The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-03-12
COTTON MARKETS.
Moderate Weakness Early on
Lower Exchange, But Firm
ness Comes Later in Day.

Friday afternoon, March ~.
Lower rates for foreign exchange ear
" To-Day resulted In a degree OF weak
ness in cotton, but it did not last long
and by midafternoon the list had sold
higher than ever and shorts were on
the run again. 1t did not get into the
fan months to the same degree as IL
dld IN the ne3rs, but they shared there
IN ana those who expected reaction be-
cause of prospective improvement in
weather had their hopes deferred
STERLING demand started the session
around Z to points under Yesterdays
lows, which was about Is points under
the highs. but improvement came and
later in the day quotations showed only
moderate decline. Demand touched
around $365la, but recovered to around
S5.12, ana then eased off a point or so.
Other exchanges fluctuated similarly.
There was little to explain the fluc-
Atuation, so it was presumed to be due
70 the amount Of bills offering. The
general money market was quiet early
and call loans stood around per cent,
but later they stiffened up to about 10.
The stock market displayed a fairly
steady tone, although more eonserva-
tsm apparently was being shown about
following the rapid advance.
Liverpool at first was steady and re-
Elective of the depreciation in sterling
/. but when the latter improved the for
( eign center declined and closed steady
at points off to IL points up, the
latter perhaps being accounted for by
the Character of weather in a large part
of the belt in this country. Spots were
marked up 55 points, fully middling to
29,65d, with sales 5000 bales, including
1000 American. Nothing was received,
Manchester reported cloths firm, but
not active. and demand for yarns was
light.
Steadiness ruled in the opening prices
on this side for near months, but the
others were disposed 20 be a shade
easier, as the weather indications were
slightly better and part of the belt did
not share in the general rains. March
opened at $3.50 and July at 1881. A
slight upturn was followed by decline,
which carried May to 36.44 and July TO
1888, easier exchange being a factor.
But there was little encouragement to
the hear and recovery in exchange slim
ulated support in cotton. Reports of
s. large clearanceS for the day and of
some better inquiry for the actual in
the belt helped and the covering of
shorts became more important. There
was anticipation of bullish weekly sta
tistics, for forwardings from Liverpool
were heavy and comparisons were to be
made with small figures year ago.
Later on a rumor came that the peace
pact was to be ratified, which, though
without confirmation and perhaps based
entirely on the fact that Senator Lodge
would Introduce compromise, helped
scare more shorts into covering. The
figures did prove bullsh, for takings by
spinners ran 100000 bales ahead of q
year ago, or 100000, against 1872, 900
Z while movement into sight showed ar
excess of but $4,000, making relative
decrease in visible American S. ,00(
q, bales which gave added incentive tc
covering. March in New York touched
40 cents, May S702 and July 1890, but
October and December did not go VI
so much.
Futures closed ~ points up to q
down, tone steady.
New Orleans closed to 81 point;
up, tone steady Spots were up 2
points, lniddling at Ale, and sales wer'
1905 bales.
Local sales were 1900 bales, making
$3.50 for the week. Quotations wert
unchanged, middling at Acc.
Estimated stock of unsold cotton IL
the hands of factors is 207 900 bales
compared with 100000 last year anC
131, 900 in 1918. Linters in stock arr
$4,000, compared with $4,000 last yea
and $4,000 in 1918.