The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-11-29
COTTON MARKETS
Poor Cables Have Less Effect
Than Expected and Fairly
Good Tone Displayed.
Monday Afternoon, Nov. %


Cables from Liverpool this morn
ing were poor, chiefly because of the
outbreak Of fires in the cotton ware
| house district attributed to the Irish
question. The effect of this on our
| side, however, was less than ex-
peoted, and more. or less speculation
| was INDUCED in as to the reason. 1t
| was notable that sellers were more
cautious than they have been for
some time, while more short covering
was done, one wire estimating that a
line of about 10000 bales had been
covered in New York. Later in the
day came some wires telling of inn
proved feeling in the spot depart
ment and OF some investment buyine
The result of all of this was a mar
ket that at least did not display
much weakness.
The general news in this country
was not particular differly different
from what 1t has been, but APPARENTLY
some observers were getting to think
that the worst had been witnessed
and perhaps a spell of steadiness. at
| least, was justified. In the grain
markets an improved tone was
shown, while stocks were also steady
as a result of less pressure and more
encouraging signs in the money mar
ket, rates today being reasonable for
call money.
In Liverpool there was worse
showing than was due, perhaps of
the disturbing effects of the political
conditions which made possible the
fires IN the warehouse district. Moth
ing but guesses came as to the prob
able loss of cotton, Carrying from
20, 600 to30,000 bales, but that was
more than offset by the danger OF
aggravating the depression already
prevailing. A sharp decline in silver
metal was another reason for east
ness, rejecting a. it does the de-
creased purchasing power of the
Orient. Private cables said that fur
Their easlness on this size was stu
factor, while there is no disposi-
ton to take hold until more is known
of the vote on the recommendation
to cut consumption of American cot
ton by 50 per cent. Finals were bare
ly steady at decline OF 81 TO, AZ
points. Spots We're marked down
10S points sterling, fully middltng to
1850, with sales only 1000 bales In
Guiding 3,400 American. Receipts
were $4,000 bales, including 10000
American.
The lowest points of the session
were at or near the opening, March
in New York being off to 14S0c. This
and most of the other options were
not quite at their recent bottom, and
some significance was attached to
the fact that the distant positions
went to slight premiums over the
near, which was hopeful sign.
March worked up to 1922 then dip
ped back to 1890, but later went
up again, this time to 1880, but
sellers again appeared and In the
afternoon stood about dozen points
to the good compared with Satur-
days close. :,
Spot news was perhaps small
factor in the steadiness, for clear
ances were fairly heavy from two
ports and an absence Of pressure to
sell lent some announcement to the
hope that the worst had been seen.
Futures closed Is points off to II
UP, tone barely steady.
New Orleans closed 40 to % points up,
tone steady. Spots closed unchanged,
middling at 15c, and sales 275 bales.
Liverpool is due to come unchanged
to points lower. *
In the local market sales were. 700
bales and quotations were off 50 points,
fniddIInp Mt lbC