The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-11-20
COTTON MARKETS
Market Dips on Defeat Peace
Treaty But Receivers
fWBefOre Close.
Thursday afternoon. Nov b

@N@AAAN1AAT ANAN. ~
Defeat OF the peace treaty by the
senate last night supplied bears with a
little encouragement early today. but
apparently II had been discounted and
the affair then turned into one Of ex-
IRENE satisfaction to those who were
buliish. 1t was another case OF an over
extended interest which ran when ali
the BAD news was out. Exchange was
also W than ever early, sight ster-
ling being quoted as low as 3.9sA, but
this, too, had but temporary effect
Apparently the dominant influence in
bringing about the upturn, which by
late IN the afternoon was over $3.50 a
bale from the extreme low Of the fore
noon, was the fact that spots were
holding steady and reports Of conces,
stons could not be confirmed.
The weather map continued favorable,
although cloudiness in most OF the belt
tnis morning encouraged expectations
81 some unsettlement within the next
: day or so, this being confirmed by the
offcial forecast for the western belt,
which promised showers and colder.
The effect Of the action at Washing
ton was disturbing to some extent, but
II was interpreted as meaning only con-
tinuation Of the unrest and no occasion
for further weakness of nseQuen
The stock market displayed little effect
and after temporary hesitancy began to
improve. There also was some recover
In exchange rates, although many OBJ
servers think they will 20 still lower.
The call money rate started at 10 per
cent, but later dipped to 6, Indicating
less pressure to liquidate holdings. The
general speculative atmosphere seemed
to be better and there was more dispo-
sition to give attention to the spot sit
uation.
Along about midday there was a
rumor, although uneonfirmed, that the
coal strike was about settled, which
perhaps helped aeeentuate short cover
ing. 1t came about the time that I'M
provement was setting in in other mar
kets, so for that reason got a hearing.
The basis for such a rumor was not
ascertained, and up to the close there
was nothing to confirm it.
Liverpool cables were much better
than due, attributed to the depression
In sterling, but the foreign market was
without much feature and closed steady
and from 5 points off to IL up. Spots
were marked up 80 points, middling TO
%. SD, with sale 5000 bales, including
7,400 American. Receipts for the day
were 5000 bales, including 1900 Amer
lean.
New York was off 81 points, to S2c, and
1t sold down to 31.SS before support
turned the tide. The recovery for a
time was slow, but seemed based or
legitimate reasons. Lots of backing and
filling took place, and gradually the
level rose until in the afternoon the en-
tire list went up hurriedly. March sold
at SO. 33, which va within So points OF
the limit for one day. But little news
was out to explain 1t, but there seemed
general anxiety among the shorts, whose
number has been greatly increased dur
ing the past few days.
Spot business was generally moderate,
but the holders were refusing to make
: concessions and as a rule advice TOLD
OF them being very independent. The
big discount at which futures were SELL
ting discouraged bearish ideas.
4 Futures closed 80 to 40 points up,
stone barely steady.
New Orleans closed 81 to rs points
higher, tone steady. Spots were I'M
changed, middling at 39c, and sales
were 1000 bales.
Liverpool is due to come 81 to %
points UP.
In the local market sales were $50
bales and quotations were unchanged,
middling at 40c.