The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-01-02
COTTON MARKETS
Liverpool Continues to Sky.
rocket as Shorts Scramble
for Raw Material.
Fridav Afternoon. Ian.

"MNfH 49,
Bullish enthusiasm still permeates the
cotton market, with the chief source
Of Inspiration Liverpool. where prices
ascend with little or no effort appar-
emily. The scramble for the actual
over there seems undated and the
race between spots and contracts goes
on apace. Instead Of coming this
morning at a slight decline, the for
eign market jumped sensationally while
cables were of the same character they
a v beef recently, telling of big BUSH
cess IN the Manchester district M of
ne mills trying to earmaTk every bale
possible against bookings OF goods.
There Is little news other than this,
although 1t seems that the foreign mind
as obsessed with the idea that peace
signing by Germany is not far hence,
While the scarcity of desirable cotton
on his side is growing keener all the
while, Moreover, there seems to be
some unsatisfied shorts left. which
makes II easy to boost prices, as they
have little recourse other than to cover
themselves in the open market.
The foreign market started this morn
ing at an advance Of about Is points
sterling, but did much better then
and finished firm n near the top
for the day at gains of SO to 43 points.
h chief influence was scarcity of of.
ferings and spinners calling cotton.
Spots were marked down "a points,
middling TO 29.16d, with sales 5000
bales, including 5000 American. Re-
ceipts were :, 1000 bales, including 20, 100
American. Manchester's official cable
on both cloths and yarns was bullish.
1t was natural that some of the
strength abroad be reflected in the do
nestle markets, and such was the case
from the start. although in professional
circles the warning from the federal
reserve bank heads and the uncertainty
of money conditions encouraged the
notion that q reaction was due. First
prices were up moderately, with in
%terest centering largely in March and
May in New York early. March was
q points up, at 36.15c, and it soon
touched 36.30c, but lots of realizing was
done. with the result that the advance
was at least checked, even though no
reaction of consequence followed. Ster-
ling rates were higher, but call money
was Is per cent, the n about offset
tag the other.
Reports of heavy exports n of spots
in the belt being firm and in some
directions more active stimulated sup
port and caused higher prices in the
afternoon. The indications for the
weekly statistics were also for bullish
comparisons, all of which stimulates
the rise. even after the buying fol
lOIGlBl dSCOulll Idu ouDolNCh' hui w
sold as high as S6.5Oc, which was ovkr
So the bale above the previous close
Most of the activity seemed to be in
March and May. but selling was not
confident in any position.
Futures closed rs to rs points up, tone
steady.
New Orleans closed AZ to 100 points
up, tone, steady. Spots were unchanged
middling at Acc. and sales were 1,1Ot
bales.
In the local market sales were 2,50I
bales, making 1900 for the week, witt
quotations unchanged, middling a
40. Soc.
Estimated stock of unsold in Mem
phis is 1873, 900 bales, compared witt
.20S 900 last year and ITO. 900 in 1911
Linters in stock are $4,000 bales
against $4,000 last year, and $500 ii
1917.
Estimated spinners' takings for tn,
week were from 627,0 600 to $50, 900 bales
compared with 261, 600 this week las
year, and 377,00 year before last.