The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-02-10
COTTON MARKETS
a.a ket ETratiC, But Gets Sup
port on DipS-LNerpOOl
Spot Sales Larger.
Afternoon. Feb. Il

TUESDAY Afternoon. z tb. II"
Apparently neither bulls or bears. IN
cotton are disposed to venture far,
Judging from the way prices fluctuate.
The session today saw changes very
erratiC, but a significant lot Of buy
ing on the dips which is thought to
reflect stesdiness in the spot depart
ment, where confidence has seemingly
not been shaken yet. On the other
hand there are SO many things to keep
trade unsettled and uncertain that
bears are finding some help therefrom
and any bullish activity Is nipped in
It's incipient stages, The result is that
The market continues trading affair
with movement moderate in either d.
reCtion.
The exchange market this morning
was some better, but after opening at
a slight advance offerings of bills were
larger and sent quotations off several
points. The general situation remains
about the same as 1t has been. eau
money was somewhat easier but rates
are stlll high, except measured by the
recent levels There WIS n reactionary
feeling iu the stock market which was
not helpful to bullish feeling in cotton
and it seemed due in a measure to the
threatened strike of some of the rail
employees, which might extend and
thereby become a real menace. The
negotiations at Washington were in
Plus Noes bul lllulttiip Ntit llbilN wv
good for a successful contamination OF
sucl and the avoidance Of a walkout.
Publication Of figures on untitled steel
tonnage showing a big increase over a
month ago was indicative of continued
activity in that department OF indus
try, but IT did not prevent easiness in
securities.
The weather map showed that some
rains fell in the western and central
belt none Of which were wanted but
indications were for better conditions,
although more rains were promised for
the lower sections of the belt. How
ever, the weather is of secondary inn
pprlance as a price factor just at this
time.
Liverpool news was some better this
morning, private cables telling of re-
newed buying over there by Manches-
ter. Sales of the actual for the day
were 10000 bales, the best business fol-
one day in weeks. Business in Man
chester was also good. for larger turn
over was reported in cloths and yarns
were called strong. Cables also told
Of spinnera calling more cotton, which
naturally increases probabilities for re-
newed buying on this side later on
Futures over there closed quiet and
points up to "G down tho distant ones
being weakest Receipts for the day
were $4,000 bales, including 26,OOC
American.
First prices on this side were bu
slightly changed, but fear of the raj
labor trouble spreading induced some
pressure. Liverpool was also reported
buying some, while certain spot in
terests and some Southern traders were
selling moderately. May in New Yorl
oaened at 92.G0c, dipped to 32.22c anC
then recovered to 32.52c But withou
much reason there was fresh pressure
and this time May dropped to 32,03c
but later sold back as high as 3235t
a short while before the close. Weak
ness in sterling perhaps helped to brint
the lowest level While recovery il
rates contributed to the better ton,
later.
The ratification OF the peace treat!
continues one Of the potentialities il
the market, with fluctuations varyini
to some extent as traders think the,
see chance Of either success or failur
for efforts to get some action. Senti
m mt continues divided as to what tn
result will be
Futures closed 6 to Is points down
tome steady.
New Orleans closed 80 to 45 point
lower; tone, steady.
Spots closed unchanged: mddling a
385 SOC, and sales 1853 bales.
Liverpool is due to come 4 points u
to } down.
In the local market sales were 65
bales and quotations were unChangd
middlnG at 39c.