The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-01-13
COTTON MARKETS
Market Hammered on Sharp
Cut in Goods, But Some Re-
COvery-SpOtS Lower.

MuAQdA ate noon, an 10.
Further decline was recorded ia cot
ton prices today and the task OF check
ing the decline again put VI to the
man behind the bale. The air seemed
impregnated with bearish feeling and
the speculative element did not hesitate
to taxi advantage Of it, although this
was not the case in al. directions. The
center OF II was chiefly in the New
York parkct, where traders seemed to
be getting their inspiration from the
action OF the stock and grain markets
n the announcement that two Of the
leading brands Of cotton goods had
undergone the Sharpest sing revision
since the civil war. That and the eN-
p~ectatlon Of a bearlsh report WedneS-
day on December consumption in the
United States stimulated selling and
the decline extended more h half a
cent on contracts before support was
sufficient 10 bring about a rebound
The foreign market was al first not
quite so bad as due, but before closing
made fun response and more, closing
steady at a loss Of 81 to a. points. The
foreigner does not vet seem disposed TO
think the deflation process Is over and
their market seems willing 20 go down
without much resistance. Spots were
marked down As points, good middling
W -Nrobhs Win CalSN t'N batfNs i'ANANA
ing 400 American. Receipts for the day
were Is, ooo bales, including 1900 Amer
lean.
The domestic markets opened at some
advance. rejecting cables and a feel
ing in certain quarters that the reac-
ton had gone far enough. one or two
prominent operators were giving sup
port and the sellers seemed indtspoScd
about offering much. There WAS, how
ever, but little doing and M tendency
to do any better, which soon gave way
to a decline. The news Of cuts in Fruit
Of the Loom and Lonsdalo by 9 and 6
cents a yard stimulated selling, and
perhaps anticipation Of this was one
Of the reasons for the pressure Of the
past few DAYS. The stock market was
also reactiouuryI and traders seemed OIL
sessed with the idea that the general
tendency in all lines was towRrd. lower
levels.
There was also talk Of the census re-
port, due Wednesday morning at the
upening. would he hearish, as IT would
show that the mills during the past
month have been getting from a war
to a postwar basis. This encouraged
selling.
opened at 26 l5C. sold two points bet
ter and then slipped to 25,S5c, whom
some support came and sent II back up
10 26 t5c. The next downward swing
carried the option 10 25.54c, the low Tor
the day and fnr the recent movement,
following which short covering carried
Il back IN to 2f. Csc. The technical po-
sition had gotten more favorable for
the bulls and spots were not declining
in rrouortiou. But toward the close
further pressure was IN evidence and
the list saEged slightly
In the spot department there was
hut little activity and the reduction IN
quotations at most Of the Centers failed
to bring out much sign Of weakness
among holders. They seem disposed to
adhere to heir holding attitude IN spite
II the continued slackncss IN demand
both for foreign and domestic spin
Eers,
Futures closed IN points up to %
off. tone very steady,
New Orleans closed II points up TO
% down, one steady, Spots were or
so points. middling to ?9.bOc, with sales
1853 bales.
liverpool is due to come 10 to u
points up,
In the local market sales were ZOO
hales and quotations were off 30 points
on lower grades and unchanged on
middling and better, middling at SOC,