The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-03-06
COTTON MARKETS
Resumed Without Ex-
Citement, But Much COnfu-
SiOn-ChangeS Small.

ANAAeAnF hANtA ilNNhAH AAaAth o.
Trading was resumed In both the do
nestle speculative and cotton markets
this morning, hut everybody was mere
or less at sea and apparently awaiting
developments. II was generally Tecog-
nuized that the new order OF things
would take time for adjustment, but
that AFTER all the course OF prices would
he governed by the demand for the ac-
tual So far as could be seen there has
been little change in the attitude OF
]spinners during the past few days ana
naturally the confusion in the future
department tended to further delay op-
eTatiOns.
Although time had not been given for
"A careful consideration Of the altered
contract and its effect on prices, espe-
Claly as II all came so euddenly, ruling
sentiment before the opening was that
only moderate premiums would Iule on
the new. Moreover, the average ad-
vice from the larger people in the mar
ket was in favor Of selling u the old
style contracts and buying the new, II
being figured that the latter was a dis
unct improvement over the old from
the standpoint Of the spinner or him
who wanted the actual This opinion,
however, was not accepted by all, for
some wise ones thought the man who
holds the short end Of the old contract
the n who faces trouble, because Of
the enormous discounts OF the low
grades. lu truth. there was such a con-
tiitt Of opinion that 1t was some time
before trading got under way and ev-
erybody was feeling his way.
Liverpool was somewhat confused
also, but finished irregular and from .
points off to IL off, Spots were marked
down 81 points, good middling to 16G,
with sales 1000 bales, including l 800
American, Nothing was received,
There were no cables of to
tnfltnnRn UaHtiRNAnf thu fpratnnnp alec
being disposed evidently to be patient
and seew how the markets on this side
are affected.
At the start in New YorkAprlces Of the
old style contracts were but little
changed from the close OF Monday, May
being up 20 points, but October being
up but s. Old May opened at 2l.60c,
while the new opened at %. zoe, a pre-
MUM Of 100 points. The old gradually
worked down until IL tocuched 2lC,
while the new dipped to 2l.S0c, thus
narrowing the difference to about so
points at their lowest, which seemed TO
he regarded as about right. The diff
ference on July was not quite as much
and on October 1t was still less. Later
in the day some recovery took place,
May old style selling back as high as
2l,5Oc, while the new touched 22,lSe, the
difference being reduced to around 40
points. Differences between other posi-
tions were likewise reduced some.
There was little news to influence
values and traders were concerned most
in trying to get a line on what differ
ences should be. The general tone was
quiet and fairly steady, but absence OF
indication of spot demand did nQA en-
courage bullish feeling. The weather
map vas one too good, for tempera-
lures were too low In the western and
central belt for farm work, while in
the eastern more rains fell The Drom-
ise was for warmer and more rains in
the west, which pointed to further de-
lay to work, which Is beginning to bring
about more ak of a late start. How
ever, this is not having much weight
yet as a price factor, The talk Of re-
duced acreage Is also for the time being
not being talked of much, but informa-
ton from every direction is that there
win be a reduction. while continued
flrmness in grains and meats Is sure to
serve as encouragement for enlarging
production OF them in the cotton belt,