The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-01-08
COTTON MARKETS
Liverpool Again Comes Much
Better Than Due, But Do
meStiC Sentiment Mixed.
Thursday afternoon, Jan.


With the New Orleans market closed
to-day Ia observance Of jackson day, the
New York trade had matters to them
selves after Liverpool closed, with the
usual lot Of reports and rumors circu-
MtlnE The market was mixed atfair
with some disposition to increase offer
ings ON the strong spots. but very little
Willingness TO take the short side
There were Items Of news. which II cor
rect. would perhaps stimulate builish
feeling The chief one was that the
Germans had about perfected arrange
uents through the workings Of the
lately passed Edge act whereby Ger
many would buy a million bales Of cot
ton. The report emaRated from Wash
ington through commission concern
and contained little that was definite,
which naturally created more or less
disposition 10 await something moro
tangible, No time for buying THIS
amount was specified, nor were any de-
tails stated IL was conceded. however,
that the report was very Important, but
the principal thing lacking SO far is
that Of confirmation.
Germany In pre- war times took about
: SOC, goo bales OF our cotton season,
and large part Of 1t was OF low grades,
which makes this rumUr OF especial I'M
portanCe now to those who aye carrying
so much low cotton and who are SO
doubtful as TO its ultimate outlet The
effect OF the rumor was TO stimulate "A
little support, but It had as an offset
some other factors Of more definite
character.
Liverpool came much better than ex-
pected and closed steady at net gains
OF IS 10 a points, whereas - TO II
points up was due. Gables did not say
Just what caused the sudde nreversal
OF form in the foreign center. but the
low quotations for sterling on this side
a little later perhaps helped explain IT,
ar MI
last night, sight quoted around 3,7A at
the opening Spots were marked up l8
points, fully mlddling to 20 99d with
sales 5000 bales, including 200 Amer
lean, and nothing was received Moth
ing additional came regarding the
feared railroad strike.
The good cables helped give a steady
opening on this side, while additional !
support came a little later on the rumor
regarding Germans getting some credits. |
March opened at 1878 and soon sold up
10 3s.S3 Then came some liquidation !
and room selling, but the dip did not |
last and the list worked back up to near |
the early high. But exchange weakened |
and there was subsistence OF buying |
after Liverpool closed which started the |
trend off little Circulation OF one |
January notice, the first and only one |
40 far, perhaps caused little selling, |
hut II was not regarded as important
March dipped to $3.50, but pressure was |
limited
Bad weather over most OF the belt |
hindered business IN the actual lots of |
rain being reported, and Il also inter |
fered with picking The advices telling |
Of good season being put into the |
ground were read but apparently had |
sinall influence at theamoment. fndi- |
cations were for colder and perhaps |
snow In som esections The ginning re- |
mort is~due at the opening tomorrow and |
this perhaps caused some hesitancy. but |
unless II comes surprise It's effect |
probably will be small
Futures closed points up to down,
tone steady
Liverpool Is due to come 8 10 %
points lower
IN the local market sales reported
were $50 bales. with quotations I'M
changed, middling at 40c