The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-03-15

Market Holds Steady in Spite
POOr Cables and Improved
Weather Over Sunday.
MondaY afternonn. 49,

AANAAAaa aAAEtUUNhf MATCH
Although traders were more or less
concerned over developments in Ger
many and the weather in the belt over
the weekend was better than expected,
strength was the dominant tone OF the
market today New highs were record
ed for May and July, in which covering
by shorts seemed TO center, while the
entire list shared in the rise Just
what was the occasion for the fresh out
burst OF covering was not fully deter
mined, but apparently II lay chiefly in
the sewed-up condition Of the contract
market. Trading was largely profess
sional and those who had the audacity
TO sell little early in the day covered
at loss later in the session. Senti-
ment continues bullish In New York and
the time does not seem ripe for any
effort TO bring about a reaction because
Esoi more favorable crop preparation ac-
counts
The census department report on con-
sumption for February proved about as
expected and as an immediate factor
amounted to little. 1t showed that the
mills used 516, 900 bales, compared with
$4,000 last February, making 3,659, 600
against 1888, 600 for the season of lint
I cotton. OF lint and linters consumption
has been $3.50, 900, against 3,76S, 900
Stocks in the hands of spinners at the
close Of the period we're ] ,873, 900 bales,
compared with $4,000, while in the
y warehouses in the South they were
S,50S,O0 against 4,537, 900, Spindles in
operation were 1868, 900, compared
with 34,7S9,00 at the close of January
and 33,2S2,O00 one year ago.
Liverpool was worse than expected
this morning, apparently influenced by
the news from Germany and the pos
sible unsettling effects on conditions
in Europe. Gables did not tell of any
other occasion for the weakness, which
continued until toward the close, ginals
being 4S to IL points to the bad, tone
called steady. Spots were down 81
points, fully middling to 20.04d, with
sales 1000 bales, including $500 Amer
lean. Imports for the day were 1900
bales, including 10, 100 American.
Opening prices on this side were low
er in response to cables, to lower ster-
ling rates and to weather accounts from
the belt May in New York opened at
$3.50 and July at 1880. Some further
selling was done, some of 1t from the
belt, but May only dipped to 36.3S and
July to $3.50, which proved bottom for
the day. Covering set in and started
the tide upward, resistance being feeble
and offerings all the rest of the day
limited. May sold up as high as 1928
and July to $500 by late in the after
noon, with gossip saying there was
nothing special in the news to explain
the revival of demand. The report early
in the day OF some sort strike in Fail
River failed to have much effect, as 1t
is assumed that it will be settled right
away, as the mills are entirely too busy
and prosperous to allow anything to stop
them fer long.
Weather indications were for cloudy
and colder in the western belt, but the
central and east may get some rains
There was an unusually large storm
area over the Northwest, barometer
pressure of 2S85 centering over the
eastern part of South Dakota, but the
weather sharks thought the cotton belt
would escape its fury, except for pos
sibly some rains. Some Of the advices
from Texas are saying that work is
making progress down there, as they
have had little rain recently to inter
rupt it, b.
Futures closed Is to 81 points up, tone
scteady.
New Orleans closed II points down tc
"a points up, tone steady. Spots were
unchanged, middling at 41c and sales
were 377 bales.
Liverpool is due to come % to q
points up.
In the local market sales were 1,50C
bales, and quotations were unchanged
middling at 4050c.