The news scimitar. (Memphis, Tenn.) 1907-1926, 1918-11-20
COTTON MARKETS
Market Displays Slightly Bet.
ter Tendency, But Advance
Attracts Hedges.
Wednesday Afternoon. Nov 20

Wednesday Afternoon, Nov. 20.
Slightly better tone and some evil
denCe of quiet absorption Of contracts
by Spinners and others constituted the
chief feature Of a rather commonplace
market today. There appears to be less
disposition to sell hedges, which per
hapS is merely a reflection OF a more
confident feeling in spots. However,
buying is limited and traders are await
ing developments % seeking more
light before doing much. There is
practically no change In sentiment, al
though bears areNalking less Of lower
levels and progress toward opening up
the shipping situation IS regarded AS
being made. even at a SLOW pace.
The Liverpool market did not come as
much to the bad as expected, but uplu-
ions vary as TO what was the chief
reason, Some private adviCes said that
restrictions were To- be. or perhaps had
been lifted on the time mills could run
Over there. thus showing that even
before raw material supplies are am
pie enough for running the ting al
lotted some time ago. steps are being
taken 10 return to normal consumption
as rapidly as possible. The step was
regarded as symtomatiC rather than
important for its immediate effect. Fu-
lures over there closed quiet hut steady
at a gain Of 4 to 20 points. whereas a
decline of "a to 30 was uue Spots were
til6E htu Oil 10 ltlllls. kbtu liibhllilb a.
aI.92d, with sales only ! 900 bales. Re
Ceipts for the day were 5000 bales, all
American.
On this side first prices were up mod
erately and a little further rise TOOK
place during the first few minutes of
trading. II was figured that the GIN
ming figures due at the opening tOmOr-
row would be bullish on their face,
which stimulated a little support. There
also was further announcement TO the
idea that relief would soon be forth
coming for the restriction in shipping.
Moreover, in addition there was less
attention paid TO talk of expected
weakness in the goods markets and Of
hedges being sold by spinners against
stocks they have on hand II was said
by some Of the observers that spin
neTS were quietly absorbing contracts.
which was considered indicative Of a
belief that the market had seen its
worst,
The highest level of the forenoon for
January was 2I,25. and offerings on
the rise did not seem quite so liberal as
they had been recently, although later
IN the day the option dropped to 26 g.,
There was but little news 10 influence
values and the market WAS practically
IA stSlemate.
The spot department continued quiet
and changes were not important Bust
ness was small. but tEe more to lack
Of sellers than TO anything else, FOL
holders are apparently showing no con-
Germ over the policy or buyers In striv-
ING for lower levels. The weather CON
tinues excellent over the entire belt.
especially for picking, but the trade
seems concerned now less than usual
over the statistical position,
The days highest points were
reached during the final half hour Of
trading. January reaching 273lC in
New York. There was no news to ex-
plain the late squirt.
Futures closed IS to 50 points up,
tone steady
New orleans closed Is TO t04 points
up, tone steady. Spots were un-
changed, middling at 20. 75c, with sales
400 bales.
Liverpool is due to come l2 to .
points higher.
In the local market conditions re-
main about as they have, with demand
limited to one or two kinds Of cotton
and offerings light, Holders here are
not worrying, Sales reported were
] $50 bales and quotations were un-
changed, middling at soc.
Spot sales: Augusta, 400; Norfolk,