The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-01-17
i COTTON MARKETS
Trade Buying. Causes Some
Recovery From Early Dip,
But Fails to Hold.

The market continues an affair with
out positive trend, vet the advantage
still seems TO lie with the bears, Based
20 some extent on poor cables and ac-
centuated by a weak stock market de-
ciines wers considerable in the early
part OF the session. ssme positions GO
Ing to new lows for the season. hut
trade support and short covering he
came more plentiful at the decline. The
result was a recovery 10 almost the
previous closing level. But with sub
sidepce OF this buying came fresh
pressure from the same old direction
aud hv late afternoon INices were hack
Of the morning
There is hut little in Ia news at the
moment. although Indicators are that
~'e i~'N'Ft7v' thtngs win deyeloD
soon One rather disturbing factor In
the early part of the day was a wire
10 the effect that the cotton mRnufac-
turers of New England had decided To
refuse granting the etEht-haur day as
the operatives have requested, giving
rise ~ fears Of labor troubles which
NAV tie up business for a time. The
same wire also said that advices indi-
Gated thTt since Jon. I mills had cur
tailed output hy fully % per cent
Rut as An offset for this sort Of
news came advices telling Of the mills
showing more disposition to provide for
SOME 0t their raw material supplies,
encourage nv evidences Of better Do
mand from the distributing trade, fol-
wing The 'pduCttou In goods nrtces.
The nrice reductions announced yes
teTday afternoon In tmnortant stAule
lines We're not surprising In view Of the
cuts made q few DAYS ago in bleached
goods, and ii seemed to he the opinion
today that the better buying by the
trade was one OF the results Of such.
However. uTtiI there is more stability
IN h markets there seems small
chance Of business being other than
hesitant and tirid. The matter NJ
whether the mills can afford 10 pay
ruling costs Of raw material and make
profits a, the lower prices Of their out
put does mot seem 10 enter into the
market at all.
Liverpool was very weak today and
u was attributed 10 the report that a
big lot Of shipping vas TO be released
Al once with a CONSEQUENT stabiliEtnG
81 freiah' rates probably at a lower
level Instead OF coming al an advance
of 10 . points. the foreign market
clos~i barely steady, Is to ~ points
TO the bad Spots We're marked up rs
points due to meet the action OF yes
to-day future deftartn eut. with sales
1000 bales, good middlinc At lS76i
.NfAFaINf l'| i've NaN were V.N'p hdFNEs
all American Manchester advised that
cloths were SLOW and yarns irregular
Dpcnin~ IN the doWes markets was
az a decline Of FL points on March and
30 on May The latter option started
al 234j. worked w to 1854, and then
1lpned 10 23.0S. March in the same
time opened at 2+.9S,- sold . points
Rirher a"d Tt-orped to 1850. its previous
low, The May option recovered to
1855, but in the afternoon sold back
| down 10 % is.
But little information came regard
ing spots. although some wires said
| that holders were offering little. New
Orleans reduced quotations 70 points,
middling TO Is 75c. but sales were only
lose bales Exports for the day were
small and traders seemed TO think
woak'y statistics would h" a stanA-o Z
Futures closed l up TO rs points lower
tone steady
New Orleans closed 20 to S points off,
tone steady.
In the local market business was
light. the weather being bad and other
conditions also being against much be-
ing done. Sales reported were 100 bales,
making 4,200 for the week, Quotations
were revised again. lower grades of
Is points; middling and better I'M
changed. Estimated stock OF unso!d
| cotton is 223, 600 bales, compared with
| l6l 900 last year and 233 900 In 1911.
Linters In stock are "a, OUo bales. COM
| pared with 5000 a year ago,