The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-11-22
COTTON MARKETS
Cables Are Worse Than Due,
Ginning Large, But Fairly
Good UndertOne Shown.
Monday Afternoon. Nov. 20.


Poor cables from Liverpool and
| liberal figures on ginning to Nov. Il
| combined to send prices downward
| during the first part of the day, but
after that a fairly good undertone
was shown, although buying was by
! no means aggressive. 1t seemed a
case OF negative rather than positive
strength, for there is no question but
| that the technical position of the mar
| ket is getting risky for those who
| are short. Sentiment is too nearly
all one way, bearish, and the oppor-
tunity is too great for a sudden at
tack on the short interest, such as
| took place in small way in the stock
market today.
The census report on ginning show
ed that $4,000 bales had been
| turned out to the end Of the past pc
| against 100000 for the period, this
being above expectations. 1t stimu-
lated talk OF larger crop and added
TO the indisposition on the part of
spinners to enter the market for any
| OF their raw material. The report
| probably was one Of the factors
pushing prices down during the fore
noon as it tended to discredit some
| of the reports OF how the belt had
| been holding back on ginning,
| Liverpool came worse than due
! and increased her weakness as the
| session advanced, Silver metal was
reduced again. while sterling ex-
change was higher. which increased
selling. Just before the close a sink
ing spell came and finals were easy
ut net declines Of Is to % points,
whereas about unchanged was due.
Spots were marked down 20 points,
fully middling to 13.71d, with sales
1000 bales, including $500 American.
Receipts for the day were 5000 bales,
! including $500 American.
First prices were slightly to the
| bad, but the ginning information
| seemed to have been to some extent
discounted and after the opening a
| little upturn' came. March In New
York going up to 1920 after start
| ing at 1880. the shorts quit cover
| ing on the bulge and a fresh lot OF
| selling came, encouraged by some
bearish spot advices from the East
ern belt where prices are such as to
make deliveries on contracts profit
able. This was followed by q dip of
March to 1880 and January to
| 15.44c. both close to their previous
bottom, after which better tone
prevailed, as trade interests covered
some Of their requirements and shorts
were disposed to be little cautious.
March in the afternoon had sold back
Up to 1890.
News was not particularly differ
ent from what il has been, but the
weakness in grains and provisions
seemed to strengthen the idea that
the liquidation process was incorn-
plete, although the bulge in stocks
caused some to feel that perhaps a
turn had been reached there and this
would extend soon to the other mar
kets.
With little news to explain It, the
| improvement during the final few min
| utes was ascribed to short covering on
the theory that the bear news was all
| out for the time being,
Futures closed 5 to 81 points, tone
very steady.
New Orleans closed 5 TO 81 points,
tone steady. Spots were off rs points,
middling at Ice. and sales were 1,4iS
kbales.
Liverpool Is due to come IL to Z
points up.
In the local market sales were $50
bales and quotations unchanged, mid
ding at 1880.