The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-03-30
COTTON MARKETS.
Improved Weather and Lower
Sterling Stimulates Selling,
But II Is Cautious.
TUESDAY Afternoon. March 80.


More favorable weather in all sec
tons Of the belt and lower foreign eX-
change rates gave some encouragement
to the reaction idea in cotton today,
but traders could not get themselves
away from the bigness OF discounts as
compared with The actual or the risk
attending the short side. Buying pow
er was perhaps less confident. yet sell
ers were equally cautious and the mar
ket was largely a backing and filing
affair
The close in New York was steady
and from unchanged to II points 70
the bad while in New Orleans final
tone was called very steady, but the
list was 10 to "a points to the bad.
Liverpool was better than due to make
response to close on this side yester-
day, helped by lower prices of sterling,
but private cables did not bring en-
| couraging accounts of affairs in Ger
| many Manchester was credited with
buying in Liverpool but 1t was evil
| dent later that the more favorable as
pect Of the crop news from this side
helped to widen differences between old
and new positions. Finals were quiet
but steady and from II points to the
good to three to the bad. Spots were
marked down % points, fully middling
to 290ld, with sales only 1000 bales.
including 1900 American Receipts for
the day were 81, 900 bales, including
A. 800 American. Manchester cabled
that cloths were dull but steady, while
yarns were quiet and steady.
Slight declines at the opening fea-
| tured the domestic markets, for over
night advices told of better weather in
practically the entire belt, while first
quotations on sterling was 1851, a
| drop overnight of several points. Ira
| derS also had in mind the easiness pre-
vailing in the stock market just before
low ftrfh faI fgaIlr
| Of possible action by the federal reserve
| bank in the direction of higher money
The firmness in the dry goods markets
and the precarious position of the shorts
in the contract market were for the
time being overshadowed by other
| things and moderate reaction set In,
sending May to $3.50 July to So 76c and
october to 32.3Sc, approximately 40
points from the highs made shortly aft
| er the opening. Liverpool was cred
tied with selling during the forenoon
with buying chiefly from the shorts
The recovery later was due to lack of
sellers as much as to disposition TO
buy, for improvement came in the ex-
| change market and no confirmation
was had of rumored elevation of dis
count rates. The call rate was rather
higher but not enough to cause bulls
trouble, for they were still getting plen-
| ty of information from the belt as to
| crop lateness, labor scarcity and its
inefficency and indifference.
The outlook for weather was favor
able, although there is a possibilitv of
some unsettlement coming into the belt
| during the next few days, which nat
| urally would be quickly responded to.
There was little new in spot advices,
| and business generally was quite small
Inc holders are not showing any ankle
| ty in the open, although signs are not
| lacking in some directions of concern
because the low grades are not NOV
ing. As against this, however, is the
| known fact that tenderable grades are
so scarce that shorts in contracts are
| practically at the mercy of those who
| hold the long end.
| In New Orleans mddling remained
unchanged at 4050c, with sales 1852
bales, while Memphis sold only $50
| bales and made no change. Houston
| sold only 234 bales and Augusta 6S2.