The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-01-16
COTTON MARKETS
Contracts Recover About 100
Points, But Fail to Hold.
Trade Buys Some.
Thursday Afternoon, Jan IS.

1nUNHQuA AAANAt A'hHAa 9&AAa "
Prices recovered about SIS a bale to-
day. hut it seemed due to technical
speculative conditions, and before the
close a considerable portion Of the up
turn was lost, This lessened contl-
dence In the stability OF the market
and left bears without particular req
son for concern. Some buying for trade
interests featured the upturn, but this
subsidized too soon to indicate that there
Is any widespread feeling vet to 90
other thar provide for requirements
only as they develop,
LIVERPOOL did not fully meet expec-
tations, refectipg disposition in the
foreign center to discourage q 100 Iau-
zeal downward movement at this time.
Before closing all the early decline had
been recovered and finals were steady
al a net gain OF Il to 3 points. Spots
were marked down, however, by 20
points, good middling to l9.6od, with
sales 1000 bales, including 400 Ameri-
car, Receipts were 1000 bales, in
GLIDING 1850 American.
The domestic markets opened higher.
due TO the showing in the foreign cen
ter and 10 the general feeling that the
decline had gone far enough for the
time being. There was evidence also
Of trade support. for prices had reached
levels which many thought were as
low as could reasonably be expected.
The short interest had been materially
increased and liquidation mad appar-
emily run its course, Sentiment among
most of the traders seemed 10 hin
II unwise to run counter to the mani
fest Indifference on the part Of spot
holders TO the break in futures, while
the enormous discounts on near months
and the much larger ones on distant
made the average man cautious There
were also adVices telling Of some little
inquiry for the actual,
At the opening the March option in
New York was "A 90c. an advance Of
e. points overnight. but accumulated
selling orders soon ran the market
back down about a dollar a bale. sup
port improved and the recovery was
easy, March going up gradually until
1t sold at 25,47C, which was ~ over
yesterdays lowest Some i~rregularlty
accompanied the rise, but there seemed
to be good character Of buying and II
was based to a large degree on ab-
Sence OF paniCky feeling in the spot
department. However. there was more
for sale in the late afternoon and March
dipped TO 1850. Just why the selling
was renewed was Euesswork. but prob
ably a report from Europe that there
Was some little fear Of renewed trouble
with Germany helped afford the bears
an excuse for II,
The spot situation is nehulous and
business continues light, There Is ex-
pectation Of more favorable weekly
comparisons tomorrow, for takings will
compare with only 2tI, 600 for this week
last year. Subsequent 70 this time
last season takings ran small, so there
Is chance Of comparisons being more
bullish. Exports for the day were
about 5000 bales, but there were some
adVices telling Of probability Of them
becoming much larger soon. This. how
ever. fails to exert much influence,
pending coming of more demand for
the actual.
In late trading another wave OF buy
ing came In and prices recovered mod
erately again.
Futures closed 81 10 IS points up. toni
steady.
i. New Orleans closed II to S. point,
up, tone steady. Spots were without
change. mlddling at 29c. with sale.
2,1l3 bales.
Liverpool is due to come I to
points ~.
In the local market sales were 75t
bales, while quotations were unchanged
middling at %. 7Sc,
Spot sales: Norfolk 1l9, Augusta 1903
Little Rock 1910. Houston 1873.