The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-01-09
COTTON MARKETS
Good Cables and Improved
Spot Demand Cause Futures
to AdvanCe-Big Exports.

AAAARNAg alAtl lAublt Jan ".
Good cables from Liverpool and i'm
Ttovement in demand for the actual On
this side caused higher prices Tor flu
lures today, n the uudertoue
throughout the session was steady. Ap-
parently the main basis for the better
feeling was that shipping conditions
were regarded as more promising, al
though considerable adjustment still
remains 10 be made. Another factor
was that the bears had pretty thor
rughly worked over influences favoring
them and the holders or raw material
sun had TO be taken into consideTa-
1soil, uaNlng failed to show any dis
position to weakness during the inter
i'm Of limited buying, the appearance of
renewed demand found them In posi-
ton to dictate prices.
Liverpool came better man expected
and closed steady and a to 80 points
to the good, The trade Is still wonder
ing when matters will be worked out
In the foreign market so that the in
creased prospects of raw material from
this side at cheaper cost of getting il
over VIII exert influence over prices.
Some think II will not be until the
present emergency contract, which is
pensed with and trading be based on
something nearer what was in use be-
fore the war. Moreover, still others are
Of the opinion that until there Is more
than mere prospect of increased owe
ment any decline will be undertaken
with hesitancy, as there Is no accumu-
lation Of stocks yet. Spot sales Tor the
day were 600 bales quotations 10
points up, good middliug at 70. ed, while
nothing was received
On this side there was in addition
to the cables a report on cotton ginned
to an. |, the census department an
nounCing 1t to have been 10, 761, 600
bales, compared with 10, 434 900 a year
previous and IL ,039, 900 to even date in
1917, The ginning for the past period
was 4S2, 900 bales comparison with cor
rected figures, as against 302 900 last
year and 200, 600 two years ago. The
figures were somewhat larger than eX-
pected and lent confirmation to the
governments crop estimate. but in the
light OF other influences failed to be
given much attention.
AT the opening prices In the domestic
markets were considerably to the good,
| response having been made to what
Liverpool did over the holiday as well
as this morning. and further rise took
place during the first few minutes Of
| trading. Advices of better feeling in
the spot department ana of improved
inquiry helped, while a few operators
closely identified with big spot inter-
0sts were liberal buyers. Liverpool was
also a buyer, while offerings were linn
I llfh anu pNbNANA ne ~ 80 A'N'
York opened at 27.25c, sold up to 27.42c
and then reacted slightly when profits
were accepted, Gradually the list set
tied back some and March touched
| 27.l5C, but again there was good sup
port and later the option sold up to
/ q, 40c to again be given a setback to
near the earlier low point, There
| seemed to be no disposition OF the part
Of anybody to force any material rise
at the moment
Advices from the spot department
were favorable and some business was
being put through, the basis reported
firm and higher at some centers, Ex-
ports for the day were about GO, 600
bales, indicating a large total for the
week, but there Is yet but little to
| encourage aggressive bullishness at cur
rent levels, as buying is only Of hand
to-mouth character.
Futures closed % to 50 pointsup, tone
steady.
New Orleans closed SO to 20 points
higher, tone steady, Spots were UNI
! changed, middling 30.25c. with sales
3,443 bales.
Liverpool is due to come 2 to 8 points
lower.
Inquiry in the local market was bet
ter and the domestic spinners seem
| more disposed to buy some OF their
needs. Exporters are also doing some
| business, and the holders are independ-
Cnt and are doing out offerings, For
| the day sales reported were 900 bales,
quotations being unchanged, middling
at SOC.