The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-11-28
COTTON MARKETS
ReaCtiOnary Trend in Liver
pool, But Meets Some Re-
SiStanCe on This Side.

@AAAAg HANNA AAAAAAa HN@hs 60
Failure Of the coal strike to be set
tied over the holiday as expected, and
other disturbing matters, encouraged a
reactiOnaTy disposition In cotton for a
time today, but later there developed
good support in the domestic markets
and some recoveTy followed. Buying,
however, failed to show any snap and
the steadinesS seemed more because of
lack Of sellers than to anything else.
The Mexican situation is injecting itself
to help make general feeling disturbed
and in the stock market there was dis
tinct easiness in the majority of issues.
The stability OF the spot department
n the prevalence Of unfayorable
weather In most OF the belt tended to
lessen pressure on cotton, for the danger
Of being short at the prevailing dispar-
tiles is admittedly risky,
Liverpool, after her sharp bulge Of
maintained enough OF her gains to be
better than expected. However, toward
the close she weakened a little more
and at the finish stood % to IL points
net to the bad, tone called steady. \
break in silver metal, the London price
dropping nearly two pence, tended to
disturb business outlook a little, al
though the Manchester cable said that
cloths were stiff and turnover was
healthy. while yarns were moving free
'ly. For the day spots were marked Off
I points, middling to 24,5Sd, with sales
5000 bales. Imports for the day were
only 1000 bales.
The dominant influence at the open
ing of the domestic markets was the in
dustrial news. Other things were given
practically no attention for the moment
and first prices were lower senu-
ment apparently bearish. The fact that
weather in a large part of the belt was
bad and seemed likely to continue so for
a day or so at least failed to get much
notice. March In New York opened at
SO 70 and in a short while sold off TO
SO. IS. Some of the later positions were
off even more, but trading was not
heavy in any direction. The stock mar
ket was reactionary and that depressed
cotton, for foreign exchange rates were
lower and thus helped the bear side.
But at the lower level support i'm
Nroved, for spots were everywhere
holding well and were far above futures,
light and nothing suggested their IN
crease. March recovered to slightly
| over the opening. going back to 33.S5,
but later reacted again to 30 80. There
| was not much news to explain the later
steadiness, but March sold up as high
as 34.0S, some good buying being done
by a few of the spot interests on II
market that had few sellers. However,
this bulge failed to hold and later March
! sold at SO 40.
There were fairly large exports for
the day, but prospects were for bearish
statistics, as the estimated movement
| into sight showed al excess of nearly
| 200, 900 oye a year ago and .spinners'
takings were going to run against pref
\ ty large figures for last year. The alb
sence of weakness in spots did not BRING
an accompanying improvement in de-
Imand, so business was as a-rule light.
Two private crop estimates were out at
| the opening, one for 1850, 900 and the
| other for 10, 1856, 900, both exclusive, OF
linters. They attracted small notice,
| but estimates for the next couple OF
weeks will be one Of the market in
fluenceS. -
Futures closed IS to IS points off,
tone steady. New Orleans closed 2 To
SO points lower, tone steady. Spots were
unchanged, middling at S9c and sales
were 6,513 bales.
In the local market sales for the day
were 5000 bales and quotations un
| changed, middling at 40c.
Weeks sales here were ll,S5O oales
| Estimated stock unsold in the HANDS
| of foctors is 80, 900 bales, compared Wit
| S66, 600 last year and $50, 600 in 1917
| Linters in stock are 1000 bales, com
pared with 5000 last year and SOU IN
1917