The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-01-07
COTTON Markets
Cables Again ReaCtiOnary, But
Domestic Markets Recover
After Early Dip.

Wednesday Afternoon Jan. l.
The cotton market displayed a more
tWo-sided attitude today with net
changes moderate. Liverpool cables
we're mixed, closing with the near po-
sitions lower and the distant at some
gain, rejecting the passing Of the keen
munger for the actual and a feeling that
discounts on the late months are enough
to make them attractive to BUYERS. Just
what the dominant influence abroad Is
now none can say, but It seems reason
able TO assume that most OF the shorts
have covered and the spinners are In
position TO do some waiting.
In the domestic markets sentiment
was mixed, but the fact that sober
consideration Of the reserve banks at
titude toward loans will hardly affect
cotton loans, as they are comparatively
limited and have not at any time dur
ing the season been pressing, encou-
ragged some support. There was report
ed to be some liquidation OF March
longs by a spot interest, but this failed
to have lasting effect and after a mod
crate dip during the forenoon recovery
followed, which carried prices nearly
half cent over last nights finals
The market was really a common
place one in which features were lack
ing and much backing and filling was
done.
Liverpool started much worse than
due. recovered a little and then be-
came weaker than ever, but later re-
covered the second time. Finals were
quiet for the near and steady for dis
tant positions. at decline OF 90 to
an advance of q points. Spots were
marked down IS points, fully middling
to 29,S6d, with sales 5000 bales, in
Guiding 100 American. Nothing was
! received A late cable from London
saying that Great Britain was facing
strong probability of another big rail-
road strike NAV have helped to weaken
the market, although on this side this
| news did not seem to be given serious
consideration.
First prices were not off much. for
the poor cables had as an offset more
encouraging thoughts as to the finan-
cial situation. 1t was felt that exchange
| rates were going to be bettered by the
announced intention of the government
to fund it's interest credits, this being
| counted on to make for higher rates
and thereby help exports, while some
| of the folks who sold yesterday were
credited with having in buying orders
this morning. March in New York OPP
ened at 36c, dipped to 35.70c and then
gradually improved until along in the
afternoon it touched 36.47c. There was
not much snap to the rise, however,
and the fact that tomorrow will be a
holiday in New Orleans induced some
| little evening up.
The weather in the belt was unfavor-
| able, rains being quite general, which
will interfere with picking, which en-
courages the idea that If there is not
| Improvement soon much of the cotton
| will never be picked and therefore ear
| lier estimates will have to be revised.
| The. ginning report due Friday morn
| ing at the opening is expected to have
| no special effect, unless 1t comes very
| ha Y,riX Of notiV1lo "a
| yesterday. Fridays weekly figures are
| expected to be about a standoff.
Futures closed Al to rs points up; tone
kfirm.
New orleans closed eight to SO points
up; tone very steady. Spots were I'M
changed. middling at Ale, with sales
| 3,043 bales.
| Liverpool should come % to II points
| up,
In the local market sales reported
| were 1880 bales and quotations were
unchanged; middling at Acc.