The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-02-28
COTTON Markets
With DeaTth of News Bears
Hammer Cotton Sharply.
Spots Continue Dull.

With a dearth Of news 10 affect val
ues, but with an absence OF improve
ment 10 demand for spots. bears were
enabled today TO hammer without much
resistance prices IN cotton. Up TO a
short while before the close the declines
Appropriated So 10 81 a bale on con-
tracts In New York and the affair at
p bottom did not show much indica-
ton Of strength. There was little ex-
cuse offered for the pressure other thaA
that President Wilson was credited
with saying that until signing OF peace
there was no chance OF the embargo
being lifted on shipments to the central
powers. Although there was small rea-
son for hoping otherwise, despite the
fact that a number Of Southern sem
atofs n congressman had been Os-
teAsibH working for such. the market
was in such a state as to make II easy
for the professionals to e prices
lower. In b meantime there continued
a lack OF buying OF raw material. espe-
cially on the part OF the domestic con-
sumers
In Liverpool there is apparently a
little better feeling and sales for the
day were 1000 bales, The more impor-
tant development, however, was that In
the South BUYERS were getting more In
qutry from Liverpool and some sales
were being reported, which was thought
to portend larger movement soon for
the British centers. The list In the
foreign center closed irregular and from
a, points off to unchanged, with nears
relatively the weaker, presumably be-
cause of some purchases on Ahis side
and hedge selling against sdch over
there. Spots We're marked down 10
points, good mlddling to lSd, with sales
1000 bales. Receipts for the day were
$4,000 bales, including $500 American.
Manchester reported cloths and yarns
quiet.
Opening prices on this side were
lower. encouraged by disappointment
over the Information as to the embargo
question. But little resistance was Of
fered, although during the first few
minute covering and support from a
few traders sent the list up a little, May
touching 2l.97. after starting at 2HS0.
That proved top, however, n selling
came from several different directions
and the decline was easy. II WAS grad
ual throughout tho rest Of the day. with
some backing and filling on the way.
By the middle OF the afternoon May
had dipped to 81 IS, a drop of 81 points.
Fail months were not quite 80 weak.
helped some by the weather situation IN
the belt and delayed start, but In no
direction was there evidence Of agrees
sive support.
There was little that was new%in the
spot department. Clearances were
fairly large for the day, including about
SO, 600 bales from the Pacific coast. but
the weeks total Is not large enough to
encourage bullish feeling and prospects
are for no material Increase soon.
March freight space Is still very scarce,
The expectation was also for the weekly
figures TO show no material change,
which would favor bearish feeling, as II
is now time the visible supply was be-
ing reduced, There was little in this
department to encourage hullish feeling,
which perhaps was one Of the chief in
centives to the bearish activity.
Futures closed 80 to 40 points off,
tone barely steady.
New Orleans closed 1l2 to 60 points
lower, tone steady. Spots were .un-
changed, middling at q, 25c, with sales
S,4O9 bales.
In the local market sales reported
were | 800 bales and quotations we're
unchanged, middling at 26,5Oc. Inquiry
Is limited and only for a few specialties.
Weeks sales were 1850 bales. Esti-
mated stock unsold in the hands Of
factors Is 245, 900 bales, compared with
l40, 600 last year and 222, 900 I'm 1917.
Linters In stock are 90, 900 bales, COM
pared with 5000 last year and 81. 900 in
1917.