The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-02-24
COTTON MARKETS
Market Poorly Supported
When Liquidation Before
March Notice Day Is Free

~~
Bears found little trouble hammerlng
prices today, and they as usual made
use Of everything which they could
possibly turn their way The weekly
statistics were more hearish than they
have been, showing a fairly large Tela-
tive gain in the visible. while they had
wires telling Of some Of the Georgia
mills going on a 3-day-week basis for
a time because OF poor business. This
report was later proven to be hardly
worthy Of notice, as II was claimed hat
the mills were only engaged on fine
goods manufacture and therefore the
short time would amount to little in
affecting consumption, out IL had al
ready helped induce some Of the pro-
lesslunaI pressure TINS merely went
To- show how narrow and featureless
was the market.
Another factor getting credit for some
Of the pressure was hat tomorrow is
first day for March notices In New
York, and many traders were disposed
TO ltquidate on the eve thereof II was
first day for such in New Orleans, but
none was circulated. The professionals
took advantage OF this liQuidating dis
position and offered some pressure,
which brought considerable results early
on account Of lack OF incentive to fresh
support.
The trade reports continue to show
a favorable tone, but business is still
small in volume and so far as exports
go they amount to hut little vet. Buy
ing is Of hand-tO-mouth character, but
there is apparently more faith in the
future m il is generally felt that 1t
will not be long before activity will
broaden.
Another thing helping encourage
some Of the early pressure was a re-
port that freight room for immediate
sailing was not 10 be had. This was
later explained as not being OF much
Importance, for nobody has expected
much business to be offered until after
March l, when the British government
is expected to make some adjustment
of rates to meet those announced by
this government some time GO. How
ever, IL indicates that there Is stiil
scarcity OF tonnage for cotton, for all
that is TO be had now has been taken,
either for cotton, food or other prod
ucts.
Liverpool did not show much change
n Offered nothing Of special interest.
Finals were barely steady and 5 to 70
points net lower. swhile spots were
marked off 10 points, good middlinR to
1S.43d, with sales 1000 bales, including
$500 American. Receipts for the day
were 5000 bales, including 5000 Ameri.
can.
First prices on this side were but
little changed from Fridays close and
news affecting values was not very
important. Weather over the holiday
III not unfavorable, but there were
Indications Of unsettlement and rains
or snow in the western belt, followed
by colder. Such gave a little concern,
but failed to offset the disposition TO
liquidAte by the longs and did not
check the selling by room traders. May
in New York opened at 22,15c, touched
22.loc and then sold up in u few min
utes as high as %, soc, which was top
for the day The decline extended un-
Ill nearly 100 points had been Topped
off, May selling at H.36 before sup
port improved. The upturn extended
to around elise, when the affair got
into a drifting stage and did but little,
Spot news was not important and
business generally was light. New Or
leans raised quotations 25 points, mid
ding TO 21.25c, with sales Ease bales,
hut most centers left them unchanged.
Futures. closed ~ to 80 points lower,
tone steady.
New Orleans closed 81 to 81 points
lower, tone steady.
Liverpool should come 6 points off to
II up.
In the local market sales reported
were l,500 bales, while quotations were
reduced so points, middling at 26. SOC.