The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-03-10
COTTON MARKETS
Market Displays Considerable
Strength, Helped by Unfav-
OrabIe Weather in Belt.
Monday Afternoon. Marrh Nd

Monday Afternoon, March 10.
strength was the ruling tone iu the
market today, and for a time after the
opening old-style contracts sold above
the new rejecting the activity in Gov
eriug by those VINO were short. This
however, only lasted for a little while.
for later on demand for the new i'm
proved and they held al moderate uNas
niums The general toni Of the affair
Indicated that in spite Of the continued
lack OF demand for the actual. there Is
increasing confidence in higher levels
and that the bears are not going to
have things their own way so much as
IN the recent past.
The speculative situation continues
more or less confused and much switch
ing IS INDUCED in. The opinion Is
freely expressed that holders Of long
ulu-style contracts will be disposed 70
hold them and thus force deliveries OF
a much higher level Of prices, The un-
satisfactory position OF the shorts there
IN was Illustrated by the fact that
March IN New York jumped above a
cents and the same in New Orleans sold
as high as 26 soc, which still left them
too low for spot prices ruling in the
bet Predictions were made that May
and July OLD style would very prob
aoiy 10 to sharp premiums because OF
the big discounts thereon compared with
what spots cost.
The weather over the weekend was
not favorable, especially in the central
and eastern belt. The tremendous rains
IN the lower part and the indications
inns morning Of more precipitation nat
urally aggravated concern over new
crop preparations. This figured to
greater extent IN opinion, as 1t will like
~ do from this time on. In the western
belt there was not much rain over Sun
day, but II was cool out there this
morning, and the forecast called for I'M
settled and cooler, which was not ideal
by any means for crop work, The trade
Is beginning to give attention to Condi-
tons affecting the start OF the new
crop, while the sharp advances being re-
corded in grains and provisions are al
most sure to he OF considerable effect
In determining acreage devoted to cot
ton. If this continues, there win be
added reasons for producing as much of
them as possible in the South in order
that expense bills may be kept low.
Liverpool for a time was better than
due, but before the close reacted and
finished quiet at a net gain of % to 80
points. Spots continued to be marked
down, rs points setrlinR being cut off
today, leaving good middling at Is. $50,
with sales 1000 bales, LOO American.
Receipts for the day were %, 200 bales,
all American. AdviCes as to trade and
'+'N' "A' aNAN' Z N'lifN ~ NV = OIi-
timistiC, which helps to encourage ex-
pectati0n of more interest in the actual
very soon,
On this side there was a steady open
ing and prices generally higher, Week
end trade adviCes we're better and there
seemed more reason for expecting open
ing foreign outlets as soon as possible,
which helped sentiment. The shorts
were covering and sellers were not very
plentiful Old May opened 20 points
up, at 20 60c, while the new started 80
points up, at 2A,10c. The former worked
up to % tie during the first few min
utes, while the latter only went up 10
additional points, after which came
more disposition to take profits, Old
May dipped to 92,10c, while new dropped
back to % soc, after which came more
1 steadiness and a recovery to near the
early highs, Trading was on q fairly
active scale but news still rather scarce.
News from the spot department told
OF higher quotations az a rule. but bust
ness still restricted, for buyers were
getting few orders and the spinners still
mt disposed to do much, Confidence,
however, was increasing among those
who We're holding.
In New Orleans old contracts gained
66 to n decline OF q points, and the
new az to 40 points, tone steady. Spots
were up 30 points, middling to 27.25c,
with sales 1890 bales.
Liverpool Is due to come Z points up
to unchanged.
In the local market business eontin.
ues restricted, with holders feeling bet
ter owe the outlook. Sales reported
were 800 bales and quotations were un,
changed, middling at u. soc,