The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-01-21
COTTON MARKETS
Cables Again ReaCtiOnaTy and
Find Reflection This Side.
Notices Issued.
Wednesday Afternoon. Jan. n

Wednesday Afternoon. jan a.
For the second day In succession ca
bles from Liverpool came disappoint-
ing to the bulls, and more influence
therefrOm was felt on this side politi-
cal conditions appear to be having ef
feet, and today reactionary disposition.
An unconfirmed report had 1t at a
strike at Manchester was impending,
while conditions in Italy are spch that
state Of siege was declared for part
of that country.
on this side there was nothing start
ling in the news. though more DISPOSE
ton to let bearish arguments have a
hearing. The falling away Of the sup
port from Liverpool is attracting atten-
ton, and claims Of an overbought con-
DIXON in the foreign market are re-
gafded as by no means unreasonable
Then. too there was further depression
in exchange rates, quotations dropping
several notches early, and later in the
day receding further. In New York
notices for 5000 bales on January were
circulated, leading to some liquida ton
and encouraging talk that for the time
being at least there was not much dan
ger from the bull side.
That the movement for relief from
high prices is gaining some Roadway l.
indicated by more things than one, OF
some significance, perhaps, was a state
ment in prominent trade journal that
reports from the dry goods market all
give emphasis to those things that make
for bullish feeling. and at the same
time leave unsaid some things equally
true that might tend to neutralize the
other. This, in view of efforts being
made to discourage speculation and I'M
due initiation of values, attracted some
attention and to obserVant minds was
worthy Of thought.
a private report on ginning showed
that 1O.272, 900 bales had been turned
out to Jan. l6, forecasting a govern
ment report on Friday that will be
about standoff. 1t had little or no
market effect
Liverpool was due to come slightly
up, but failed to meet expectations and
later weakened more,
Private cables did not bring much in
formation, except that liquida ton con-
tinued in small market, some of it
from spinning circles. Finals were
quiet but steady at a net loss of 40
to 20 points. Spots were marked down
"A points, fullying middling to 2S66d,
with sales 5000 bales including 5,400
American. Imports for the day were
As, 100 bales, all American.
At the outset domestic prices were
moderately lower and after a bit of
hesitancy worked down further, March
in New York touching 36c after open
ing at 9625c. Poor cables low exchange
and scatterNR liquidation helped the
downturn, while reports of fairly heavy
exports for the day tended to encourage
covering and the upturn' extended a lit
tie distance during the first half of the
day. But support failed to last and
weakness in exchange and lack of snap
In the spot department caused another
sagging spell. March dipped to 35.84c
in the late afternoon and there seemed
| likelihood of lower levels.
The weather map showed some rain
in the upper part of the western and
central belt, with promise or more, to
be followed by a moderate cold wave
| and perhaps snow, but bearish hopes
were stimulated by information from
the eastern belt that farm work so far
had made excellent progress.
From the spot department came little
that was new, except that the lack of
demand, save only for certain kinds,
was poor. Holders, however, were not
showing anxiety.
Futures closed go to SS points off,
tone easy.
New Orleans closed Is to Is points
down, tone easy. Spots were off rs
points, middling at 39.75c and sales 1858
bales.
Liverpool is due to come 10 to Is
points off.