The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-12-02
COTTON MARKETS
British Mills Vote Shorter
Time and Market WeakenS.
Receivers Some Later.
Thursday Afternoon, Dec.

Thursday Afternoon, Dec. :.
Further evidence To-day indicated
that the cotton market is beginning
to be permeated with more optimism,
thus strengthening views that the
worst is history. Plenty OF nervous
ness was shown, but Significant
lack of bearish pressure was noted
Cables from Liverpool at first were
almost what might be called buoy
ant, but later they weakened on prl-
vate reports that majority hah
voted for increasing short time
among mills using American cotton
The fact that this news and rumors
of bearish ginning figures DID not
break domestic values more thah
they did served as warning to some
bearish feelings and later an upturh
came. which carried prices almost TO
the early highs.
There were no very important al
vices from the spot department out
some adviCes claimed that oIterlhgs
were by no means so plentltul anu
that signS--were not lacking ina.
holders were much more independent
as to accepting offers made 10 theln,
on the other hand, some OF the local
people who keep close line on the n
terror attitude said they were tno-
ing no trouble whatever in getting rs
much cotton as they wanted at lls
ures in line with those or the past
Several 1ays. Perhaps helping 10
stimulate some of the short covering
IN tho early afternoon were the large
axnort figures, the total so far TINS
week being $4,000 bales, which heips
by creating vacancy on 'his 0'No
to be filled later. .,oos
There were also additional adVlces
Indicating Improvement in the goous
markets. while more wires came ten"
Ing of mills resuming operations
after their period Of closing down
The stock market did not 40 so
mucb hut i'm wheat and corn tlrin-
ness prevailed and under the impetus
of big short covering prices shot up
ward sharply. Some or this cover
ing extended to cotton o.,
A. the opening domestic markets.
we're under the influence OF the
strength abroad and March IN New
York started 40 points to the goou
Of 16.5Oc, Considerable profit taxing
and some selling from the Soutn
came on the bulge, together Win
stradlles from Liverpool, when sent
nrices off to 1850 for the option
II was rumored that the ginning Ils
ures were bearish, which also helpeo
some. Later. however, the tide turneo
and March went back up to le;4oG, q
second rumor being that the ginning
figures would be fullish. This merely
showed how erratic the .market was
but the rise failed to hold long
In Liverpool there was consioer.
able strength during the early par.
of the session, cables saying tnat
much was being done by traders VINO ,
were attracted by the cheapness Oh
that market compared with those on
iris side. Later, however, when inc
vote of the mills on the matter OF re-
ducing operating time to only three
DAYS a week showed them favoring
such. some weakness developer
and toward the close prices reacted
FINALS were from four points up 10
five down, with tone called oareny
steady. Spots were marked 70
points. fully middling to 12.7Od' WIN
sales 1000 bales, including S.svV
American. Receipts were 10000 bales
Including 400 American. 3,