The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-02-04
COTTON MARKETS
Sharp Reaction in Prices
After Early Bulge-SpOt
Demand Slow Coming.
tuesday Afternoon, Feb.

4ANENNg AAANA num- ANbH Il
II seems an easy task to bring about
fluctuations Of 100 points or more a
day in the cotton market, which prob
ably reflects now narrow and sensitive
Il is, There is no large trading, yet
prices move as II there was, The early
bulge this morning sent prices moder-
ately higher, May in New York touch
ing %. l6c, but support seemed to dwin-
die at the higher level and then came
some pressure, which found the de-
Tense poor, M before the decline end
ed something over 100 points had been
lost by the near positions. There was
no particular news 10 explain the break,
so II evidently was merely a reflection
Of underlying sentiment in certain cir
cles prominent in speculation which
seems to think that there is no good
reason yet for continuing the rise.
Liverpool at first was about as due,
but prices rose rather sharply, at n
time May being about IS points sterling
over the previous close. 1t IA assumed
that the removal Of Restrictions on run
ming time for the Manchester mills
helped boost prices, but for the reac-
ito which carried the list back to
where II it had been earlier there was
no special reason given. Finals were
irregular and from 20 points up to 3
down. Spots were marked up so points,
good middling to 1S.26d, with sales 1000
bales, including 900 American. Receipts
for the day were 5000 bales, including
b,i0e American. Manchester advised
that cloths were steadier n yarns
were more in demand.
In New York opening prices were up
a little at the start, May l6 up, at
q. soc. On the call 1t touched ", S5c n
then when a little buying was done by
a few traders, helped by the good show
ing at the time in Liverpool and by ad-
Niang falling nf mara Fuinu In the lDuyRF
part of the belt, the option sold up to
23.16c, There was, however, no snap
about buying and some advlces told of
anxiety lest the labor troubles in this
country not to be settled, which induced
offerings from several directions. There
was pressure from professionals, while
the South was again credited with sell
ing. Stop loss orders were uncovered
and bears got busy again when they
saw the tide turned, the result being
that May sold down TO q. 05e, a dip of
Ill points from the early high. At the
bottom a little support developed,
helped by the advance Of 90 points In
spot prices In New Orleans and some
advices that inquiry was fair.
The spot situation remains about as
II has been and business Is small and
well nigh impossible while futures are
so nervous and unsettled. In some
quarters efforts are being made to
stimulate bullish feeling on the theory
that weather has been against early
farm work, but this does not seem to
get far and orders for the actual are
still coming slowly. The holders are
sitting steady and the movement for
reduction In acreage seems to be max
ing progress, but this does not seem to
stimulate disposition among the mills
20 buy the raw material, 1t merely
helps to check the downward trend of
values without at the same time Undue
ing much buying that is so much needed
IL there are higher prices.
Futures closed Ii to So points off, tone
steady,
New Orleans closed IS to 81 points
lower. Spots were up % points, mid
ding to 7,75c. with sales 2,955 bales.
Liverpool is due to come . to Is points
lower.
In the local market sales we're 600
bales and quotations weps unchanged,
middling at CSC.