futures, considerable liquidation
has taken place, encouraging some out
side selling and causing many stop loss
| orders to be uncovered.
The surprise caused by the delayed
SninnCrs takiugs figures, Hester max
ing the amount for last week 1863, 900
bales, against $50, 900 for the CORE.
spending week Of last year, furnished
occasion for the Improvement IN sup-
port n a subsistence OF beariSh pres,
ture. IT is the first time in many
weeks that the takings have been larger
than they were last year for the week,
and II evidently was thought wise pol
icy to curb the bearish energy, especial
~ as II remains to be seen how the
man behind the bale wi. respond to the
lower level.
Liverpool was due &c to 80 points to
the bad, and early made full response
and more. There was little indication
Of buying power In that direction me
the market crumbled sharply before the
CIose. finishing steady and 16 TO 90
points net to the bad, Private cables
said there was some reSclltng OF the
actual by the sptnners and that Condl-
| tons were not favorable in other re,
| aI,stu htt this NNsNH mot TnUAIIp1 hN
some domestic observers as ample cX-
PLANTATION for the marked weakness,
Spots were marked down % points,
good middling to 2i07d, with sales 800
bales. Receipts over the Weekend
were $4,000 bales. including 1890
The opening on this side vas II weak
one, although distant months were bet
ter supported than the nearS. March
opened 80 points off, at 26, zoe, but soon
sold baCk up to 26,90c, "A few people
covering on the dip on the theory that
the break had gone far enough, But
they reckoncd without their host, as
selling orders continued to pour In from
Liverpool, Witch encouraged some help
from the professionals, The bulls did
not seem to be doing anything and thus
the affair worked downward without
developing much resistance. The alb
sonCe Of snap In the spot department
was "a taNorito explanation and II was
Of course, not assumed that the hold
ers would be forced to accept sooner
or later the lower prices. ThGA decline
extended until March touched 20. l9c, d
dl Op OF 80 points from the previous
close, but soon afterward came the zig
ues on what Gpinners had taken aud
the option IN n few minutes recovered
to 26. 63c. The entire list then hesitatcu
and kept without a narrow anR IL
was thought the affair Was better tech
nically and that another short interest
had been created, while spots were still
steady In the belt.
Business in the actual was light, the
chief reason being that offerings were
light and holders refused to make con.
cessions. There was little demand and
this was what encouraged the bears.
Exports were light, but the bulls were
stlll expecting early improvement IN
this respect,
.utu,es closed 60 to 81 points off
tone steady.
New Orleans closed g. to n points
or, tone steady. Spots We're unchanged
middling 80. 75C, with sales 1858 bales.
Liverpool Is due to come 3 points VI
TO 3 lower.
In the local market quotations were
Off 30 points, middliug at 30.0Oc, Hold
ers here are stubborn and are offering
but little. They are well able to wait
ana the current feeling Is one Of con
fidence,