The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-01-12
COTTON MARKETS
FaISity of Revolution Report
Causes Shorts to Cover,
But Market ErratiC.
Monday Afternoon. Jan. u

Monday Afternoon, Jan, ~.
Failure Of the rumor that the Ger
man government had been overthroWn
to get confirmation caused a rush Of
covering on the part Of those who sold
on It Saturday but the recovery was
not ell held. On the bulge considerable
selling was done, apparently centering
In liquidation OF March by certain spot
interests, Liverpool was rot so had
as due, but 1t was somewhat signifi-
cant that buying from that direction
was not SO keen as II has been recently.
A report that a big strike OF cotton
operatives in Bombay was received, but
authorities failed to agree whether this
would be bullish or bearish on Liver
pool and other markets. More encou-
raging advices as to prospects for set
Ting the threatened railroad strike in
Great Britain received credit for caus
ing some strength, but failed to offset
the absence Of the keen demand that
has been so conspicuous of late. II
seemed to some extent a case OF the
water having already passed and the
wheels needing something additional to
make them grind.
Liverpool closed irregular and unset
tied at a decline of "a to an advance
of q points, differences between the
nears and distant positions being fur
ther narrowed, Spots were marked
SO points, fully middling 10 29.e5d, with
sales 1000 bales, including 5000 Amer
lean. Receipts for the day were $1,000
bales. including so, 100 American.
The occasion for the sharp initial
advance in prices was that the basis
for the sharp break of Saturday was a
false one, which caught lot OF folks
in bad position, March in New York
opened at 36 SOC, a rise OF 70 points
! overnight, and it sold on the first call
as high as S7O5c. But buying power
| was not continued and there was soon
some selling pressure, helped by stiff
ness In money and some reactionary
disposition in other markets The SELL
| ing of March tended to unsettle the
rest Of the market a little, but pressure
was not aggressive and the decline at
| its worst to within a short time of the
close failed to carry the list to the
| previous close. March sold as low as
| 3611c, but recovered to S6.3Sc and
then had another slight sinking spell
Trading was all the while small and
the market narrow one. with senti-
nlent more divided than it has been
| for some days.
Advices from the dry goods markets
were still bullish. prices going higher
than ever and the demand for goods
being undated, yet it failed to induce
| much snap in the spot department
Some observers thought perhaps this
was due to the fact that the mills have
gotten into pretty good shape as to raw
material and 1t will take time for theB
to come to the point where they vii
buy the kinds of cotton that are still
plentiful. Demand for the staples ant
| good grades continue enough to take
| everything, but holders are clinging t.
it, There is nothing to suggest any
weakness in spots and the census re.
port Wednesday on December consump
ton in this country is expected to lenC
| encouragement to the bulls.
Futures closed to As points up, tom
steady.
New Orleans closed to 81 points up
tone steady Spots were unchanged
mddling at 41c, with sales 312 bales.
Liverpool Is due to come 10 to /
points lower
In the local market sales were IS
bales and quotations were unchanged
middling at 40c,