The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-03-09
COTTON Markets
,ableS ReaCtiOnary and Re-
Elected to Some Extent This
Side-Weather Better.
Tuesday Afternoon. March

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Disappointing cables were received
bis morning from Liverpool and they
rev worse an the session proceeded,
inals being close 10 the bottom. Just
hat was the occasion for the sudden
display OF easiness was guessWork, but
seemed to be a case of higher sterling
ates and passing OF concern for the
ime being as 10 actual needs and les
ening OF the short interest Reports
rom Manchester do not indicate any
occasion for active buying now, and
spot business in Liverpool has been
mail for some days, perhaps helped by
recent large arrivals from this side. FL
balls in that market today were barely
steady and IS to IA points to the bad,
hears being off most. Spots were mark
I'D up 13 points, fully middling to
40.07d. with sales only 5000 bales. in
tluding $500 American. Receipts were
bnly 1000, and none American. Man
chester advised that cloths and yarns
we're quiet.
! on this side traders had encourages
bent from higher sterling rates and
optimistic feeling because OF strength
IN the stock market. The court deci-
ion yesterday seemed to have stimu-
Rted fresh confidence and in the stock
st additional gains were the rule Just
What caused higher rates Of exchange
as not known, but there is a growing
dea that improvement is going to be
steady, although confidence in ratifica-
ion of the peace treaty is very slim. :
4 private report on final ginning
kante, showing l1,126,600 bales, while
he same authority issued a guess on
Prospective acreage. fixing his ideas at
gain of nine per cent These figures
Mere hardly as large as expected and
perhaps stimulated a little more conf
Fence among those giving the market
Support.
4 The weather map was better, but
temperatures still were the rule, al
though some rains were being received
elong the gulf coast and ii was feared
fhey might spread as warmer condi-
4 ions come. Nothing in the weather
was conducive to selling, for it will
be days before work can get under
Roadway again, and each day OF delay
POW aggravates the situation from the
bearish standpoint.
Some early spot advices were that
inquiry was some better and holders
we're getting full values for their sales,
with increasing scarcity Of the desirable
grades. The good sales at Augusta con-
tinue, yesterdays having been over
3 900 bales and wire from there today
Bald that domestic mills were taking
hll they could get. This tended to slim
plate support, especially in May and
DuIyB llOuBn IHS ldIleT was lRnuy
Stronger than the former. March is
becoming inactive, indicating that most
bf the interest therein has been taken
put. May started the day at 36.25c
hnd touched S6.46c before reacting. Oc-
fober in the same time selling as high
hs sic. Seeming lack of fresh buying
bower was followed by some liquida-
zion and reports of little hedge SELL
ing from the belt, but the reaction was
slow and by mid-afternoon May had
sold back only to $3.50, Trading be-
lcame professional and desultory in
character, with sentiment confused as
TO the immediate prospect
Futures closed points up to %
lower; tone steady.
New Orleans closed rs to points off;
tore steady,
Spots were unchanged; middling at
40 .50c, with sales 1909 bales.
Liverpool is due to- come IA to Z
points lower,
In the local market sales reported
were 1850 bales and quotations were
Unchanged; mlddling, 39.5Oc It is said
that some of the lower grades are being
held for better prices than quotations