The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-03-11
COTTON MARKETS
Gables Stronger in Spite Of
Early Rise in Exchange.
More Realizing This Side.


Although all foreign exchanges early
today displayed marked strength and
were quoted much higher than last
night, there was unexpected firmnesS
In prices at Liverpool. Apparently this
reflected concern over the new crop Ou--
look in this country. For time Liver :
pool was not so steady and "A to 10
points net to the good, with near posi-
tons up most Apparently there was
more attention to the continued good
trade conditions in Manchester and
scarcity of the kinds wanted for that
trade. Spots were marked UP L. points,
fully middling TO 2910d, with sales 1000
bales, including $500 American, and
none arrived.
Strength was shown on this side at
the opening and during early trading
There was a rise in sterling demand
overnight of several points, it being
quoted at S3.S2A, while reports had II
that Great Britain had already started
a lot of gold this way and more was to
follow. The bulish enthusiasm in the
stock market continued, spreading to
cotton and general business. Weather
conditions in the belt were not favor
able, although most Of the western belt
and part of the eastern had little or
no precipitation. The shorts were still
being impressed by the insincerity OF
their position and of the situation in
spots, 1t was predicted that the con-
sumption figures for February, due Sat
urday, would be bullish as to several
features, while weekly statistics are
also expected to be bullish:
The May position opened at $3.50,
touched 80 3d. and then easily rose to
1858, while July at the same time was
1880, off to 1917, and then up to 34.O6.
Liverpool was credited with buying free
ly OF the fall positions, and spectators
were also said to be adding TO their
long lines, which sent them up more
than the old. October touched SlS0
and December 81 cents, but there was
some easiness in exchange and it was
thought advisable to take some profits
| and let the technical position be bet
| tered by checking the rise. There was
also encouragement thereto in reports
that spot business was generally very
quiet, while some said that weather
conditions in some sections had been
better recently than the average OBJ
| server thought, having been influenced
| chiefly by the character of reports
| emanating from the speculative centers
which has emphasized the bad and
neglected to state some Of the contrary
| features.
The teaction did not go very far, May
selling down to 1854 and July to 1888
| and the new-crop months lost about
| half of their advance, for short sellers
were timid. The weather outlook wa
some better, but it will take more thar
| mere prospect to get started a more
| hopeful view OF the situation. Demand
sterling in the afternoon had sold dowr
to $S,T3%, presumably helped by more
| bills being offered on the rise.
| Exports for the day were fairly large
but there is very little being done II
the buying 4ine and these clearances are
| simply cotton that has been awaiting
| shipment for many weeks.
| Futures closed 2 to 70 points up, tone
| steady
| New Orleans closed to 2 to 26 points
up, tone steady, Spots were unchanged
middling at 4O.75c, and sales were 2,79'
bales.
Liverpool is due to come 8 to IL point:
| off
I In the local market sales were 3,40t
bales and quotations were 100 points vi
on the lower grades and unchanged or
the others, middling at Acc.