The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-03-24
COTTON MARKETS
Weakness Induced by Unset
tied Political Affairs in
Europe.
Monday Afternoon. Mad q

Monday Afternoon, March "A.
Some unsettlement in political affairs
IN Europe. resulting from developments
IN Hungary, which ii is feared might
lead to delay I'm peace signatures, was
n Of the disturbing influences In the
market today n received credit for In
during most Of the disposition 10 liqui-
date, The fact that weather conditions
in the belt were fairly good over the
weekend also did not hurt the bear
side, although il was not mentioned
much in the gossip. In the minds Of
some observers there vas promise OF
uufavorable weather, rains being in
dioted in the western belt, which In a
measure helped to offset the good con-
ditions.
The market was "A comparatively mar
row affair and largely professional, for
a large part Of the selling was liquida.
ton OF a line held by a prominent Wall
street trader, which for several days
has been the object Of attack. The uu-
covering Of some stop-loss orders faCil-
itated the decline, which extended
something over 81 a bale before buying
was Sufficient TO turn the tide. The re-
oovery did not extend far and sentiment
was mied.
In Liverpool there was weakness be
cause Of the report that Hungary was
in a state of turmoil and was threaten
ing to cause the entente allies some
trouble. Finals were 3 to II points TO
the bad. toen called irregular. Private
cables we're to the effect that labor
conditions appeared to be improving a
little, The fact that with exchange so
demoralized there was no more strength
in prices over there emphasized how
serious the continental situation was re-
Karded. Spots, were marked up 81
points, good middling to l6. I0d, and
sales were 5000 bales, including 200
American. Receipts for the day were
500 bales, including 5000 American,
The nnnninp NJ the market SAY
changes slight and trading small II
was only a few minutes, however, be-
fore offerings began to he free, includ-
ing some little hedge selling from the
longs were iiqpidatlng and as the decline
progressed stop-loss orders were
reached. New july started at g. 75c,
sold up to q. 7Sc. and then without
much interruption sold as low as 2l,91c'
In the same time old July sold down to
2i.60c after having been as high as
2a,5sc right after the opening, There
was some little support at the lower
level, II being felt that the market was
stronger technically, but the recovery
to within n short while of the close had
not goen far.
in the spot department business was,
as q rule, small, although in New or
leans sales were 3,276 bales at un-
changed prices. Reports from domestic
trade circles continue to improve, bur
aS Vet .tne mus are not ulhpoSeu 10 buS
raw material, evidently being disposed
to expect no upturn Of consequence.
The export movement continues light
and the state Of the exchange market Is
against activity in buying for the Other
side, The market in exchange today
was so unsettled that quotations Were
not attempted, II being called nominal,
New contracts closed 81 to llS points
off, old closed g3 to 1870 points off, tone
easy.
In New orleans new closed s. to IL
points off and the old down 80 TO SO
tone called barely steady.
As the domestic speculative markets
will remain closed tomorrow, II being
the occasion for "A big celebration II
New York for its pet division Of re
turned soldiers, and the working agree.
meHt requiring New Orleans to sta
closed, Liverpool win be the only on
open and should come Is TO q points
lower.
In the local market sales reported
for the day were 1850 bales and quota
tons we're unchanged, middling at &c