The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-03-07
COTTON Markets


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Liverpool was bearishly influenced for
some reason and II was generally at
tributed to developments on this side.
But il apparently had small influence
on domestic sentiment after a brief
spell at the opening. The early dip was
followed by support In which the old
contracts were conspicuous, said 10
have been due TO fear that holders of
the long end would demand deliveries ot
the actual and thereby bring about a
conEested condition because Of the
enormous discounts ruling on the lower
grades and he small amount Of cot
ton available for delivery.
A further announcement from WASH
ington also figured in confusing Senti-
ment. Il being to the effect that al
old style contracts must be iiquidated
by May 1. The trade was hardly pre-
pared for this news, yet could offer
no good eason against IL n therefore
began preparations to comply with It,
This was one incentive for support for
the old contracts, shorts therein being
impressed with the wisdom OF cover
ing as soon as possible, while longs
were not disposed to liquidate their
end. Some details OF the situation
were not altogether clear, n OF them
being in regard TO those who contem-
plate making deliveries, but as TO
shorts for mere hedging purposes there
was no room for doubt. Some wise
market observers thought that one re-
suit OF the news would be further mar
rowing Of differences between the old
and new style contracts, while a few
even thought the former might go to
a premium.
The weather in the belt was given
more attention, as the new crop out
look Is beginning TO figure a little more
in calculations of the trade. For the
past "a hours conditions were fairly
good, but little rain having allen and
temperatures were a little higher IN
the western and central belt, The
promised rains failed to come, but thert
was still some prospect Of bad weather
Advices continue to tell Of delay &c
farm work, but they are not yet sufficl'
ent to stimulate much hullish feeling
It also Is being more strongly believed
that acreage will be cut, especially II
there is not early advance Of Conse'
quence in prices. Even the latter l.,
not expected to prevent some decrease
for well posted people will naturally
be dubious about any sudden change
in the trend of prices at this %Juncture
In Liverpool finals were at about thu
bottom for the day, with the list iron
4k to rs points TO the bad, tone Callet
irregular and unsettled. Spots were
marked off 4 points, good middltng e
1850, with sales 81 900 bales, Only
1000 bales were received.
Al the opening old May was IN i
and new off IS points from the previous
close. The former opened at 2l.50c
dipped TO 81. zoe, and then shot up t
2l.S0c, later reacting r little and theI
improving TO 21,s5c. The new opened
at 81. 7bC, worked up 10 q. 3bC and thel
receded a little, but later improved
again. Much transferring was INDUCED
in, but after a while May and July set
tied at a discount Of about half a cen
under the corresponding new, whit
October was about so points under
There was very little activity outside
the feature outlined above.
In the spot department business con
tlnued rather restricted, although herr
and there some improvement in inquir'
was reported. Some advices said Their
was better feeling and improved de
mand In dry goods, but It has 80 IA
failed TO affect demand for raw ma
terial.
Old contracts in New York closed 81
20 rs points up; the new closed 30 Il
81 points up; tom very steady.
In New Orleans tho old were SO t
10 points up, tone very steady; thu
new we're SO to 16 points up, with ton,
very steady, Spots were unchanged
middling at 26c, with sales l,SO7 bales
In the local market sales reported
were $50 bales. making $3.50 for thu
week. Quotations were without change
middling at 26. soc, Unsold stock IL es
with 1870, 900 last year and I'll 900 II
1917. Linters In stock are $4,000 agains
$4,000 last year and 6S, 900 In 1917.