The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-02-06
COTTON MARKETS
Some Improvement in Exl
change Helps Stabilize Mar
ket. But Buyers Cautious.
Fridav Afternonn. a.. s.


Improvement in the exchange situa-
ton, whether due more TO prospective
efforts 70 stabilize IL by concerted ac-
uon IN reducing imports on the other
side or to smaller offerings Of bills, was
one OF the reasons for the stability
noted TO values during the market to-
day. While there was less weakness,
nervousness was quite general and con-
ndenee on the bull side showed that 1t
had been rudely shaken. There was
little display Of activity for higher lev
els and support seemed to diminish
When prices went over the previous
closing levels. The other speculative
markets reflected for a time the high
er rates. but confidence there also
seemed limited. The idea that higher
money in. all directions, including this
country is destined to bring about at
hold.
= Liverpool did not do anything start
ling during the early trading and fin
lshed quiet az net gain Of 10 to Al
points, the distant months being want
ed most. Advices still said that the
action looking toward reduction of i'm
ports was to be taken in private initia-
tive and without government direction,
but 1t is recognized that already prepa =
| rations have been made for consid-
"eFable cotton and such will hardly be
interfered with. The effect is to be on
future buying. Spots were marked up
~ points, fully middling to 2S97d, with
sales 5000 bales, including 3,700 Ameri
can. Receipts for the day were S, 00O
bales, but none American. Manchester
advised that cloths were strong, while
yarns were higher with buyers indif-
ferent. Silver metal was up to SD
again.
The higher quotations for exchange
and more faith in the worst having
passed for the time being helped give
modicum of strength at the opening
May in New York was up to $3.50, but
overnight liquidating orders sent 1t of
to S2.25.-after which it scared to $3.50
Sterling sight was reported as high
as $40, compared with an extreme
low of 1919, but some reaction fol.
lowed The market was sympathetic
with exchange news and worked down.
ward some, but throughout the day wai
quite erratic. Along in the afternoon
exchange dropped to around $3.50 ant
this was accompanied by aggressive
selling Of contracts, May going dowr
to 31,97, but quick recovery to 1914
followed, after which another sinking
spell carried it to 1905 improvement
then came on the bullishness OF week
ly statistics, takings by spinners show.
ing quite an excess over last year.
40, 600 bales, The estimated taking!
for the week were between 262, 900 anC
GtG,VUO DdleS, movement into sight alS(
showed some excuses, so the relative
loss in visible was small
The. weather map was not bad one
showing little rain in the belt, but in
. dications were for cloudy and llttl
change in temperature, which did no
encourage prospects for much progress
in farm work. r
Spot news was about as it has been
certain kinds being salable, but most o
that which is held being slow to NOV
and offered prices being much unde
value ideas of the holders.
Futures closed up to 10 down; ton
! easy. New Orleans closed 16 to
points off; tone steady. Spots were of
80 points; middling at 1916 and sale
were 402 bales.
In the local market quotations wer
unchanged, middling at 39c, with sale
OF 300 bales, making 1850 for the week
Estimated stock unsold in the hand
of factors is $4,000 bales, compare
with 232, 900 last year and lac, 900 in 1915
Llnters In stock are $1,000 bales, com
1918. -