The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-01-29
COTTON MARKETS
Some Recovery in Foreign EX-
change, But Little Evidence
of Snap in Market.
THURSDAY afternoon. Jan. ..


Fresh news developments affecting
cotton values were scarce today. but
there continued significant strength "a
the market The slight recovery in
quotations for foreign exchange was not
sufficient to encourage hope that any
effective remedy had been found for the
situation. and Il was perhaps due 10 the
fact that offerings Of bears for tho
moment were not so plentiful The
character OF expressions from abroad
as 20 the situation is not such as 10
stimulate hope or optimism, which is
dlscOuraging to expectations of i'm
provement In demand for export Just
now there Is some bullishness based on
the volume of exports, but this is well
known by posted people to be business
done months ago In the belt.
The domestic money situation con
tinues to present problems, and evidence
OF the growing tightness was presented
today by the rise OF call rates TO Is per
cent In the afternoon session. While
this fails 10 encourage selling OF cotton
and does not seem TO disturb those who
are holding in the belt. II can not be
said that Ii is entirely without effect on
values, and more than likely II VIII
sooner or later be felt visiby,
From the tone 81 some Of the gossip
coming TO hand, there was evidently
support to prices on the theory that
there is still a chance for the warning
elements at Washington to get together
and effect ratification Of the treaty.
Apparently there Is going to be stead
ness unil this Is proven an impossibllity'
News today was indefinite, but hego-
tiations seemed to he sttli going on
What the effect would he " there
should be an agreement Is prohlemat-
iical, but some observers believe that
any advance thereon would be snort
lived
Liverpool was due 10 come IL to 10
points up this morning, and was better
than that for time, Silver metal was
IN again, this time to SD and there
was further covering by shorts, SUI
toward the close OF the session reaction
took place and finals were quiet ana
steady at a net gain OF to Is points.
spots were marked up n points I1Ig
middlinK to 2s sid, with sales 5000 hales,
Including 1000 American, Receipts Tor
the day were "a, 800 bales, all American
Al the outset domestic markets were
steady and without much change. Inc
weather map showed UP some better
but Temperatures were stu 70" 10" ~
the western belt TO allow Work anu
more rains were reported In the lower
eastern belt. Prospects. however, were
more favorable. March In New YORK
opened ct $3.50 but dipped TO 1856, then
recovered TO $3.50, Higher sterling
rates and some adyiees telling OF SpG.
activity caused some support, whhe
sellers were still scarce, A brtef sag
winr smell sent the option off 70 $3.50
hut on rumors that the situation IN
washington was more promising cover
ing was done and March sold up to $500
and then got into nut. Early IN the
day Liverpool was buying summer
months and selling october. but business
As a rule was light and without much
deflniteness The failure of high cat
money indicated that small amount oil
speculative interest,
Spot news from the belt was not plen-
tffnI. but some few advices told Of de-
mand being fairly good. II runs chiefly
to the better grades. but as they get
scarcer il Is believed the lower grades
viii come into their own. The weekly
statistics are expected to come little
bearish tomorrow, according TO some
guessers. oo
F,tures closed 20 points up TO -
nolnts down. tone steady
New Orleans closed s points off TO
4 IN; tone steady. Spots were UNI
changed, middling at 3a.sSc, with sales
1,STa bales, ,
liverpool is due to come 10 to
points up. . oOo
In the local market sales were $500
bales and quotations unchanged; mid
ding at 4o.50c.