The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-11-14
COTTON MARKETS
Market ETTatiG and AppaT.
emily Full of Liquidation.
Census Figures Big.

-eNAn - -
Although erratic changes were had in
the speculative department of the cot
ton market today and at times consid-
cradle liquidation, weakness was not
present and the bulwark Of the sltua-
ion, the spot strength, remained un-
shaken.
Conditions in financial circles still
occupied "A large place in the attention
OF the trade, but TO all appearances
there seemed less occasion for uneast-
ness over recurrence Of Wednesdays
developments, An article in one OF the
New York papers, the burden OF II be-
ing that the federal reserve bank Off
Gals were about to take steps looking
toward closer scrutiny of loans on
cotton and grains, especially the former,
thereby making very probable some eX-
tensiye liquidation such as took place
IN the stock market, received emphasis
In some quarters, and helped induce
selling. But there was no confirmation
OF such a report and after a time the
idea grew that the reasoning was in
spired more by the wish thar actual
expectations. Moreover, Il is known to
be a fact in well-informed minds that
cotton has been pushed upward with
less speculative activity than ever be-
fore when distance Is considered and
that the amount Of spot stuff bought
without having a place to put it is
comparatively small.
In the stock market the prices were
Irregular, but in early trading averaged
higher. Rates for call money were
rather stiff at first, but later in the
day were disposed to ease slightly.
The census report on consumption OF
cotton for last month, showing 555. 900
bales against 100000 the same time in
1918, with less stocks held by the mills
n in public warehouses, received
| hNu1sHL -N--.-ANAAta- nh aa-LIA ~
sptndles in operation were also larger
than a month ago or ever before. This
report helped stimulate some support,
as did the fact that killing frost visited
practically all the eastern belt.
Liverpool cables were better than
due and displayed more strength than
for several days. Cables said covering
was done by those who sold yesterday,
Futures closed easy, but from l6 points
up to 5 off, not so good as due, but
without much explanation for the
weakness. Spots were marked up lOl
points, middling. to 24.s3d, with sales
l0, 1000 bales, including $500 American.
Receipts were IL, 400 bales, all AmerI-
can, Manchester advised that cloth
business was good and yarns were firm.
on this side near months were
stronger than the distant, Blu first
changes were all small: March opened
at IS cents in New York, clipped to
"a 80, then rose to $500 and turned
downward, going to $3.50 before trade
support checked 1t. The rest of the
session saw fluctuations rapid and
within a moderate range, but nobody
disposed to sell aggressively,
The spot news was not encouraging
to a decline. Wires from Texas points
said there was good demand and net
much for sale, while advices from other
sections told practically the same tale.
| Movement into sight range large, bSS, e
900 against 422, 900 last year, indicating
preparations for heavy c~learances soon.
| Exports for today were liberal, snow
ing some of the effects Of the strike at
the ports being over.
During the maj half hour fresh liqui-
| dation came in and found the market
with limited support, the lowest levels
OF the day being recorded.
Futures closed 90 to lO5 points off,
tone easy.
New Orleans closed As to 145 points
down, tone steady. Spots were un-
| changed, middling SO. 75c, and sales were
4,47O bales.
In the local market quotations were
unchanged, middling at 42c, and sales
were 450 bales, making 5000 for the
week.
Estimated stock unsold in the hands
of factors is So, 900 bales, compared with
| 14S, 900 last year and ia, 900 in 1917.
Linters in stock are Sc, 600 bales, com
pared with 81, 900 last year, and 1000 In
i 1917