The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-01-06
COTTON MARKETS
Steam Appears Off in Liver.
pool and Ginning Estimate
Helps in Liquidation.
Tuesday afternoon, jan 8


Just what caused the liquidation in
Liverpool today was not definitely de-
termincd. but IL was attributed IN "a
measure - some private figures OF gin
ming 10 Jan. l. the figures being To-
40. 00Q bales ia that date, 1000 tot
the period, compared with taS, GOO Tor
same time last year, The report was
regarded as somewhat beartsh on the
period ginning. although sOme contend
ed that the total was anything nut
hearish. The foreign market closed IT.
regular and unsettled and from 40 10
Is points net TO the bad, having fecoN-
cred some from the lowest levels. The
narrowing OF differences between he
near and distant positions over there
was regarded as rejecting the passing
OF the keenest Of demand for immediate
supplies and nm appreciation Of the
probabilities that the distant months
have been too cheap
Liverpool spots were marked OF ~
roirts, fully middling to 80 sid, with
sales i0.00o bales. including 500 Amer
lean Receipts We're 1900 bales, but
none American. Manchester advised
that cloths were firm and business IA
yarns fair.
First prices on this side were lower
because of poor cables n the ginning
figures. March was 49, Is. a dip over
nlght Of IS points. In the first few miil-
utes the option sold as high as 80 90
and as low as 36,S5, working up some
after the initial spell or nervousness out
later weakening materially.
The traders We're n bit learN ot the
outcome OF the conference between the
Federal rserye officials and bankers. and
HI was 10 rports therefrom that credit
was given for the liquidation later IN
the day, which sent March off To a3.oN'
= drop ~ approximately loo points from
the opening, was said mat COZ,
Harding OF the board made some plain
and emphatic statements regarding the
uses NJ money for speculative purposes
and that bankers were urged TO restrict
loans to essentials In the effort to check
the rising tide Of prices II avoid iu-
lure dangers, The stock market was
more directly affected and reacted. hay
ing some influence on cotton, although
more sober thought brought conclusions
that cotton was too strongly intreuChcd
in the belt and spts too much over con
tracts to he seriously hurt by measures
that might he adopted,
There was recovery from the low lev
els, although irregularity prevailed dur
ing the latter mart Of the session, March
recovered to BAGS. and there seemed To
he little d~isnositiou on either sid to at
tevnnt much.
The news from the spot department
was OF the same character as for sew
eral days. adrices telltng OF goOd ne
mand for the better grades and staples,
which are firmly held. However, the
DAYS business was somewhat affected
nv bad weather over the belt. although
the rains are expected 10 further inter
fupt picking Of the late crop, The in
dependent attitude of those who hold
Tho unsold part Of the crop does not
lend encouragement to hone of any ma
terial easiness IN contracts, which con-
tinue atudlseounts compared with spots.
Futures closed 70 to 50 points lower;
tone barelv steady.
New Orleans closed rs to 95 points
off. tone steady, Spots were Unclaimed.
middling ut 4lc and sales were 2,6l4
hales,
Liverpool is due TO come rs to 70
points lower,
In the local market sales were 2,S00
bales and quotations were off 80 points;
middllng at 40c.