The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-02-20
COTTON Markets
Gables Lower in Response to
Rise in Sterling Rates.
Weather Outlook Good.
Friday Afterpoon Fab 20

friday Afternoon, req. ~
With further rise in sterling rates
came some decline In prices at Liver
pool, development that was entirely
natural. But 1t appeared that consld-
cradle buying was done on this side
for foreign account as a partial off
set. The market was of pre-holiday
character as both domestic speculative
Centers will be closed for three days.
The same old undertone of strength
was shown, and 1t apparently was due
more than anything else to the techni-
cal position, for shorts still see no
prospect Of spots easing and thereby
affording them relief. Sentiment, how
ever was divided and both sides were
disposed to adopt waiting tactics.
The weather map showed an absence
of rain for the past "a hours, but a
large low pressure was in position this
morning to cause expectations OF I'M
settled conditions during the ensuing
day or so, which aroused fears, of an
other spell of rain and thereby inter-
ruption of farm work which has just
begun to get well under way. The
forecast confirmed such expectations.
Liverpool was due to come IL to 3
points to the good, but instead showed
decline, But private cables said this
was due to. appreciation Of exchange
rates, thereby improving prospects Of
business from this side. No suggestion
as to what the real cause for the i'm
proyement was offered, so the trade
was left to guess whether 1t was due
to fewer bills being offered for sale
or to increased credits because of lar
ger sales from the other side. Finals
were barely steady and 10 to 81 points
to the bad. Spots were marked down
SO points. fully middling to 3l.76d, with
sales 5000 bales, including 5000 Amef1-
can. Imports for the day were 1900
bales, including 1900 American; Man
chester reported cloths quiet and yarns
in light demand.
First prices on this side were with
out much change, although the wealth
err prospect encouraged a little buying
of the distant positions. little SELL
ing early caused a slight sag, May drop
ping to 3417c from an opening at 54.5Zc
but support was given and recovery was
had to 34.49c. Trading was small and
of evening up character, but a lack OF
offerings made it easy to sustain val
ues. &C., Az
a There was not much news from the
Z spot department but exports Tor me
day were enough to make the week :
total about $4,000 bales. Denamo s tTt
the actual is quiet, but holders are sun
without anxiety. The weekly stats
&tics were slightly bullish, takings be-
Ting 209 900 bales, against 1885, O0, WINE
movement into sight was 2l9,OO0 agaihSt
&17S,OOO. The relative decrease IN visible
american was about 5,OOO pales' me
report received from New orleans Ihat
the pink boil worm had been found in
y Cameron parrish the extreme south
Kwestern section of Louisiana, was OF
Interest. but failed to be much OF a
market factor at the moment, me
Same news told of quarantine having
been established to prevent this mos
IA Futures closed 10 points off to 1t up
mo steady. -.
New Orleans closed points off to %
up, tone steady. Spots were IN,
sAchanged, middling at 39.75c, and sales
Awere l ,949 bales q nm
M In the local market sales were 1000
bales, making 5,625. for the week; quo,
tations were unchanged miouiihs a'
IN Unsold in the hands of factors is es::
ttimated to be 1871 900 bales, compared
with 900 last year and l54,ooO II
compared with $4,000 last year ana w.
1900 in 1918.