The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-09-26
COTTON Markets
Market Sharply Higher and
Little Resistance Met.
Spots Very Firm.
Friday afternoon. sent "a

AAH1 afternoon, sept. 20
suns had an inning in the cotton
market today and sharp gains were
MADE IN quotations without meeting
nluch resistance, There was a Very
bulisn private report, the figures on
eondluon being 53.9, with average aban-
comment estimated at AZ per cent
pointing TO crop Of about 10, 400. 600
bales. The crop authority had ont
ginning figures, the estimate being
100000 bales as compared with $780,
UVO last year to Sept Is. This report
encouraged short covering, for Il EN-
pnasized the recent tendency to reduce
erop IDEAS to somewhere in the neigh
borhood Of 10000. 000.
Ihere was also more optimistic feel
ing regarding the strike situation in
this country and the stock market was
steady and higher as rule. This caused
Ieeiing as to general trade and also
made the shorts anxious Reports from
me Dry goods markets also were bull
ism, prices being firm and demand TAX
ing everything offered
me weather map was a good one, but
n view OF the early coming of the con-
dltlon and ginning report failed to be of
erect for sentiment was for the time
being bullish and offerings were scat
tered. Lots Of profit taking was in
dulged IN for a time, but this merely
interrupted the upturn.
Liverpool was full of strength and
there was a sharp bulge over there due
10 absorption OF practically everything
offered for trade interests and to con-
ttnuance of the activity in manufactur-
ing circles The bulge was interrupted
Just before the close, however, and fol-
lowed by sharp break. due it was sup
posed, to the announcement that the
raIlroad employees would strike at mid
night because efforts to conciliate them
mad failed. The tone at the finish was
irregular and unsettled and the list
from l6 to rs points up, which was much
better than expected. Spots were marked
up 80 points, fniddling to 19SSd, with
sales 5000 bales, including 400 Amer
lean. Receipts for the day were 5000
bales, including 5000 American. Man
chester advised that cloths were in inn
proving demand and yarns were steady
and in fair demand.
Sharp gains were made at the opening
on this side, for cables were excellent
and overnight developments favored the
up side. December was at 32c, which
was ~ points to the good One factor
helping in the firmness was the fact
that late yesterday sterling jumped to
the highest levels recently, which facili-
tated business for export and created
better feeling. There was profit TAX
ing on the early bulge, but it failed to
make much impression, December dip
ping to S1.95c, the bottom for the day.
Buying power continued and was en-
couraged by favorable advices from the
spot department and gradually the lew
ell rose, although there was nothing
sensational about the advance, In the
afternoon December reached 32,99c, a
gain for the day of over S. bale and
nearly $3.50 from the previous close.
Sentiment seemed to be favorable at
the higher level, for there was evidence
Of a considerable unsatisfied short in
terest, especially in the actual,
The advices from Texas were quite
bullish and offers are being taken free
ly at fancy prices, the basis holding up
well in spite of the rise in futures. The
weekly statistics were bullish, move
ment into sight being but 1863, SOS bales,
compared with 1916, 966 and takings by
the spinners being 174000 against 1851
600 bales, making the relative decrease
In visible American considerable. Quo
tations for the actual were generally
higher and sales in some directions
large.
Futures closed 1O5 to 1873 points up,
tone steady.
New Orleans closed III to 124 points
higher, tone steady. Spots were mark
ed up rs points, middling to S2,lSc,
with sales 4,653 bales.
In the local market quotations were
revised. They were raised 100 points
on middling and lower, so up to un-
changed on the grades above.
Sales were 800 bales, making $500 for
the week There Is good demand, but
are still very moderate.
Estimated stock unsold in the hands
of factors is $4,000 bales, compared
with $4,000 last year and 1000 In 1917.
Linters In stock are $4,000 bales, COM
pared with $4,000 last year. M