The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-12-19
COTTON MARKETS
Market Dull But Steady-Sta-
tlStiCs More BuIliSh, But Ex-
change Is Lower.

9 lAhdA AFTERNOON. Zee u.
Inc cotton market Is apparently get
ting ready Tor the holiday period and
transactions are largely Of evening-up
character. There seems no reason for
expecting any material departure from
present levels, although in some quar-
terS there is growing confidence on the
bull side. This, however, is applicable
more to the future department of the
market than IN spots, and the notion
seems TO be growing that options are
more IMAM Likely To gradually work up
towards the basis of spot quotations
Foreign exchange rates this morning
were again lower and at their lowest
STOOD about 20 points under The top
reached few days ago. This hal
some influence with professional trad
srs, but failed TO offset other factors
the easlneSS in money in this country,
indicated by the fact that call rates
are around per cent, helped to stimu-
ate strength in the stock market,
where prices were generally higher.
But one of the chief factors in the
cotton market was the fact that statis-
tlcs are getting more bullish Exports
nave been larger this week than anv
similar period in long time, the to-
tails in the afternoon showing that the
amount cleared from our ports were
sS5,VoV oales, which brings the season
total 10 2,4S4, 600 bales, compared with
l,12S,O00 bales a year ago and 2,O47 ,OO0
TWO years ago. They are expected to
continue free, for ships are getting
plenty OF bunker coal now and stocks
ready for clearance are large. The
torWardings from Liverpool for the week
were also heavy, pointing to big TAX
lnss ny spinners for the week. which
also helped stimulate covering by
shorts, The actual figures on takings
We're late but while before the close
the indicated amount was 46l. eco bales.
which compares with 277 goo for this
week last year, As the movement into
Slght showed an excess of only $4,000
paIes over 4 year ago, the relative de-
crease In visible American was about
loo'OO0, the first week during the sea-
son there has been decrease.
Liverpool came better than expected.
Tor silver was higher and the lower
exchange market also stimulated Gov
ering by those who need the actual
Finals were steady and from 10 points
up to down, while spots were up 3
points, middling to 2612d with sales
S,oV0 bales Receipts for the day were
6aOOO bales, including AZ, 400 American.
Manchester business continues excel
lent and cloths today were reported
strong and yarns hardening and turn
over encouraging, All reports from
that direction tell of how immense are
the profits being made by the apInners
which stimulates confidence in Their
buSng ability,
First prices on this side were st lady
and little higher, but some profes
sional liquidation was a feature during
the first few minutes, apparently in an
effort to check the rising tide. 1t was
helped by lower sterling, but after
March dropped to 34.3Sc from an early
nigh of .72c, the turn came ard the
option sold up as high as 35c There
after the changes were slight and mod
crate gains well sustained
From the spot department came little
news, but significant absence of bear
lEhness. Some wires from Western
Texas said that pckers were leaving
out there because of so much rain and
1t was feared the fate of some of the
late cotton was very uncertain. The
weather, as rule in the belt was fav-
ora bic.
Futures closed 80 points off to 80 up,
tone steady.
New one cans closed % to 90 points
up, tone steady. Spots were unchanged
middling at 40C, and sales l.212 bales.
In the local market sales were 1850
bales, making 1880 for the week. Quo.
tations were unchanged, middlng at
40c.