The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-01-24
BY GEORGE WILLIAMSON

Marking time and hacking and filling
were features outstanding in the COTTON
market during the past week, with net
changes in price small. Sentiment was
mixed and caution the watchword OF
both sides of the speculative rings.
News there was plenty. but apparent
ly for positive there was a negative,
so prices kept within narrow range,
approximately 100 points covered the
distance from the highest to the. low
est level, but many ups and downs
came between the limits, as the affair
was full of nervousness.
The list of options in New York nm
ished the, period "a points up to 40
down. while In New Orleans the same
showed gain OF IS to a loss OF sS.
Quotations for spots at the leading
centers in the belt we're % points up 10
as much down, with middling ranging
from 1925 to 1850. The voume Of
sales Of the actual was smaller. but II
was not due altogether to absence OF
demand, as 1t was still good for GER
tain kinds, although they are scarce
and very firmly held. Some interest
was shown in the lower grades but as
rule prices suggested were not up to
the value ideas of holders. who are said
to be very independent about turning
loose.
Chief inspiration for those who be-
lieved in sustained values came from
the spot department. In spite of the fact
that demand was less keen and 1t APP
peared that many of the spinners had
filled requirements sufficiently to take
breathing SPELL This was due mainly
to confidence in the ability Of those
who are carrying the unsold part OF
the crop to adhere to their policy OF
selling only when prices meet their
ideas Nothing suggested any reduc-
ton therein. although talk of them
UNI In trrhn {r lTfx
and most advices said that current quo
tations could get most of that which
was left. The depreciation in foreign
exchange to the lowest rates yet seen
and continued discussion of plans tC
elevate discount rates in this country
plans in their incipiency. but 1t was
netable that bearish efforts were con-
ffned largely to talk.
Liverpool Less Bullish.
One OF the features of the period
was the apparent turn in sentiment In
Liverpool, which for many weeks has
been the chief bullish center. Having
bought literally of the actual and Of
contracts. and with a stock on hanC
and afloat of about 1900, 900 bales, thai
center was in fairly good shape fol
giving attention to certain things which
Tor some time had been neglected OF
Intentionally disregarded. Threatened
troubles in India and on the continent
of Europe. with their possibilities O
causing disruption in mending trad
conditions. were signals for some eau
ton, while some advices indicated tina
the, prolonged spell of buying activit.
and the usual buying on this side wa
absent, although little to indicate an,
active effort for lower prices TIL,
weekly forwardings of cotton from Liv
erpool were large, but Manchester trad
reports were slightly less optimisti
ana there is some fear of labor trouble
in that direction,
IN the domestic markets bearish sen
timent was stimulated some by thi
condition in Liverpool, but bad weathe
over most of the belt during most O
the period under review served to large
~ counterfeit it. The decline in ex
cnange rates was noted. but apparentl
had lost its weight. Exports were fair
ly heavy, but they represented bushes
put through some time back. Littl
evidence Of exporters doing much wa