The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-01-28
COTTON MARKETS
Cables, Come Much Higher,
Rejecting Silver Advance
and Cheaper Exchange.
Wednesday Afternoon. Jan. 3.


moderate gains were made in the do
mestic contract cotton market today,
although prices Of foreign exchanges
We're lower than ever and there seemed
STATE OF semidemoralization in that
direction. Because of this additional
aggregation and a sharp rise in silver
SHe Liverpool market was sharply
nlsher. IL was said that Manchester
was calling cotton on contract, while
oIIeTlngs were scarce. Several cables
came telling of this, and one of them
SAID that the fear Of government ac-
uon IN further restricting, the importa-
tioh OF cotton was furnishing ineen-
i've 70 the fresh wave Of calling of
the actual
On this side the market furnished an
anomaly from the standpoint of the ex-
change situation. There was steadi-
ness and some further trade buying,
Whlle 1t was natural to expect the
contrary. II may have been bearish,
although its extent was merely in les,
SEEMING the influence Of the factors
working for higher levels. Some buying
III the domestic market early. in the
day was attributed to Liverpool strad-
dlers who were short over here, while
trade interests also were said to be
taking some Of the limited offerings.
There continued to be many people
who think the stubbornness of spot
holders and the disparity between spots
and futures constitutes the main fea-
son for the stability of the market,
The weather map showd no rain in
the western or central belt, but they
were general in the eastern, including
those sections that ought to be doing
lot Of farm work. Low temperatures
in the western belt checked drying out
OF the soil and delayed work, all Of
which is not hurting the bull side. In
dications were for fairing in the west,
but no warmer of consequence.
Liverpool was due to come to 2
points up, but started much better
than that and then rose rapidly. Sill
yer metal was up pence to S41a, while
further decentralization in all exchanges
caused rush of shorts TO cover. The
market then proceeded to make up for
this factor, including some of it not
done yesterday, and at the finish of
the session futures stood SO to 35
points net to the good, with tone called
firm. Spots were marked up 81 points,
fully middling to 29.20d with sales 5000
bales, including 1000 American. Re
ceipts were 5000 bales but none Amer
lean.
First prices in the domestic markets
were up in spite of lower exchange, but
there was little news out, March in
New York opened at $4,000, a rise over
night of q points, and it kept within
q narrow range not far from that level
all day. The fact that exports for the
day were fairly large, which perhaps
helped explain the further break in
sterling sight, also seemed to stimulate
support in the market. There came
some advices telling of fairly good de-
'mand for the actual, although most of
it was for the better grades and only
at quotations. The stock market was
steady, which helped encourage steadi,,
ness in cotton. Trading was small all
through the session, but professional
sentiment still getting its cue from
the spot department where the situa-
ton was pretty much as it has been
for some time,
Futures closed 40 to As points up;
, New Orleans closed 20 to 81 points
up: tone steady
Spots were unchanged; middling at
80. S8c, with sales 1885 Bales.
Liverpool is due to come II to 10
points up
In the local market sales were 1880
bales, and quotations unchanged; mid
ding, 40.50c.