The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-02-18
COTTON MARKETS
Cables Better Than Due, But
ReaCtiOniStS Get Busy and
Have Some Success.

Tuesday Afternoon, Feb. IS.
Gables from Liverpool early today
We're better than expected, but the re-
acJtOnists offered more pressure and be-
fore the sessions on this side Colsed
thcre had been a break from the early
high levels. OF approximately s. a bale
In contracts. Perhaps as good an eX-
PLANTATION as any would be 10 say that
the rise had extended about as far as
possible because OF short covering and
efforts Of "a few professionals and the
technical position had gotten IN vulner-
able shape. The break came quickly
and seemed due to 10 particular news,
o little liquidation by satisfied longs
finding support scattered.
The foreign market was due to come
Is 10 10 points to the good and came
fully responsive. doing eve better than
that during early trading. but later
losing some OF the gain, Finals were
steady and from 46 to q points, great
est strength being displayed by the
nearby positions. Spots were marked
with sales 1000 bales, including 900
American. Receipts for the day were
5000 bales, including 22,S00 American.
Manchester advised that cloths were
quiet and yarns steady,
First prices on this side were slightly
higher for Old-crop months, but y
shade off on the new There seemed
still to be considerable sentiment in IA
vor of further rise, but the reaction
idea had also found considerable hear
ing, especially as there Was absence Of
anything to suggest that spot demand
was on the eve OF broadening material
ly. The feeling prevailed thta the inn
proved aspect OF things had been
largely discounted, aud n was hardly
wise 10 follow the rise further, unless
there be more selling Of the actual
Then, too, the short interest had been
1a-pr,1vv .1t.,sRaNnA g.. 81. d. ha4vw
and the incentive to professional buying
was more or less removed, placing them
In an attitude more in favor Of a re-
action, as that direction Offered them
better chance Of profit.
The weather in the belt was general
ly favorable, although the lower part OF
Texas had a little more rain and there
was some indication Of another spell
Of unsettled conditions from the West,
The reduction in acreage movement
was making progress, but this also was
another Influence hat had been dis
counted as far as thought safe until
there be more concrete evidence of its
success.
At the opening May in New York was
al % S5c, a rise over night OF l6 points.
I dipped slightly and then rose TO
b. 92c, which proved top for the day,
being followed by a gradual decline to
a few points below the previous close.
> ~ AhiAN' - ANN VI p"NNhAh Nh' ~
ing without any particular feature or
activity, but In the early afternoon a
sudden burst Of weakness came and
May dropped to %. Csc, recovered slight
ly and later touched 2l.95c. The entire
list was off in proportion, with July
having gone off over 100 points,
There was not much news from the
spot department. except that Dallas
wired demand was good there, and New
Orleans raised quotations 30 points.
Sales as u rule, were moderate.
During the last few minutes prices
dropped still further. presumably en-
couraged by an idea that lower quota
lions for spots at a few places in the
belt reflected weakness among holders.
Futures closed 80 to l44 points off,
tone weak.
New Orleans closed % to 10 points off,
tone barely steady, Spots were up SO
points, middling at 2725c. with sales
1,176 bales.
Liverpool is due to come IS to 81
points lower,
In the local market sales reported
were $500 bales and quotations were
cut 30 points, middling to 90. so, II was
said that the Japs were buying some
here and showing considerable interest
In supplies, but as q rule were far be-
low asking prices.