The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-01-23
COTTON MARKETS
Market Suffers Further Break
and Bears Meet Little Re-
SiStanCe From Bulls.
Thursday Afternoon, Jan. 20

Additional reason was afforded by the
cotton market today why the south
should at ono come to a decision 10 re-
duCe acreage to that crop ana assure
It's independence by growing lots Of
food and forage. The spectacle Of its
principal crops Value being subjected
to merciless pounding at the hands Of
spectators and others who are inter
tsled in as low prices as possible con-
tlnued without sign OF relief, The sue
cess attending the bearish efforts il
really causing them to make bOlder pre-
dlctions than ever, and so far nothing
mas appeared to induce more than pass
ing support. Even the danger of over
dong a good thing and getting them
selves in position to feel the effects Of
hack-tire apparently is not given much
consideration
Prices IN the contract department at
the low levels early i'm the afternoon
stood about 700 to $50 points lower in
New York than they were on the day
after Christmas March on Dec 26 sold
as high as g. loo, May at 2s.36c and
October at % 25C. To-day thev sold at
22.O6c, 20gOc and SOC, Respectively, or
drops Of f04, 7i6 and 679 points on the
three positions, There has not. OF
course, been anything like hat much
dec me IN spot prices in the same
period, but nobody can tell now what
the actual has been, as both
then and now there was considerable
lrTegularity In quotations, II can he
said, however, that the break in con-
tracts has been far greater than the
Willingness To make concessions on
spots and that II remains to be seen
whether those who are holding will be
forced to meet the decline, SO far there
is a significant absence of distress signs
and the defense tines are not broken.
Liverpool again showed hearish dis
position ard closed easy at a net loss
M AZ Ih 81 F.athfn nh n~a IA h. N
but 20 70 "a points was due. The pri-
vate cables say that unsettled Condi-
tons In Great Britain among labor Is
one Of the things disturbing to the
spinners and causes them to defer buy
ing as long as possible. One Of the
attest reports says that about $50, 900
miners are to quit work right away,
spots were up 2 points. good middling
To- 1860, with sales 1000 bales. Re
celpts were the same amount.
At the Opering on this side quotations
were practically where they closed the
night before, with traders awaiting the
ginning report This came larger than
tNlNcried, showing ginning to nave been
II .O52, 600 bales, compared with 1880
OuV last year, the period amount being
aaH,ouO bales, compared with 1876, 900,
Ihe report was followed by some pres
sure and the market responded readily,
the rest Of the day seeing but little in
trrruption to the decline.
~ tn" opening May was at %. 30c,
and 1t descended until IN the afternoon
II suId at 10000. The January posi-
ton especially was under fire, II sell
ing down from its early high nearly 200
points.
october, which has been better sup
ported recently on the theory that IT'S
prices was below cost OF production,
dipped to is A6c, which was 90 points
under previous close. the low for May
being li1 points under last nights
finals.
Reasons for the weakness were few,
except that hearish sentiment was
rampant and the market was without
support. New York wired that the
South was leading in the selling, but
this was questioned, as the weakness
In the Northern market was greater
than New Orleans, Liverpool was cred
tied with selling on this side, with the
chief buying said to be for shorts and
a few orders from spinners.
From the belt came adViCes saying
that holders were not disposed to meet
the decline and business was almost
nothing Exports for the day were
about 5000 bales and II wa predicted
that weekly statistical comparisons to-
morrow would be hullish,
Additional selling On a weak market
came during the final half hour and
sent prices to levels half n cent under
the earlier hours, May touching 20, 40c
and October is 25c, finals being at the
bottom.
Futures closed 1896 to 100 points off,
tone weak.
New orleans closed 1Si to l3l points
lower, tone steady. Spots were I'M
changed, middling at q. 5Oc, with sales
bales.
Liverpool is due to come so to ss
points lower.
In the local market quotations. which
are really nominal, we're reduced so
points, middling at $500. Sales re-
ported were 500 bales.