The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-01-20
COTTON MARKETS
Liverpool Acts As If Edge
off Demand and Domestic
Markets HeSitant.

ueeQAA afternoon. Jan 90.
Nhethef or nut 10 be due Go OVERRIDING
a good thing or merely lp "a brtatn.aa
spell, there MAS a distinct change l
the tone Of adNiccs from the LiNagpau
market today, and to some miHds N
Indicated the beginning of a spell al
dullneSs and possibly reaction. IN,
foreign center for some time has bees
the chief source Of bulIish iusuIra uun
Today To sent reports that suggested
that The bulls must loUk elsewhere iaI
leadership True ono OF the excuses
for the poor showing over there was
that serious troubles were feared }u
India, there having been some severe
fighting In that country between the
royal forces and the natives, but other
things suggested that this was not The
only reason. The Manchester report ou
conditions IN trade circles for the first
time IA quite spell WAS not eucour.
aging, cloths reported as steady and
htue doing while yarn holders appeared
less confident
Moreover, the possibility Of trouble
over the latest turn in Russian affairs
Is not helping confidence ana may have
to do with this changed attitude one
private cable said that the market had
been overbought and that the duiness
was bringing a lot Of liquidation, indl-
eating that considerable speculative
buying has been done which is not
conducive TO its health The fact that
further decline tn sterling rates did moi
tend 10 enhance values lu Great Britain
also seemed 10 lend confirmation Go the
reaction idea Fhe market after a fairly
active session finished steady NJ a net
decline Of % To - points whereas up
TO unchanged was due. Spots were
marked down 43 points. funny mddlng
to % 10d with sales only 5000 bales
including 3,000 American. Receipts were
$1,000 bales. including i0.b00 American.
Initial prices on this side were lower
In sympathy with weakness abroad, but
sellers were not Nery numerous, as II
was feared that the spot department
would not weaken March IN New York
then recovered on buying by spot IN
terests and lack Of continuous offerings.
Pressure was directed chiefly ut the
more distant months The March posi-
ton recovered TO IS IS, after which
spell of dulness followed, but without
developing much weakness. Failure Of
the federal reserve board 10 take any
action on an expected raise Of discount
rates helped a little, but there was still
lack Of snap Ia buying as the spot de-
partment did not seem to be having
any activity Of consequence.
The foreign exchange rates were lower
than ever, hut this apparently failed TO
get much attention. The lull IN export
demand did not seem 20 be a matter
or much concern to those holding spots.
The weather in the belt during the
Iiast "a hours was fairly good. tcmpera-
lures being high and rain being absent
but the indications were for rain To be
followed by colder and possibly snow IN
the upper part Of the western section
More rains now would he uniaNufable
Tor farm work and would tend 10 inter
rupt picking OF the remnant. which fut
some time has been making fair
progress
Futures closed 90 points off to s up.
tone steady
New orleans closed points up to
% down, tone steady Spots were off
rs points, middling 40c, and sales were
! .i29 bales |
Liverpool is due to come / to points |
Up
In the local market sales reported |
were 1850 bales and quotations were |
middling, 0b0c