The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-11-18
COTTON Markets
Market WeakenS on Money
and Coal Situation-CabIeS
Show Some Strength

AACsAas aAlCEutQu1 NOV. rs.
Reactionary sentiment prevailed most
Of the time in today's market, and
prices worked lower without meeting
pronounced resistance. Liverpool cables
were fairly steady, but on this side
mere we're several things contributing
TO There Is an apparent
wave OF pessimism as to the peace pact
being ratified, which would keep things
very much unsettled, although in some
quarters 1t is felt that a Compromise
will be reached and the document win
soon be out Of the way.
The coal strike situation was a very
important factor and DEVELOPMENTS
seemed to encourage the bear side. The
men are returning to work very slowly
ana the fuel supplies are getting SO
small that industries are expected to
suffer considerably before distribution
4 can be normal again. 1t was reported
Z curing me Day that orders had been
or would be issued which would re-
suit In many cotton mills being forced
TO close down In a short while, and
this helped to encourage liquidation.
The fuel supplies available are to be
turned over to essential industries and
to the railroads, although much Of the
service on the latter is being curtailed.
The money market was also against
the market, for foreign exchange rates
Went to new low levels. That was
an important feature and was credited
with inducing some Of the liquidation.
as 1t means further handicap to ex-
ports, which continue quite small, de-
spite predictions that they would be
increasing by this time. Sterling ex-
change sold as low as 4.06 for cables,
while German marks reached a point
practically 30 per cent depreciation. The
rise OF silver metal to the highest point
yet failed to offset this weakness In
exchange, although ordinarily 1t would
De sumulatlVe to trade in Manchester.
Liverpool cables were better than due
for a time, although some Of the dis
tant positions dipped some late in the
session. Finals were steady and from
As to 10 points to the good. Spots were
marked up 81 points, middling to 24.05d.
with sales 10, 900 bales, including $500
American. Receipts were 20, 900 bales,
but none Of them American.
Opening prices on this side were
without much change, March selling at
33.90c and touching 10 points better be-
fore turning downward. The weather
map was excellent, the only sign of the
the Atlantic, but there was little chance
Of any disturbance for the belt. The
market dipped some, but good support
from certain spot and trade interests
checked the decline and brought a re-
covery to a level about 30 points over
ldSL Hlgnt B close, But the news from
he strike situation was u~nfavorable,
while money conditions were also not
good, the result being a steady decline,
which in the afternoon became more
rapid, after 1t seemed likely that some
mills would have to quit running soon
because of fuel scarcity. 1t was also
rumored that some bearish figures on
ginning for the past period encouraged
some of the selling, while buyers were
disposed to Ibid off. March sold down
to 80. SIC a slSort while before the close,
q drop Of 14S points from the early
Ahigh. ""
Spot news was rather vague, although
nc important weakness was reported.
3Demand was dull and buyers and SELL
eFs are apparently apart in their ideas,
while some few wires said slight east
ness was reported.
During late trading prices declined
until the one-day limit was reached on
nearly every position.
Futures closed 100 to 1913 points off;
tone steady.
New Orleans closed 1877 to 70 points
off; tone steady. Spots were off %
points, middling at 1925, and sales 3,045
bales.
liverpool is due to come II to SO
points off.
In the local market sales were 2,100
bales. and quotations were reduced 100
points, middling to Ale.