The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-11-17
COTTON MARKETS
Cables Lower Than Due and
Liquidation Continues in
Domestic Markets.
Wednesday Afternoon. Nov. |

wednesday AIleTnOOns NOV. IL.
Liverpool sent over bearish cables
this morning, and private adtices at
tributed the weakness in part TO an
advance in British exchange but the
announcement of a small failure in
that market perhaps had a part
therein. Some recovery came in that
market before the close, bat the net
showing was anything hut good. The
domestic markets did better than ex-
pected for time, IN view of the
poor foreign showing, although the
advance of several points in sterling
was factor and perhaps helped eX-
plan why our downward response was
not greater. However, there con-
tinued TO be willingness to SELL while
ahsorptive capacity seemed limited to
short covering, Later in the day val
ues receded and some new low levels
were recorded, influenced no doubt
by some advices from the Eastern
pelt that some distressed cotton was
being unloaded at very cheap prices.
The weather map did not look quite
so bad and as price factor seemed
negligible, while Indications were for
warming up, which may enable pick
Ing to be resumed. However, some
wires from West Texas say that
much cotton out there will not be
picked and that Mexican labor is re-
turning across the border in large
numbers.
Liverpool for time was down 30
or more points sterling more than
due, but recovered toward the close
and finished steady at a net loss for
the day or as to 20 points. Man
chester selling was given credit for
most OF the weakness, but in some
quarters it was felt that this was
being overdone, as the improvement
in exchange did not reflect business
conditions so blue as some are paint
ing. Spots were marked down SO
points, fully middling TO 14.95d, with
sales 1000 bales, including $500
American. Receipts were 5000 bales,
including 1900.
At the opening of this side cables
We're dominant as an influence, De-
cember in New York opening at IS
cents and selling TO 1880 before
turning better on short covering. The
upturn, however, extended only to
1925 and then came a reaction, which
was slow, but failed to meet much
resistance. There was little evil
dence of business in the spot depart
ment, and some advices told of the
interior selling at almost any figure
offered, which naturally increased
pressure from spot and professional
interests. The grain markets also
turned weaker again, while in stocks
there was no evidence OF aggressive
support, despite the fact that leading
NewNYork bankers were credited with
saying that underlying conditions
were healthy and the deflation pro-
cess was not opening any serious
weak spots" in the financial fabric.
December sold down to 1890, break
ing through the previous low of
1880, while all other months also
made new lows, January selling to
II cents.
Futures closed a to 20 points lower,
tone very steady.
New Orleans closed so to rs points
off, tone steady Spots we're off Is to
so points, middling at 1750c, and sales
were 1873 bales.
Liverpool should open "a to % points
lower.
In the local market sales were 1900
bales and quotations werd off so points,
middling at 17.50c.