The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-02-03
COTTON MARKETS
Decentralization in Exchange
Continues and Having More
Effect ON Market.

Further Generalization tn the foreign
exchange situation had uusettHuE cflu,
ON cotton values today and bears had
measure uf success Liverpool did
not reflect fHp sharp decline in stcriiog
- was cNpe, tod. which gave rise o.
some speculation as 10 just why The
break In sterling normally would en-
nance values I'm that center, but such
WAS not the ease today, except 10 the
distant positions, A recount of stock
there showed 1900 bales more AmCrt-
ran than shown by the running count,
but there partial offset In an increase
ii about rs. o00 Of other kinds, but this
was not enough 60 have caused the
Weakness tn the nearby positions. Sill
yer metal was advanced further, going
la IS pence In London compared with
Yesterdays qoutation az A'sd
The sterling market opened with
sight al $33s but II soon ssgged 20
SIS IS and then recovered slightly, Only
to later work lower than ever. II was
reported as low as 3,3a, with 80 days
Ell ST. 80 other exchanges We're lower,
but hardly as much as sterling Ihe
effect Of this was naturally against
values ON this side, but less SO than
exnecttd II means that there VIII ne
less likelihood Of exporters getting into
market. for they must add many dol
lars a bale TO offset the reduced amount
they can get for their bills in the for
eign moneys.
Domestic rates continue firm and call
money during the forenoon was u per
cent but there was some OFFSET Tor tnlS
Ia improved hopes Of action on the
peace treaty soon. Advices seem to IN
dicsie that there ls good chance OF
ratification within month. which again
discouraged bchrish IDEAS although "A
lot Of liquidation was done ana soIn'
short selling But opinions were gen
eraiIy to the effect that the prevailing
discounts Of futures is splendid reason
for being cautious on the bear size.
The weather map showed that Cousid-
prable rain fen over night In the cen
sral and eastern belt, which was not IN
favor Of crop work making progress
Prospects were for fairly good weather
but cloudy and cooler Ia the western
belt o.
LIVERPOOL was due TO come S 20 Z
polnts up. but at the close stood ~
down to is up, with tone easy ON the
nears and steady ON distant months
Spots wera marked down p points. iuIl'
mlddling 10 2S SD, and sales oNO bales,
Including $500 American. Manchester
advised that cloths were quiet and un
changed. while yarns were firm aud III
fair demand
npening on this side was slightly
iower and there was little snap shown.
Lower exchange aud a reactionary stock
market encouraged pressure and mod p
crate decline followed, hut failed to get
very far. support was based apparently
an the character Of political news com
ing from Washington and absence OF
weakness In spots, but later in the day
offerings were heavier and demand
smaller The result was that values
sagged and the May position, which
opened at 3l05c, touched 3i0Sc, sold
down as low as 30 40C, with the list
down In proportion, except that fall
months were not quite as weak as the
others But little recovery from the
bottom came
In the spot department business con.
tinucs light and there seems no hope OF
improved demand any time soon, al
though certain kinds OF cotton are easy
to sell
easy.
New Orleans closed up to So points
lower, tone steady. Spots were off II
points, mi1dhng at 39.75c, and sales 1874
bales.
liverpool is due to come to 10 points
off. ..o
In the local market sales were 300
bales. and quotations unchanged, mid
ding at 40.5oc.