The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-01-22
COTTON Markets
Better Showing in Liverpool
and Domestic Markets Hold
Fairly Steady.
Thursday afternoon. Lan.

Thursday afternoon, Jan. %.
Win Liverpool displaying less ten
dency to 60 down farther and weather
conditions In the belt anything but IA
Vorabie, the cotton market today held
tairly steady and failed TO record any
declines OF consequence. Failure Of the
spot department to reflect In any meas
ure the reaction in futures served notice
OF danger lurking for those who would
attempt to push the bear side too far.
The lull in buying was apparently of
no concern to those holding the rem
nant, while conditions we're certainly
not favorfng preparations for another
crop. Then, too the widespread rains
We're doing further hurt to the unpicked
portion Of the crop.
The day was a dull one and traders
were inclined to stay close in. News
developments were not important, al
though some private advices said that
s'the situation in Italy was showing some
Improvement. Cables from Liverpool
were without much color, but liquida-
tion in that direction seemed less urgent
and some opinions were that at the
lower level absorption of offerings was
noted.
The sterling market was again weak
and new low marks were recorded, al
though later in the day some recovery
took place. Other exchanges were like
wise weak. although this factor APP
parently was not being given much at
tention by traders as against other
things regarded as of more immediate
Importance.
Liverpool was due to come 10 to Is
points to the bad to meet the action of
our markets yesterday. Finals over
there were steady and II to 2 points
off, the distant months being steadier
than the near, evidently due to some
additional liquidation In the latter, Spots
were marked off IS points, fully mid
ding to 2S15d, with sales 1000 bales,
including $500 American. Receipts for
the day were $4,000 bales, but none
American.
At the start domestic markets were
slightly better than the previous close,
but a dip of about 20 points came when
moderate selling was done by the pro-
fessional crowd on lower exchange and
continuation Of the same feeling which
prompted the pressure of the past couple
of days. But buying was done by trade
interests, helped by bad weather in the
belt and covering against possible
surprise In the census report on gin
ming. due at the opening tomorrow. The
upturn was about 80 points, after which
another reaction came, but it failed to
go far and the general tone was steady.
A short while before the close prices
stood very close to the previous close
and sentiment was mixed.
There was little activity reported in
the spot department and exports for the
Qay were small, out holQerS continued
Independent. They are giving attention
TO the character OF advices from various
sections Of the belt as to farm work
and until there is more progress bullisc
ideas will he encouraged
; During the final half hour rumor
from Washington that differences be-
tween the peace treaty adherents had
been adjusted caused a move Of short
covering, which carried prices UP
sharply and finals were at the tor
for the day.
Futures closed IS to IS points up
tone steady
New Orleans closed IS to 70 points
up. tone firm
Spots were unchanged. middling al
39.75c, with sales 1925 bales.
Liverpool is due to come "a to q
points up.
In the local market sales we're csc
bales and quotations were unchanged
middling 40c.