The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-01-31
BY GEORGE WILLIAMSON


ne cotton market has apparently
Leached condition of stalemate, for
TuIlnS the week just gone there was
nut lttle fluctuation in prices and net
nanses were extremely small. Senti-
Iieht was well divided, but neither side
disposed to attempt much, resulting in
me most colorless market OF any week
since the season started. Strength Ap-
reared negative in character, while
sellers were deferred from trying for
t tbjns tnan quick scalps by, several
.hlhgs' prominent among which were
me continued discount of contracts I'M
ger spots, the increasing scarcity of
contract grades and the conditions af-
lectlng the preparations for another
crop AS contra factor the financial
tupled the chief place, being closely
Ssllled with political conditions. These
factors SO nearly offset each other that
incentive to trading was lacking and
dun.
The range of prices was less than 100
POINTS in the contract department, while
quotations for spots were not altered
much, although in a few centers dis
counts on lower grades were increased
ana 1t was claimed that much should
nave been done elsewhere in order to
adjust them to basis near where some
little business was being done. There
were Indications that further conces-
sions on the wealth of lower grades
would be necessary to awaken much
interest on the part of prospective buy
ers, as the ideas of holders and buyers
were rather widely apart
In New York the period closed with
futures from % points up to 10 Off
While in New Orleans they closed % up
70 II down. The new crop positions
showed the losses, but they are selling
at such enormous discounts compared
with the old that traders are acting
very cautiously in regard to them until
better light may be had as to what
sort of start the new crop is likely to
get,
Spot Demand Limited
Spot activity was chiefly for the bet.
ter grades and specialties, which are
getting scarcer every day. Sales were
generally very moderate and at full quo
tatons, significant feature being that
holders appear willing to turn turn loose
at such. Some little inquiry was re-
ported for certain of the lower grades,
but in the main they were dragging
and holders were waiting for buyers
to appear. The movement for export
for the week was about 10000 bales,
making the seasons total nearly $780,
600 as against 100000 year ago and
$3.50, 900 two years ago; but this proved
ineffective as a bullish argument, for
the simple reason that It represented
business already done and taken into
account in the rise of prices to current
levels. Some Of the bears contended
that it would mean less probability OF
the spinners coming into the market
for the low grades, as they were so well
fortified with raw material for a spell
of waiting.
Bearishly inclined traders found their
source of encouragement in the further
depreciation of foreign moneys and the
consequent unsettling effect on bust
ness. They fully recognized that this
meant restriction of purchasing capacity
in this country. Inability Of the fac
tions in Washington to get together on
n basis Of agreement for ratifying the
peace treaty served to add to this,
while the apparent policy of the adj
ministration was to withhold official
help toward strengthening the foreign
financial fabric. expressions being that
such should be done by private indi-
Viduals and institutions. The disturbed
state of affairs abroad and the appar-
ent progress in the direction Of fepudia-
ton in some directions, with lessened
hope of aid from this country in the
shape of loans or long time credits,
served to arouse resentment in Great
Britain, but failed TO stimulate any
positive action toward fastening steps
10 rightipg conditions, Of exchange, ex-
Cept as there be larger exports and re-
duced imports in those countries.
In this country money rates stiffened,
although the effects were not appre-
ciable in the value marts, Reports from