The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-01-16
COTTON Markets
Cables Sho6 Marked Weak
ness, But Domestic Traders
Fear SteadiAeSS in Spots
FridaY Afternoon, Jan.

Friday Afternoon, Jan. Is.
For one reason or another there was
more disposition In the Liverpool mar
ket to weakness today than for some
time. II wa attributed by some to
the fear Of political conditions on the
continent, for the B~olsheviks apparently
are making some progress, which II con-
tinued might result in widespread trou-
BILE and unsettlement.- This decline In
Liverpool was also perhaps encouraged
by the further drop in silver, the price
going down 2 pence TO rs, although this
may have ben due to the other trouble,
Domestic markets were to some extent
disturbed by the foreign news, but failed
to make full response, and most folks
thought this due to the fact that the
spot department fails to weaken, More
over, there was general expectation
during the first part OF the day that
the weekly statistics would make a
bullish showing and thereby help to
strengthen spots. In the afternoon,
when the estimate on spinners' takings
came much lower h a anticipated, some
selling came n sent prices down TO
the lowest points Of the day, although
the affair all day had lacked aggressive
support and certain interests were bear
ish.
Liverpool was due to com at an adj
vance of 16 to 81 points, but did not do
so. From the start there seemed plen-
ty for sale and at the lowest points,
right about the close, certain options
were about 70 points sterling under the
high of the day. Finals were weak and
net 80 to 10 points to the bad Spots
weer marked up 81 points, fully mid
ding to 20. Gid, with sales 5000, includ-
ing $500 American. Receipts for the
day were 20, 600 bales, including lS,sOO
American.
There was a tame opening in the do
nestle markets, March in New YORK
being down 20 points, at 36.30c. Cover
ing in a small way sent the price up
TO 36,44c. but that was followed by, a
dip to 36.14c, helped by liquidation due
to depressed exchange rates and the
| character Of news from abroad. Call
money rates were less firm than for
some days, but there was fear OF spread
Of the foreign troubles.
When it developed that the spot de-
partment was not showing any weak
ness better support was given and
| March recovered to Sc. 35. The more
| distant positions, however, were under
more pressure and did not recover SO
much, all during the day showing great
er losses han the a rejecting less
Influence OF the spot department. In
the Afternoon when another selling wave
came March dropped to 36c, but recoV-
cred about 20 points in small trading.
The weather map showed that some
rains fell in the central and eastern
Delt, WIN promise OL IloI6 W lHc Sdol
but forecast for the western belt was
for fair and cooler, which encouraged
some hope of a better spell so that farm
work can max some Roadway. The
conditions have been such that picking
the cotton left in the fields has made
practically no progress and reports from
many directions have been complaining
of delay in work.
Exports for the day were about 49,
900 bales, making a large total for thu
week, but there is not quite the SAM
degree of snap in demand for export
! explained by some as dueft to the STATE
of the exchange market. But thos'
who are holding unsold cotton are ap'
parently as firm rs ever, The fate O
the very low grades, however, is al
uncertain as ever.
Futures closed 80 to IS points off, tone
barely steady.
New Orleans closed So to as points
off, tone steady. Spots were unchanged
middling 40.25c, and sales were 1,22'
bales.
In the local market sales for the day
were 1,450 bales, making 1850 for thu
week. Quotations were unchanged
middling at 40.50c.
Estimated stock unsold In the hand
of factors Is 1879, 900 bales, compare
with 215, 900 last year, and $4,000 Il
1918. Linters stocks are $4,000 bales
compared with $4,000 last year and Is,
900 in 1918. .