The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-03-19
COTTON MARKETS
Market Scars to New High
Levels, But Bull Fever SUBJ
sides and Some Setback.
Friday Afternoon. March


During the early part Of the cotton
market session today short covering and
fresh buying were plentiful, the result
being an advance Of prices 10 higher
levels than ever The news influencing
this was not particularly different from
what il has leen, but seemed sufficient
10 make IL easy The news from abroad
was more optimistic, the Germans APP
parently getting back TO something like
their recent normal and Liverpool still
ceing better than due. Weather condt-
lions in the belt were none too good,
and the further rise in sterling rates
stimulated widespread support High
est marks were recorded early, May GO
ing to 3S.43c and July S572C, while Oc-
tober sold well up toward SO cents. The
reaction that came later was probably
due as much to technical reasons as TO
anything else, although some wires said
that statement from Senator Lodge
that there was no chance Of the peace
treaty being ratified was used as an
excuse for 1t.
The weather map showed consider
able rain in the upper Central and East
ern belt, with the Western belt without
any, but with lower temperatures and
promise of colder over night II did not
look good for new crop work and en-
enlargement was lent to further buying
of the new positions. However, senti-
ment continues to be so bullish that II
takes little to induce fresh buying.
The strength displayed in the stock
! market was also factor, for prices in
that direction We're higher and it seemed
to be reflected in the attitude Of trad
ers in the cotton market The foreign
| exchange market was stronger and de-
mand sterling started at 1913, later sell
ing up to s3,S2h. Adyiees said that
| easier and indications we're for mod
! crate call rates during the ensuing week
| or so. All of this stimulated confidence
| in the MARKET on the bull side, for Moth
ing offers any hope of relief to the short
| interest in the old crop months.
Liverpool was somewhat irregular at
the close, finishing steady at an ad-
vance of 10 to a decline of Is points
| far months being off some. Spots were
| marked up 16 points, fully middling to
29. sod, with sales 1000 bales. including
| S,l00 American. Receipts reported cloths
firm, but not active, and yarns quiet
Forwardings from Liverpool were again
large, $4,000 bales American, while IL ,0C(
bales were sold for export.
| In addition to the other news of bull
| ish tenor traders were confident thai
the weekly statistics would show fur
ther reduction in the visible supply
| which encouraged covering and dis.
| couraged turning loose of contracts
When May in New York sold at 3S.43C
and July at 35.72c more offerings were
| forthcoming and the reaction set in, bu
| 1t did not get much speed until early
in the afternoon. May dipped to 37.S2(
and July to 35.20c, but better supper
was given and it looked very much a,
If the large bulls had desired some kim
of check to the advance.
The estimate figures on takings b!
the Spinners came lower than expected
pointing to $4,000 for the week, com
| pared with 12S,oOO which perhaps helpe'
induce some of the profit taking. Blu
Hester made the movement into sigh
only $50, 900, against 1856, 900 last year, 81
the relative decrease in visible Ameri
can was around $4,000 bales. Exort
for the day were only 9,140 bales, blu
Tor the week the total was about 1921
bales.
But little news came from the spo
department during the day, except
wire from New Orleans telling of tn
sale of a good line of California cotto
there and Augustus reported sale O
3,0S6 bales there yesterday.
Futures closed points off to 27 UT
tone barely steady.
: New Orleans closed Is points off t
40 UP, tone steady. Spots were un
changed, middling at Ale, and sale
were 3,463 bales.
In tho local market sales for the da
were 1000 bales. Quotations were un
changed. middling at 40.50c.
Weeks sales in Memphis were 7,S0
bales
, Estimated stock of cotton unsold /
the hands of factors Is 100000 bale!
compared with 251 900 last year and 1856
: 900 in 1918. Linters in stock are %, 0(
/ bales, compared with So, 900 last yea
and $4,000 in 1918. -.