The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-11-26
COTTON MARKETS
Poor Cables Chief Factor in
Further Downward Move
ment in Cotton Prices.
Fridav Afternoon, Nov. 26.

Cables from Liverpool apparently
were largely responsible for the de-
moralization in the cotton market to-
day. The foreign market had u
spell of almost hysterical weakness
yesterday and today failed to recover
therefrom, which aroused fresh east
ness on this sidesSwhere there was
little disposition to resist II. Thus
further decline witnessed and prices
at their new season lows in the early
afternoon stood more than IS bale
under the previous close. About the
only reason the decline did not con-
tinue seemed the unwillingness of the
bears to follow up their advantage,
The spot department did not offer
any encouragement and some reports
said the basis was lower and de-
mand was off again. The recent in
dication of revival in demand appar-
emily had entirely disappeared and
IN its stead was an appearance OF
utter helplessness. Circulation of
several notices on December in New
York added to the confidence of the
bears, while marked weakness in the
grain markets, especially wheat.
which made new season lows, was
another factor.
The weekly statistics came bear
ish, as expected, and perhaps added
some weight to the other depressing
factors. Spinners took only 250,0OO
bales, compared with $4,000 n year
ago, while the falling off in move
ment into sight was not quite so
large. so that visible supply of
American showed a gain Of 100000
bales, compared with n gain of lOl,-
600 same week last year.
After her spell of weakness yes
terday while the American markets
were observing q day of thanksgiv-
ing, Liverpool today did not show
much further decline, but altogether
the showing for domestic traders was
anything but encouraging. Cables
said that n failure of n stock firm
in Liverpool helped arouse fresh con-
Germ, while the Egyptian market was
weak. Announcement that the master
spinners had recommended so per
cent curtaiment in use of Ameri-
can cotton, following a similar re-
sluction In Egyptian some time ago,
and that a vote thereon would be
taken at once, also encouraged
pressure. Lack of reason from this
side for taking the other side made
for weakness also and finals were
quiet and points off to up. Spots
were marked down points, fully
middling to 12.7Sd. with sales 5000
bales, including 1000 American.
Nothing was received.
At the opening prices were sharply
down because of cables and the abb
sence of any support. March in New
York started at 1870, and 1889
proved the top for the day. Trading
was not heavy, but. offerings were
plentiful enough and the trend was
downward from the start, although
semo absorption took place on the
way down because 1t was felt that
the market was low enough. How
ever, after a time new lows we're
established and under the weight of
spot weakness in the afternoon the
bottom was reached, March q short
while before the close touching 1515c,
a1adrop Of l19 points from the pre-
yious close. There was little sign
OF supper. at the lower level.
sFutuges closed l45 to 80 points off,
tone barely steady.
New orleans closed 134 to 80 points
OF, tone barely steady. Spots were
10 points lower. middling at l5.50c,
with sales 1879 bales
Locally sales were 1000 bales, max
log 1850 for the week. Quotations
were reduced 100 points, middling at
15s50c.
Estimated unsold stock in factors
hands Is $4,000 bales compared with
$4,000 last year and t66, 900 two years
ago. Linters in stock are 10000 baIes.