The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-10-06
COTTON Markets
Ending of British Strike and
Other News Causes Sharp
Recovery in Cotton.
Monday afternoon, Oct; 6,

MQuuAN AFTERNOON AlHl. o.
Reversal Of form over the weekend
was the feature In the cotton market
and bears had a good drubbing. The
sudden and unexpected ending OF the
British strike, more optimistic reports
from the bedside Of President Wilson
and unfavorable rains in the western
and central belt, with some danger of
a cold spell following in their wake,
constituted reasons for the flop. There
was apparently as little fight in the
bears as in the White Sox and steadi-
ness ruled all day. Around the S2cent
level some profit taking was INDUCED
in, but short sellers were few and with
out courage. There were predictions
OF further gains and talk of big activity
in the spot department, Nalthough such
Will probably be contingent on some
other things happening.
The news in the press that the con-
tending forces in Great Britain had
reached a compromise and the strike
was over caused a sigh Of relief, for
the reports Just previous had been very
discouraging and everybody seemed to
think there would be announcement to
bears today. The effect Of this relief
was widespread and induced liberal
short covering, while sellers were scarce.
In this country the apparent improve
ment in President Wilson also helped
considerably, for another burden was
lifted. The steel strike news was with
Is no gain for the strikers tends to help
optimism.
Weather over Sunday was not favor
able in the western belt, where rains
were rather liberal, resulting in checked
picking and some injury to grade, for
there is a big proportion of the crop
open. 1t was felt that it would mean
further reduction in the proportion of
the grades which have been selling so
well and at such premiums Then, too,
there was promise of cooler. with frost
in the Panhandle of Texas and in
Northwest Oklahoma. Naturally this
scared some timid ones, who felt that
even II no damage would be done now
at portended another frost visitation in
about a couple of weeks. Frost was
gust. simply a good talking point for
soaring shorts.
Liverpool was due to come 40 to 40
points to the bad, but no such show
ang was made and at the finish tone
was firm and the list 80 to 16 points
to the good. Nears were better than
distant. Spots were marked up IL
points, middling to 1874, with sales
5000 bales, including $500 American,
Receipts for the day were 10000 bales,
but only 5000 were American. Private
cables said that big trade expansion was
expected right away.
Sharp gains were recorded on this side
rat the opening. December in New York
pSihb lVu pOlllbS up On CALL at Ol.oUC1
and the liberal acceptance of profits did
not get the price Off quite half cent.
Then came good support and scattered
selling and period of dullness and
'steadiness. In the later part of the ses-
sion Liverpool was buying more freely,
while spots were reported as being firm
and higher, which sent December in
New York up to 32.25c before liquida-
tion again stopped the rise and caused
some little reaction.
a Much will depend on what spots will
pdo and how demand will continue at
Gthe firmer level. The lifting Of the en-
sbargo on shipping is going to help, but
1T remains to be seen how much short
interest there is for October Premiums
on the better grades and staples is ex
pected to continue, but opinion differs
as to the other sorts.
Futures closed III to 1873 points up,
tone steady.
New Orleans closed 1877 to 1876 points
up, tone steady. Spots we re up to 80
points, middling at 32,25, and sales were
4,222 bales.
Liverpool is due to come unchanged
to points up.
In the local market sales were 2,15O
bales and quotations were unchanged,
middling at 3250c.