The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-11-19
COTTON MARKETS
Weakness in Exchange Cause
OF Further Drop in Cotton,
But Receivers Later.
Wednesday Afternoon. Nov 10.

Wednesday Afternoon, Nov. 10.
quotations made new low
levels today, with consequent beartsl
erect on cotton values. the decline FOR
a tlme being quite rapid. AT the lowest
level the list stood something over SS0
the bale Under the highest touched some
weeks ago, and about $3.50 under I'M
Alsh OF the forenoon. Some good sun
port from trade interests and satisfied
shorts started the tide upward. and In
me early afternoon prices stood about
- a bale over last nights close The
changes during the day were very er-
ratlc n Kept the talent guessing
which way prices would move next.
The money situation continued 10
occupy a large place in sentiment. IL
was reported that the Federal Reserve
board was to elevate discount rates
again in the effort to discourage spec
ulative activity, but nothing definite
came OF this, and II was also the opin-
ION or we'll informed people that even
such a step had been discounted. The
foreign exchanges rates dropped sharply
and thu placed further handicap on
business. Sterling sight dropped to
4.OSA, while 60-day was down to .3.97.
francs and marks We're also lower.
Liverpool came fairly responsive, but
without affording reason for anything
startling. Finals were steady and 81
to Is points net to the bad. Spots were
marked down II points, middling to
% Sad, with sales 5000 bales, including
$500 American. Receipts were 1000
bales, but zone American.
The domestic markets opened without
any important change, but soon shot up
about IS points, March in New York
going to 81 Y, after opening at SEC. But
the issuance of a private estimate on
ginning to November IA, the figures be-
ing 1881, goo bales, compared with
S,lQ6,O00 last year, or a little more than
l,250 600 for the period, encouraged a
little selling. The same authority
guessed the crop at 10, 300, 900. The
market did not get much support on the
way down and professionals led the
selling, taking the money rumors as
their tip, while weakness in stock also
helped. Depressed exchange was an
other factor. The result was that be-
fore the tide was finally turned March
had sold dowa to 81 10, Good weather
in the belt was another bearish influ-
ence, for it is having effect on saving
the late part of the crop.
The failure to get reports OF spot
holders weakening much and the fact
that a large short interest has been
created during the past few days made
1t easy for a little buying to start prices
upward. March sold to 32.37 a short
while before the close and seemed fairly
well supported at the higher level.
In the spot department business Is
small, but there is no claim being made
that concessions are important. The
anxiety over the coal strike, which a.
a big factor in yesterdays weakness
and perhaps in a measure today, was
not any worse today, but seemed dis
counted. There was also a feeling that
the peace treaty would soon be ratified,
which also discouraged increasing the
short interest, for 1t is believed that
after this comes there will be impetus
given to renewed buying of the raw ma
terial. Exports for the day were fairly
large.
Futures closed AZ to 55 points up;
tone, steady.
New Orleans closed Sc to 70 points
up: tone, steady. Spots were rs points
dCwn, middling at $4,000 and sales 512
bales.
Liverpool is due to come 8 to II points
up,
In the local market sales were 400
bales and quotations off 100 points mid
ding at 40c.