The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-12-29
COTTON MARKETS
Cables Distinctly Bad, But Re-
Covery Follows and Shorts
Disposed to Cover. II

Wednesday Afternoon, Dec. 30.
After it's early sinking spell. which
carried prices TO new low levels. due
largely to the showing made at
Liverpool, came a moderate upturn
in cotton values. II was based chief
ly on covering by shorts, although
| some advices said that large inter
ests were absorbing offers Some
firmness in the January position lent
strength to the view that il was felt
that either prices were low enough
or there was intention of establish
ing "A better basis for making de
'iveries. In the stock market more
strength was shown, while grains
were also doing better, all of which
was indicative of disposition to be
less rampant on tho selling side.
But little important news came to
hand over night and the domestic
markets did better than anticipated
after cables were so week, Appar-
entity IL was due to the traders re-
fusing to become panicky and sug
gested that the discounting process
had gone far enough for the time
being. Later in the day came some
wires from the belt telling of more
interest in the actual and of better
demand for low grades. Demand,
howcVers' was not impressive. and
some ct the prices reported at in
terror points ref ccted distressing
conditions. aad willingness to sell at
practically any figure offered This
was one reason for the lack of CON
fidence in the, stability of'the- market.
at the higher level.
AT the opening March In New York
was. at lapse and before the cali
ended: it had sold at 1876 which
proved bottom for the day The re-
ccovery was slow, but selling was
limited and Liverpool was doing
some buying, as were spot interests.
January seemed in favor and grad
'ually the entire list worked upward,
March selling in the late afternoon
at l402c, rise of Sc points from the
lowest Of the morning. Profits were
accepted, however, and slight re-
action followed Trading was only
fairly active and consisted chiefly of
professional operations. Outsiders
are doing very little and the fact
that another holiday period is ahead
causes traders to wait. especially as
there is nothing in sight to encour-
age expectation of much improve
mento
In the foreign market weakness
reflected the unsettled feeling re-
sulting ofrom the financial breakers
now being undergone. The failure
OF the Spanish bank was given credit
for much ofothis, as traders evident
ly figured that nobody could tell
where next the trouble sWould assert
itself. Gables also said that sumors
were circulating that other suspen-
sions were anticipated, although
later II was said that nothing def
nite9Swas known. The marked dipped
sensationally and at the bottom OPP
tons were around 60 to 20 points ito
thee bad, but Covering by shorts was
done and before the close some re-
covery was. had finals being steady
and SO to. 25 points met to the bad.
In the spot department. quotations
were revised. declines ranging from
9. to. So points, while sales for the
day were 2, 900 bales. Receipts were
10000 bales including 1880 Ameri-
cam ct
I: Futures; closed $50 to 1so points, up;
tone steady.
New Orleans closed Il to 81 points
up, tone steady. Spots. wereounchanged,
,Imiddling at 1860, and sales were 1871
bales.
Liverpool is due = to- come 80 to "a
In the local market sales were $50
bales and quotations were unchanged,
mIdding at 1Ac