The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-11-30
COTTON MARKETS
Market Turns Better on Good
Cables and Better Feeling
in Spot Department.
Tuesday Afternoon, Nov. 30,

lueSuuy AIIeTnOOn, NOV. 81
The worm turned in the cotton
market today and an upturn of near
~ 100 points came before the bear
crowd could make much Roadway in
checking ii. After that moderate
reaction came, apparently due to
subsistence of the short covering and
to the reduction in the short inter
est. The effect OF the furry was to
stimulate a degree OF hope and cheer
fulnsSs, but with some encourage
men&fto the opinion that the market
has done its worst and possibly a
period of stability might be wit
messed.
The chief source of improvement
was from abroad, where Liverpool
was distinctly better than due. Priv
was at 1880 for the option, made in
atmosphere seemed clarified and the
sharp recovery in Egyptian was basis
for hope. The fact also that Amer
lean interests were buying in the
foreign. market, following the do
mestic markets having shown dispo
sition to do better in the deferred po-
sitions, seemed indicative of some
underlying changes in the attitude Of
dence of spot interests with large
resources quietly absorbing the act
ual at interior points, the attractive
ness OF which measured by TIRE
prices of contracts having been evil
dent for some days. Shipment of
about 900 bales out hf the New York
stock today, reducing II to about To-
900, was another reason for some
concern on the part Of shorts. es
pecially significant in view of GER
tain rumors that before December
passes there may be some lively hap
peninGs.
There were also some advices of
mills resnrning operations in the
Carolinas, while New York advised
that reports from the goods markets
were slightly more favorable.
With such things to help stimulate
covering and to discourage offerings
the upturn was easv. but 1t was not
able how much easier 1t is for bullish
news to- come when large people In
the market seem To favor n change
in the course of prices.
Apparently the Liverpool market
met considerable covering and in
vestment demand as II approached
ten pence for quite an upturn fol-
lowed, There was better news from
the Egyptian market, where prices
were reported 800 or more points
higher, while American interests were
reported an absorbing offerings. The
recovery continued until the close
and finals FOR the day were near the
top. ret gains being from SO to 10
points, with tone called firm. In
the spot department business was
small. only 5000 bales changing
hands, prices being marked down 3
points, fully apiddlinc TO ll.b6d.. Re-
ceipts for the day We're SO 100 bales,
ali American Manchester advised
that buyers were operating less free
" in cloths, while yarn demand was
duh and inactive.
At the opening March in New York
was OF 10 cents, which proved low
for the day This level seemed the
point about which traders seem to
be debating The crest of the rise
the early afternoon, and after that
moderate recession came, 1880
being recorded short while before
the close.
tone barely steady.
higher, tone steady. Spots were up %
noints, middling at 1890, with sales
2.307 bales.
Liverpool is due to come II to Z points
lower.
In the local market inquiry was some
better but sales for the day were only
900 bales Quotations were unchanged,
middling at 15c.