The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-11-18
COTTON MARKETS
Market Says Further and
Meets Feeble Resistance.
Ginning LARGE Past Period
Thursday Afternoon, Nov, Il

| Thursday Afternoon, Nov. IS.
Cotton sought and found lower
levels today without meeting any re.
sistance of consequence. There was
nothing particularly new in the in
formation coming to hand, SO II
seemed merely the weight of the
actual bales on market which had
little buying power. Large ginning
flgures from a private authority nc
| doubt helped in the decline, for II
| lent some confirmation to recently
| enlarged ideas on the size fthe crop
| Weather conditions turned more fav-
| orable and reports from business cir
| cles did not reflect much disposition
to take hold at the lower level of
| values. In the stock market condi-
| tionS were not much better, although
| call money rates We're lower and re-
| Elected some little easing in Money.
| However, credits are still without re-
| lief, as the liquidating process ap-
| pears to he by no means finished.
| Foreign advices were disappointing,
although they no doubt found part Of
| their inspiration in the weakness in
| the cotton belt.
Liverpool was worse than due and
| traders were left to guess just what
| was behind it, Higher sterling rates
accounted fortp part, but such did not
suffice, for finals were 60 to 45 points
net to the bad whereas decline Of
% to "a was due. Private cables said
that spinners were calling SOME cot
ton on the break. 1t was presumed
that the chief factor in the weakness
was that trade conditions did not
look any better, while spot weakness
and large ginning figures from this
uiIn oil ftnt,Ra1 T>l- oh
down 20 points, fully middling to
14.70d, with sales only 1000 bales, in
Guiding $500 American. Receipts
were only 1000 bales.
First prices on this side were lower
and nothing at the moment seemed to
encourage buying. The chief demand
was from shorts willing to accept
some profits, whiie here and there
some trade interests were absorbing
some offerings. AS for aggressive
support, it was lacking, and develop
ments did not seem to stimulate 1t,
Stocks were easier with some divi-
dends being passed, while the higher
exchange market failed to have the
effect it ordinarily does by inducing
raw material buying December
started at 17.60c, touched ~ points
lower and then worked up to 17.70c,
but turned weaker ana was arOunu
lie late in the afternoon, with the
entire list down in proportion. a
press report that Great Britain had
resumed business relations with
soviet Russia did not seem to arouse
much interest although If such Is
actually done there may soon be some
favorable effects therefrom.
The spot department is not sending
much news, but advices filterins
through during the day said that Of
ferings were free and prices lower
Tho lack of orders is the big bug
bear, and with bearish weekly statis-
tics expected tomorrow traders APP
parently expect further weight of
bales.
Futures closed so to &c points lower,
tone steady.
off, tone steady Spots were off %
points, middling at 1889, with sales
1876 bales,
Liverpool is due to come 20 points
lower.
In the local market sales reported
were 1900 bales, with quotations off
SO points. middling at lie.