The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-12-03
COTTON MARKETS
Liverpool Strong on Fear of
Check to Movement, But
Some Reaction.

wednesday Afternoon, Dec, ),
Strength In the Liverpool market was
in part q reflection Of the feeling over
there that the coal strike In this Couu-
try would check movement Of raw ma
terial and thus put them in bad shape
at time when business with their
manufacturers Is increasing by leaps
and bounds. The response on this side
was in the shape Of higher prices for a
time, for the foreigners were buying
freely over here In early trading, this
more than offsetting the depression In
foreign exchange and the effect Of the
unsettled Industrial situation. Some
short covering conferred In the Decem-
Der option in New York, which resulted
in that position selling at 40 cents
twice, but the circulation Of few no.
tees resulting in profit taking and
dip OF about half a cent.
Later In the day further easiness re-
suited from selling on the weakness In
exchange, quotations for sight sterling
going down to ass, and to anxiety over
the coal situation, Another factor
mentioned as disturbing was the re-
port that Germany had announced her
determination not to sign the protocol
of the allies, this tendin gto compli-
cate the political situation.
The weather map showed that condi-
tons in the belt were not favorable to
picking, but this feature was apparently
proach OF the ginning figures, due next
Monday morning at the opening, and
the government estimate is thought to
be helping to stimulate confidence
among the holders, and this in turn
steadies the future department, for
shorts realize that they risck much in
expecting any protection in the shape
Of deliveries Of the actual
Liverpool private cables this morning
said that business was good and there
was rush to get as much Of the act
ual as possible, which was accompanied
by undoing Of straddles. The depres
sion in sterling naturally enhances the
value of the cotton already across the
water, while a further rise in silver
metal this morning also stimulated de-
sire to buy as much as possible of the
raw material The list over there was
due to come 4 to 3 points to the good,
but finished 80 points up to 20 off thu
firmness being in the near positions
Tone was called unsettled. Spots were
marked up II points sterling, middling
to 25.23d, with sales 10000 bales, in
Guiding $500 American. A sharp rise
in the price Of Egyptian also helped
stimulate demand for the American.
Receipts for the day were 10, 900 bales
including 9,700 American.
Best prices in the domestic markets
were recorded right at the opening or
soon afterward, rejecting the firm ca
bles and covering by shorts, March In
New York opened at $40 and touched
1920 in few minutes. Some realizing
was done, for sterling was down and
strike news are no better The option
dipped to BAGS and then recovered
slightly but later sold as low at "a So,
only to recover again slightly
Spot news was not plentiful, but
there was an absence OF Indication Of
weakness. The report that vessels from
New York would not be allowed to coal
after Friday tended, in connection with
deprecated exchange to lessen expec-
tations Of exports being so large.
Futures closed IS to so points off;
tone barely steady.
New Orleans closed 20 points up to
IS down; ton steady. Spots were up
80 points, middling at 40c, and sales
were 3,l23 bales,
Liverpool is due to come II to II
points off,
In the local market sales were 5000
bales and quotations were unchanged
middling at Acc.