The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-12-01
COTTON MARKETS
Cables Better Than Expected
and Tone This Side Better,
But Buyers Cautious.
Wednesday Afternoon, Dec.


An improved tone was again dis
played by the cotton market and
prices at their best were above yes
terday's top. New developments are
not striking, but somehow there Is
feeling spreading around that the
worst is passed and that perhaps
better things are in store for the cot
ton trade. Whether or not this is
based on real conditions or is faith
cred by the wish. 1t Is having some
effect on sentiment and sellers are
not so ready to pounCe onto the mar
ket on every bulge. At the same line
there is only caution among the
buyers, for they realize that the gin
ming figures and government esti-
mate are just ahead, with possibIu-
ties of further strengthening larger
crop ideas. Considerable part OF tho
buying is short covering, which nat
urally weakens the affair from
technical standpoint.
Opening prices were firm and high
err this morning largely because Of
good cables, while a little more ia
vorable attitude on the part OF spot
interests and investors helped in the
initial strength. Reports from the
goods markets were better. while
signs were not lacking that the feel
ing is better in the spot department.
At the opening March in New York
was at 1890, up As points from pre-
vlous close, and after slight dip
II sold as high as l6.05c, meeting
more offerings around Ice, including
some from Liverpool stradders. The
recession was not rapid. but later in
the day was accelerated somewhat by
weakness in the stock market and
some less favorable accounts from
certain districts in the belt, which
carried March off to 15.47c. Just
what the occasion was for the bulge
later on to 1880 was guesswork,
but 1t seemed TO be based on specu-
lative within rather than news de-
velopments. However, the large
clearances for the day. the total be-
ing a little over 100000 bales, did
not hurt bullish feeling and may have
inspired some of the covering, for
II fit in well with reports that the
continent iJ more disposed to go
after the raw material, as they are
getting a little help and confidence
increases In further progress in ar
ranging credits after congress meets
and takes hold OF some Of the prob
lens.
Further improvement took place In
the Liverpool market and private
cables said 1t was reflection in part
Of the better feeling in that market
which led to support from trade in
terests. Apparently the British OPP
orators were doing what some
American ones had been doing for
couple of days, absorbing contracts
against sales on this side at the large
differences. Toward the close of the
session the bulge extended further,
but It became too rapid and profit
taking Topped Off part of the gains,
leaving the list irregular at net gains
OF 81 to 40 points, whereas the mar
ket was due to come IL to I points
lower for the day.
Spots were marked up 10 points,
fully middling to 1l.75d, with sales
4, 600 bales, including $500 American.
Receipts were 5000, but only 1000
American.
During the final half hour further
short covering took place and prices
went to the best level OF the day,
March reaching 1920 right at the close.
Futures closed 81 10 rs points up,
New Orleans closed eS to 81 points up.
| tone steady. Spots were up 25 points,
middling at 1880, with sales 1851 bales.
Liverpool is due to come to points
UP.
are still looking around, but business
continues disappointing and sales for
the day were 1900 bales, With quota
lions unchanged, mlddling at 16c.