The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-02-07
COTTON MARKETS
Bears Continue Successful in
Pounding Prices and Spot
Demand Still Stagnant.

AAhN @AAAEH AANNAr NAH tH
So far as advices received locally so
there was nc fresh development la the
labor troubles In the cotton mill dis
tTicts, but the outbreak in the north
western part OF the country, threaten
ing 10 spread TO other sections. supplied
bears with material for pessimism. It
merely accumulated the feeling that the
period OF deflation I'm commodity prices,
including labor, Is by no means at an
end. and that there viii be much un-
certainty pending a more stable state
OF affairs. With cotton already rudely
shaken, it required no great amount Of
pressure to force quotations off more,
as support was feeble and the mere re-
fuSal of Southern holders to turn loose
n accept the prices spinners are will
ing 70 pay hardly sufftees to eneour-
age buying.
However, there was more evidence Of
the market having sCraped bottom than
for several days and trade interests
were credited with absorbing the new
crop positions at the decline. This
tended to cause expectation of less
pressure on the near positions.
Liverpool was not off as much as due
at the start, but later reCeded further
and fully met the expectations of do
nestle bears. The March position at
one time was down so points sterling,
close, The list finished steady at a
net loss Of 30 to 81 points. distant
months being off more thar near. Spots
were off but J points, good middling to
1870, with sales 1000 bales, includ-
ing 500 American. Receipts for the day
were 20 400 bales, all American. Man
chester advised that cloths and yarns
were quiet and irregular.
At the opening domestic markets
were steady and but little changed from
the previous close. News over night
was not important n cables at the
moment were better than due, Thu
May option, however, was off Is points,
at 20.95e, and short covering during
the first few minutes sent IL up to
2l,06c. II was felt by some that the
labor unrest had been discounted, but
selling in volume came from Liverpool,
while private advices again claimed
that the South was doing some Of the
selling. 1T was also claimed that signs
Of fatigue among holders wege appear
ing at some Centers in the belt, which
mering met but little resistance and
prices dipped nearly 100 points before
covering by shorts n some trade buy
ing checked the decline, May touched at
its lowest, 20.25c, only 20 points over
its extreme low, but fall months were
not down so much in proportion, The
recovery to within n short while of the
close did not go far, but the speCula-
tive atmosphere seemed clearer and
some people recently credited with SELL
ing were reported as taking the con-
trAry side.
There was little new In the spot de-
partment. The ]clearances for the day
sent the weeks total to slightly over
100, 900 bales, or about twice the amount
for this week last year. Weekly stats
teal comparisons were bCarish, az
thoughgRpinners took 1876, 600 against ibS.
900 bales American. The movement
into sight showed an excess Of 81 900,
making a relative gain of IA 900 bales in
the visible American and an actual ina
crease Of So, 600.
New Orleans closed 81 to II points
off, tone steady. Spots were marked
down rs points, middling to &c, with
sales 2,217 bales,
In the local market sales exported
were 1850 bales, making 1000 for the
week. Quotations were reduced so
points, middling 10 27.5Oc. Estimated
stock unsold in the hands Of factors Is
2S2, 900 bales, compared with 146, 000 last
year and 22S,00O in 1917, Linters in
stock are 10000 bales, against $4,000 last
year and $4,000 In 1917.