The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-03-12
COTTON Markets
Increased Confidence in Early
Signing Of Peace Terms
Stimulates BuIliShneSS.
Wednesday aiternoon. Mareh


Higher prices were recorded In the
markets today, and the chief influence
among the speculative element seemed
to hc increased confidence in an early
signing OF peace terms, which would
be followed by lifting OF e~mbarEoes. on
shipments to all countries. For the
time being bulliSh feeling was stimu-
lated there being apparently little
weight given 10 the possibility Of fl
nRncial difficulties in paying for the
needed raw material II was a day for
the bulls, and they made use OF their
opportunity. Some Cynically disposed
observers suggested that perhaps one
reason for the sudden activity among
certain traders was that planting time
was coming nearer and il was not a
bad idea to help push prices higher for
the purpose of upsetung As far as pos
siole plans for cutting acreage,
In Liverpool strength was marked,
and il seemed to be based to a large
extent on advices as to progress toward
peace. Instead Of coming slightly to the
had, finals over there were steady and
II 10 "a points net to the good, There
vas also more demand for the actual,
sales being 5000 bales at n decline of ~
points, good middling at is. 4Od. Re
ceipts for the day were 5000 bales. in
Gliding 1900 American. Private cables
a there was more attention being
paid TO ~unfayorable weather In the belt
and TO reports Of delay in planting
preparations.
In the domestic markets one Of the
first influences was the firmneSs in the
foreign market. There was also the
announcement from Washington that
under the latest ruling rs TO the mean
ing of the amendment 20 the futures
act two more grades were cut off from
the list Of those which might be de-
livered, They are middling and strict
middling yellow tinged. thus reducing
deliverable grades TO l0-sevon white,
Two, tinEed ana one stained. This nat
urally further enhanced the value OF
the new contract and perhaps helped
induce some Of the demand therefor
More revision Of grade differences at
snot C%enters. discounts on some Of the
lower grades being increased, also
helped improve the value Of long old.
style contracts and made more trouble
for those who are short,
AZ the opening prices were up but lit.
tie, but tone was steady and offerings
scarce. Old May opened at ~. 1bc In
New York, touched %, SOC on the cali
and then started its ascension, which
in the late afternoon amounted to 10
points from the early low, considerable
backing and filling being INDUCED in
the way UT. New Nay opened at ~ soc,
touched .. sec, and then gradually
worked upward. selling at - &c In the
afternoon. The entire list was full Of
strength n there was increased RC-
tivity In the new style. while the old
showed that the interest therein Is
being reduced. Some calling Of spots
in the early part Of the session helped
encourage covering and this was In
dulEed in by the professional crowd,
while Liverpool was also a buyer,
The weather map was favorable and
prospects were for II TO continue 80,
while there was still talk OF the con-
sumption report becoming bearish, but
the peace outlook was the factor which
received attention.
Advices told Of broader inquiry for
spots. while the calling Of some con
tracts by spinners necessttated buyers
going out and getting the actual Some
adviees also told Of better feeling in
the goods and yarn markets, which
a perhaps due TO the amt Influences
affecting the raw material markets,
During the final half hour prices
reached the top levels Of the day, old
and new May selling at st,S5c, but
some reaction followed on realizing.
Futures closed 40 to 20 points up
for new and 1872 to % points up for
the new, tone called barely steady,
In New orleans old contracts closed
125 TO i05 points up and the new i26
TO 1905 up. tone irregular, Spots were
steady and unchanged, middling 27.l6c,
with sales 2.6SS bales.
liverpool should como 80 TO "A
points up.
In the, local market business was bet
ter and demand broader than for some
time, with sales reported at 1000 bales
Quotations were raised so points, mid
ding to az, 0De,