The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-11-19
COTTON MARKETS
Decline in Values Continues
and Weight of Actual Ap-
pears Big Reason.

ANtA9 4AAAFl NUM- NV L.
The downward course of values af-
fected not only cotton but all specu-
lative markets today, and apparently
there was littll disposition 60 think
the worst had been seen. In fact,
opinions were knocked galley west
and crooked and the average observ-
or could see no wisdom in undertake
lhE guess. News was not notices
HblN different from what II has been
although its cumulative effects were
more visible. The world situation is
simply badly upset and there is a
rush to get from under with the re-
suit that in all probability basis il
being laid for some bad upsets in
the contrary direction.
In cotton it seems case OF the
weight of the bales making itself
more manifest. There is not exactly
a panicky feeling, but one more like
utter helplessness, which extends
throughout much Of the trade and
causes values to crumble before the
ieast pressure. That considerable
hedging against the actual in the belt
Is factor hardly needs the saying,
but the speculative element are do
ing their share. while investment
buyers seem unable to get their cour-
ago up.
The weather all over the belt Is
IDEAL which enables picking to go
ahead, while the accumulation Of
stocks is without interruption, for the
mills arc not doing much buying,
pending Improvement in demand for
their product, Closing down of mills
increases, while the lower prices for
finished goods do not seem able to
stimulate buying. Financial condi-
tons are such that many people are
helpless before the tide, though there
is no sign of the banks changing their
attitude from one OF leniency.
Whatever the seal cause. the show
ing Mt Liverpool was, disappointing.
Due TO come % points lower, the
early market was worse than that
and just before the close a sharp dip
took place. leaving the list easy and
net 20 to 81 points 10 the bad. Phi
waite cables were m;XeN. one from a
big spot concern expressing the
view that the bottom had been reach
ed, while another said more cheer
ful feeling prevailed in Manchester,
Still another expressed contrary
views as to the latter, while the Of
fetal cable from there, saying that
cloth business was poor and buyers
and sellers We're Indifferent. while
yarns were weak. hardly suggested
much basis for optimism. Spots were
marked down 70 points, fully mid
ding to 13.91d, with sales only 5000
bales, including $500 American. I'm
ports for the day were $4,000, in
Guiding 10000 American.
Opening prices were lower by mod
crate amounts. but there was an en-
tire absence of snap and buyers were
confined to shorts willing to cover.
January started at 1920 in New
York, 90 points off. touched points
better and then started on it's down.
ward course which reached 1899 in
the afternoon, nearly 200 points off,
and recovery In late trading was not
important.
Expectation of bearish weekly fig
ures and reports of easiness in spots,
with limited demand in most sections
were conspicuous as influences. The
movement into sight was behind last
year, but spinners fell behind q year
ago by a small amount, $4,000 COM
pared with 100000, So the relative
showing in visible supply changes
was slightly bullish. American in
creased only 100000. against an in
crease of 10000 last year.
During the final half hour n sharp
recovery came when short covering be-
came general.
Futures closed 70 to 81 points off,
tone firm.
New Orleans closed 81 to 40 points
off, tone steady. Spots were rs points
off. middlinG at i6.50e, with sales 1856
bales.
IN the local market quotations were
reduced 20 to 100 points and tone called
nominal, for conditions are such that
the trade is at sea as to posting quota
tons, Sales for the day were $50 bales,
slling $3.50 for the week
Insold stock in hands Of factors il
estimGted as 225. 600, against Il 600 last
year, and $4,000 two years ago.