The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-02-02
COTTON MARKETS
News Shows Little Change But
. Market Steady-MOnetary
Situation Easier.
MONDAY Afternoon Feh

Monday Afternoon. Feb ..
but little feature was presented by
The news over the weekend to in
iluence values and the day saw a steady
tone displayed. with trading small.
Foreign exchange was lower. but ap-
parenty this did not give fresh con-
Germ to those who are supporting
prices. There was little to encourage
nope OF Improvement and the published
Information that steps were going to
be taken to limit Importation Of many
thlngs into Great Britain, chiefly lux
nries, tended to check hope of early
Improvement in demand for cotton.
Ihere was plenty OF talk of the situa-
ZION on the continent, but nothing par
ucularly different from what had al
ready been received and taken into &C
count
Weather conditions in the belt were
favorable over Sunday, but some little
concern was felt because of official
promise of some unsettlement in the
western belt. There seems to be little
disposition yet TO get away from the
idea that work is far behind and time
has not been given to overcome any Of
the delay. Attention continues TO be
riveted on the disparity between spots
and futures and the absence Of anxiety
on the part of holders while demand is
so light
Liverpool did not supply occasion for
doing much over here and toward the
close became steadler and finished I'M
changed to AZ points to the bad, with
distant months off least. Spots were
marked down As points, fully middling
10 2S.11d, with sales 5000 bales, includ-
ing 1000 American. Receipts for the
day were 1000 bales, including Sc, 100
American. Silver metal was reported
up 1$ pence, to S4%d.
A slight gain was made in the open
hIHf fptl e. hNII
in New York was 34,12c, ten points to
the good, but liquidation on narrow
market sent the price off to 33.7Sc,
which proved low for the day and was
followed by a recovery to around the
opening. Then followed a period Of
backing and filling and light trading,
for neither side was disposed to do
much Liverpool was buying some 1T
tie on this side. The distant months
were steadier than the near, presum-
ably because of the discounts thereon
being so great. Some wires stated that
the South was selling some early in
the day, but it evidently was not i'm
portant, and trade interests absorbed
offerings.
For the day exports were moderate,
but there continues to be talk OF them
heing large for the month, as stocks at
ports and on shipboard are large AS
bullsh influence, however, this is
proving rather Disappointing, for fresh
buying for expert is lacking and the
depreciation in exchange makes it more
difficult. Domestic mills are doing very
little and some advices are to the ef-
feet that interior points are reporting
sales at much below quotations, al
though the better grades and special
ties are steady enough and wanted
Futures closed 10 to IS points up, tone
barely steady.
New Orleans closed q points up to II
down, tone steady. Spots were I'M
changed middling at 39.SSc, and sales
were 1924 bales.
Liverpool is due to come to 7 points
up.
In the local market sales were $50
bales and quotations unchanged, mid
ding 4050c.