The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-03-13
COTTON MARKETS
Good, But Considerable
Liquidation This Side.
UndeTtone Steady.

Displaying a disposition to be eau
tious and not follow the upturn too
closely, pending a more general de-
mand for the actual. "a reaction took
place I'm the cotton market today. First
there was strength, helped by the pun
lshment meted out to some shorts in
March and other nearby position, but
later liberal realizing was INDUCED In
and the setbaCk extended something
over half a cent, Pressure was not ag-
gressive In character. however, and a
fairly steady tone prevailed throughout
tha session.
In the foreign market there was
strength Indicative Of continued optim-
ism over the progress OF peace efforts
and the largest n days sales In
months. 1000 bales changing hands. Flu
lures were much better than due for a
time, but some profits were accepted
later and finals were A to 20 points
net to the good. which compared with
36 to "a up as due. Tone was steady
Little news came, but is was assumed
hat the labor disturbances are not any
worse. while some opinions are eX-
pressed to the effect that they are
gradually improving. Spot prices were
marked up ~ points sterling, good mid
ding to lel0d, Receipts for the day
were but loo bales, all American.
on this side there was a tame OPEN
ing. although the March position in
New York started at 26. roc, up Is points
and on the call reached Is. 26c. which
was the limit allowed for one days
advance. 1t was a case Of some un-
fortunate shorts being squeezed and It
helped to emphasize the Importance of
those who hold old style contracts get
ting out OF them as soon as possible,
unless they intend holding on for de-
l~iveries. The May old style opened at
pAt 1inpaH five t,ninIH md than ghnt
up to 4,40c before profits were ac-
Ceptetd freely enough to bring about a
reaction. New May opened at 24,4Oc,
up 30 points, and worked up to 24,6bc,
Their reacted to lear previous close,
Trading was fairly active, but consisted
largely of liquidation OF old contracts
and profit taking in the new by people
who thought the rise had gone far
enough for the time being.
The reaction carried old May back to
% .S3c, but support was given and II
recovered somewhat, while new May
dipped to 24c and then went back up
to 24,3Oc, At levels near the previous
close trading became quiet and deVel-
ppments were awaited,
The weather map was a good one. no
ain having fallen during the past ~
hours, but the forecast pointed to some
unsettlement in the western belt tomor-
row and possibly rain or snow In the
upper section. Tho rest of the belt
was promised cloudy, but indications
were for unsettlement by the end Of
the week, which encouraged a little
support because the trade is growing
n bit more concerned over the lateness
Of the crops start,
Advices from the spot department
were fairly encouraging, but business
continues moderate, The feature which
helps sentiment is that inquiries are
more general and are for some charac'
ters Of cotton which have been neg
lected. The talk Of buying for future
shipment to the central powers IS
heard, but there is not much disposi-
ton vet to buy on the basis Of that.
A more potent bullish influence Is that
advices from manufacturing circles are
better and some of the mills are eN-
pected to go back on fun time In a few
DAYS and that certain kinds of fin
ished goods are firm n "A little higher
Quotations for spots were generally q
little higher In the belt
old contracts closed 10 points up 20
6 down and new unchanged to 20 up;
tone steady,
off TO 81 UP and new s TO 5 points up;
tone steady. Spots were up 20 points,
mlddling to 27,bOc, with sales l,boo
bales.
Liverpool Is due to come l point up
to 5 down, RISK -o
In the local market sales were $50
bales and quotations were up 20 points,
middling at 27,2bc