The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-01-30
COTTON MARKETS
Spot Demand Continues Linn
tied and Market Displays
Little Positive Trend.

hANNl l'NllF ballr UNr
Even the speculative element could
find little today on which to base ac-
ton for posittveness in the trend Of
prices and the result was a narrow and
errallc market within a range Of less
than 100 points. The expected revival
OF demand for the actual has failed TO
mattrtatize, and this is giving encour-
ageneut TO those who are against
higher levels. Those who are holding
maintain their attitude Of %indepcnd-
euCe-at least on the surface-so opin-
ION conflicts as to the probable course
Of prices.
Liverpool was due to come SO points
to the bad, but after a rather quiet
aud featureleas session, finished steady
at a net decline Of only 26 to AZ points.
The continued unsettled state Of labor
IN Great Britain Is naturally more or
less disturbing and against revival Of
business activity and confidence. but
the announcement that for a time i'm
pOrtatiOns of many items will be for
hidden by h British government
would seem to suggest that it is de
signed TO do everything possible to
bring about a return to stable Condi-
tons In that country. However, there
was still lack Of information as to what
VIII be done about meeting the lower
freight rates announced by the Amer
lean shipping board. But one more day
remains loI lfdulllE III the emergency
contract In Liverpool, as the new one,
based on Liverpool fully middling, viii
be in effect Monday and trades can be
made as far ahead AS September. This
is expected to broaden trading to some
extent, especially as neutrals and allied
countries win also be allowed to trade
there.
The opening on this side was at mod
crate declines and with little evidence
Of support, some overnight orders and
a little professional pressure sent prices
or further, May, which opened at
u %, dipped to LOS. when some de
mand was in evidence, and a recovery
TO 2l87 followed. 1t was largely on the
theory that the technical position was
b%ettered by the break and that spots
had failed to weaken, The higher level,
however, attracted more selling. chiefly
professional, and some recession fol
lowed, only to see another upturn which
carried the price TO 2l.92, Another re-
action came. for there was little TO
stimulate fresh buying, and May
touched 21.42 and then steadied and
worked back upward.
The weather conditions in the belt
are favorable. and are no doubt causing
some little bcarishness, although ad-
vices from the Southwest still mention
delay TO farm work, However, the past
few days have been favorable and the
basis for these complaints Is rapidly
hblllE removed, III bllltT SttNlDllNt
where there is cotton still to he picked,
progress is being made in getting 1t
out.
There continues to he little spot news
and the situation Is one In which both
sides appear content to wait, The ones
who look for better prices are counting
on larger demand for export and the
effect Of the movement for a reduced
acreage, while bears harp on unsettled
conditions and the psychological effect
Of the feeling that the country is in the
midst of a general reactlOnary move
ment in all staples. However, there
was marked strength today In grains,
and securities are not showing any
signs Of weakening much, Exports con
tinue small and will likely he SO for
some time yet, as there Is little being
bought for that direction now.
Futures closed 10 points up to 10
down. tone steady.
New Orleans closed / point up to 10
down, tone steady. Spots were I'M
changed. middling 27.5Oc, with sales
2.502 bales.
Liverpool is due to come 6 points
lower,
In the local market business con-
tinues light and sales for the day were
only $50 bales, There is no change in
quotations, middling at Csc.