The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-02-27
COTTON Markets
Market Disposed to Hesitate
But Near Months Continue
To Be Well Supported.
Friday afternoon. Feb. 2

Developments today indicated that the
edge was off the bull movement in the
speculative market. but good support
was given the near positions and no
pronounced pressure was noted IN any
direction. That the short interest has
been considerably relieved Is generally
believed. but punishment for that side
has been too great to allow much bold
ness vet. Cables were also suggestive
that the crest had PASSED in the cover
ing movement and buying for that d.
Tection on this side was not so i'm
portant a factor TODAY. The absence Of
pressure probably reflected the stability
manifested In the spot department as
to the grades which are tenderable.
The weather was cold practically over
the entire belt, though less so IN the
extreme southwestern SECTION Freez-
Ing temperature prevailed as far down
as the eastern Gulf coast and into
and further delay However. the pros
poets were for fair and warming up
Bowever. the weather to all appear
ances cut small figure as a factor
Liverpool did not do a great deal and
closed steady at loss Of 10 to 4 points
nears off most. Spots we're marked
down ~ points. fully middling to 3102d
with sales only 1000 bales including
| $500 American. Receipts for the day
were $4,000 bales. including $4,000
American, Forwardings to the mills
| for the week were los. 900 bales of
which $4,000 were American. while ex-
| ports for the week were $4,000. This
| Indicated no letup in the taking of raw
material by the spinners. Manchester
| advised that cloths were firm and
| yarns in fair demand.
| Some weakness was manifested at
| the opening on this side. but 1t did not
last long. May opened at 34.75 in New
| York, but there was still demand for
March and this helped give strength to
the later positions, though more In
| Nav than in July and later ones. The
March position sold as high as 81 80,
higher than yesterday but May failed
| to keep the pace. The Improvement
was helped by advices that New Eng.
land mills were doing all they could
to buy high grade staples in Liverpoo
for shipment back to this side, which
indicated that they had about exhaust
ed the supply over here and needed thu
stuff without regard to price. May solt
back as high as 35,15. but weakened
some later and sold as low as BASS, al
though the weekly statistics made
bullish showing.
The movement. into sight, accordinJ
to Hester, was $4,000 bales, compare'
| with 1859, 900, while spinners took 262, 0O
bales compared with 100000, making
! relative decrease OF 46,OOU DaleS III IN
| visible supply OF American. This, how
newer, did not stimulate buying, merel.
discouraging pressure. The weeks ex
ports also were large; $4,000 bales hav
ing been cleared.
! Advices from the spot markets di'
} nd8 tell of much activity. though in
quiry was good for the kinds that ar
so scarce.
Futures closed unchanged to 81 point
off; tone steady.
. New Orleans closed % points up T.
| Sc. down; tone, steady. Spots were un
changed. middling at 40.25c and sale
[ were 1886 bales.
| In the local market sales were go
r bales, making S,925 for the week. Quo
tations were unchanged; middling a
39c. =
Estimated stock of unsold cotton i
the hands of factors is $4,000 bales
compared with 245,000 last year an
J 140,0 900 in 1918. Linters in stock ar
} 81 900 bales, compared with 10000 las
year and $4,000 in 1918.