The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-11-17
COTTON MARKETS


N@E eAANaAA@1AFF ANA#a A.
Judging from developments in the
speculative department Of the cotton
market today the worst is over for the
time being and there Is going to be
less weight given to outside and more
70 conditions inside the market, espe-
cially IN the spot department. The
disappointment at failure Of spots to
weaken any along with lower levels for
contracts was manifested today In COW
ering by some OF the professional shorts
ana little resistance to an upturn. The
large disparities between spots and fu-
lures and the firm attitude shown by
those who hold the actual made Ii an
easy guess as to which side would
yield. Now there Is talk Of the ad-
vance going further than ever, although
this is hardly regarded as likely now
ana in most quarters it Is believed the
market viii have a period Of compare
tive narrowness.
Liverpool was due to come sharply
lower, and she was, but some steadi-
s developed toward the close. Finals
were steady and from Sc to 81 points
net to the bad, Spots were marked off
59 points, middling to %. SD, with sales
10000 bales, including $500 American.
Receipts for the day were $4,000 bales,
including 1890 American.
ON this side there was still an un-
settled feeling regarding the labor stu
alton. The coal strike apparently was
not settled and 1t remains to be seen
how soon the men will return to work,
The railroad employees were also talk
ing as If there might be some trouble
IN that direction. Moreover, the sltua-
ton as affecting the fate of the peace
treaty hardly encouraged a feeling Of
confidence. The weather in the en-
tire belt also continued ideal and In
dications were for no change for sew
eral days at least. This also seemed
to lend some encouragement to the
bear side.
But at the opening prices were only
a little to the bad, attributed to some
accumulated orders over the weekend,
March in New York was at 50. SOC, 10
points to the bad. but 1t sold off to
50. soc on the cali before supporting
orders were plentiful enough to turn
the tide, 1t required only a little while
to send the price up to 33.lSc, after
which some more selling came and sent
the list back almost to where 1t was
earlier. Lack of continued pressure en-
couraged the idea that the market had
seen bottom for the time being and a
considerable short interest had been
created, which made it likely that a
sharp rise would be seen on the least
sort of good news, A period Of back
ing and filling was then followed by
some buying for professionals, indt-
eating that they had grown tired of
looking for further easiness and dis
posed to respond to the strength in the
spot department. March sold up to
33.S0c, a jump of IS points from the
early low, but more pressure was evil
dent n a slight setback followed.
But little news came from the spot
department, except that there was no
indication Of weakening and demand for
certain kinds of cotton was about as
| good as ever. The fact that sterling
and other foreign exchange were at
low levels during the day seemed to be
Of small movement, although those who
were bearish felt that it was good rea-
son why no advance of consequence
should be seen now.
Futures closed 80 to 80 points up
tone very steady.
New Orleans closed IS to As points
up, tone steady. Spots were unchanged,
middling at $3.50, and sales were 1896
bales.
Liverpool is due to come 2S to IS
points up.
In the local market sales were 1900
bales, and quotations were unchanged,
middling at 42c.