The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-02-09
COTTON MARKETS.
Improved Rates of Exchange
But Weakness Follows
Early Spell Of SteadineSS.
Mnndar Afternnnn- Y.

Monday Afternoon, Feb. 2.
Erratic changes characterized the fu-
ture cotton markets during the day,
WITH strength In the latter part of the
session apparently based on some fear
of renewed rains in the belt. Early in
the day some firmness was shown on
the Improvement in exchange rates,
but soon afterward q moderately sharp
break was had, which carried prices
off about three quarters of a cent, the
sellers were not very confident and
when there was report from bank
ing circles that Liverpool interests
would probably soon renew their buying
il was easy to push values upward,
money rates and the wires from the
Southwest that It had started raining
there again. The latter feature is i'm
portant because adviCes have told of
better weather for the past week, but
little progress in blowing.
Liverpool was due to come about un
changed, but finished steady and from
IL points up to down, the list being
somewhat irregular. Gables told OF
spinners calling cotton and less was
said about imports being reduced. Sill
yer was down half a penny. Demand
for spots was evidently better, for sales
we're 1000 bales at 40 points rise. fully
middling going to 29.37d Imports for
the day were II coo bales, only |. 100 of
which were American.
First prices on this side were mod
erataly higher, for a better feeling pre-
vailed as to the financial situation.
Rates were some higher and there was
less evidence Ct panicky conditions. In
addition a private authority had out
figures showing consumption of cotton
III this country during January to have
been more than for the same time last
year. The May position opened 5 points
up, at 32.S3, touched $3.50 and then re.
acted
considerable weakness in the stock and
grain markets the bears got busy in
cotton and found the market vulnerable,
selling 1t off until May sold at 32.17.
Then came a spell Of .inaction, but later
support improved and it recovered I'M
til May sold as high as 1924.
Whether or not there was basis for
the report that Liverpool would soon
resume her buying, the fact that among
the best absOrbers of contracts on this
side were foreign interests was dis
couraging to those who were selling
Exports for the day were sufficient to
run the season total to date slightly
over 100000, No reports from the belt
told of any weakening among the hold
crs and the troubles experienced in
getting new crop work under way and
conditions of labor hardly afforded rea-
son for holders getting discouraged,
The weather map this morning
showed temperatures about normal or
little better but little rain. The fore
cast promised unsettled and cloudy for
the upper western belt and private
wires in the afternoon telling of rain
falling in Northern Texas started fresh
covering by shorts, whose number has
been greatly increased during the past
few DAYS. Another wet spell now would
probably be just what bulls would like
10 see, for it would seriously affect
new crop preparations, which are al
ready badly delayed
Futures closed points up to down,
tone barely steady,
New Orleans closed points up to 3
down, tone steady. Spots were off Is
points, middling at 3S5Oc, and sales
were 566 bales.
Liverpool is due to come points up.
In the local market sales were 400
bales, with quotations unchanged, mid
ding at 39c.