The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-02-20
COTTON MARKETS
Liverpool Strong and Stimu-
lateS Buying This Side.
Belt Gets Lots Rain.
Thursday Afternoon. a. ID.


Distinct Improvement In the tone Of
the market was displayed today and
prices shot UP tn d way 10 suggest that
the bears had Oyerstayed il and had
depressed prices unduly. The center nf
the strength seemed 20 be Liverpool,
that market being much better Than
due and the demand extending TO this
side. Gable advices said that more
business was pending AT Manchester
and that the floating supply of corr
tracts over there had been cleaned up,
Continental traders were also credited
with absorbing some offerings.
Considerable rain In the belt also
figured In the willingness 10 take the
buying side, for there Is rising con-
Germ over the start made in crop prep
a%TatiOns. With the labor question a
matter Of grave fear, due to the appar-
ent disposition Of returning soldiers 10
seek employment everywhere except on
the farms, this delay becomes an tnflu-
enc sooner than otherwise. II there Is
not a change in respect 10 labor, the
effort to reduce cotton acreage viii get
the most effective impetus possible, for
II Is realized that lack OF workers viii
be felt more In raising Of cotton than
Of any other crop. Moreover. there Is
growing confidence IN the smaller acre
age propaganda. AS information comes
from every direction regarding the atti-
tude Of The planters themselves and the
merchants and bankers,
Further reduction of prices of low
grades as compared with the better,
thereby enhancing the value of con-
tracts, as we'll as offering added in
ducement to spinners to come in and
buy some Of their requirements, was
another item contributing to the dis
position TO give support. The improved
technical position, Of course, was not
overlooked by the shrewd traders, the
feeling Of optimism being given some
encouragement by the fact that the
security markets were generally
stronger,
In Liverpool prices were due to come
&c to % points to the bad, but there was
no such showing made and offerings
were greedily snapped up. The REPORTS
from Manchester and the scarcity OF the
floating supply Of contracts spots,
together with the wide discounts on this
side In the lower grades, resulted In
prices advancing until AT the close tone
to 20 points net to the good. Spots
were marked off II points, but sales
we're 5000 bales, the largest days bust
ness In a long time, Receipts for the
day we're $4,000 bales, including l4,9OO
American,
Tho opening on this side was rather
| erratic and under the influence Of the
strong foreign market In New YORK
first price on May was u ,90c. u rise
over night OF n points, but before the
| rHl bIUeu ~. sue IHu petll ItNpl uNN' W
~ points to the good, The entire list
was strong and higher, but the range
not so wide on all positions. In "a few
minutes May had dipped to q. S5c, but
buying was keen and Offerings scarce,
and later 22.50C was recorded, 107 points
to the good and l45 above yesterdays
lowest, Thereafter the market backed
and filled, but all the while displayed
"a steady tone and held most OF the
gains.
From the spot department camc ad-
| vices Of business being moderate, but of
Inquiry being broader and a little more
suggestive Of results, There Is a better
tone to trade reports In this country
and II Is confidently felt that Maroh
exports win show considerable increase,
some reports saying that engagements
OF room are larger. Holders are show
ing no disposition of fatigue or weak
ness and the average discount on good
ordinary at the designated spot points
In the belt IL 1925 points below mid
ding,
Futures closed GO to 95 points up, tone
very steady,
New Orleans closed 81 to 1903 points
higher, tone steady. Spots were marked
down 25 points, middling to &c, with
sales 1853 bales. .
Liverpool is due to come . points off
to 3 up.
In the local market there continues to
be no large business, but inquiry ap-
pears to lie same better, although prices
offered as a rule are not such AS In.
terest holders very much. IT Is rumored
that dickers are on for some siZeable
lots Of bottles" but none can say what
result such win have, Starting of bust
ness therein would be very encouraging
as the low grades here are very plentl.
fui, For the day, spot sales reported
were 400 bales aud quotations were re-
vised. low grades unchanged and others
80 points up middling at &c,