The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-03-05
C0TTON MARKETS
Gables Poor on Higher Sterl-
inc, But Domestic Markets
Helped by That and Cold.
Friday Afternoon, March 5,

Attention In the market today was
conferred largely IN the rise in sterling
exchange, which had depressing effect
on values abroad and encouraged bull
ish feeling on this side. Rates jumped
sharply, following the rise Of yesterday,
and 1t was reported that as high as SS.I2
was touched for demand, although quo
tatiOnB were rather wild and difficult 10
keep up with. Sixty-day RACES, now
ever, were not quite SO giraffe and
apparently there was less rapidly 10
the advance One Of the reasons given
for the sharp rise was the report that
France and Great Britain are preparing
to ship large amounts Of gold this way
in order to meet some of their obliga-
tions, although confirmation for this was
not had. The decline in silver metal in
London was about 6 pence, while gold
also declined over there.
Liverpool was naturally depressed by
all this, but at the start the showing
was fairly good. The decline continued
until around the close and finals were
unsettled and from SO to 81 points to
the bad. Spots were marked down 40
points, fully middling to 30 l5d with
sales only 1000 bales, including 3,2OO
American. Receipts for the day were
$4,000 bales, including $500 American.
Forwardings for the week were fairly
heavy, but not up to last week. Man
chester reported cloths firm but not
active, while yarns were quiet Z
Strength prevailed at the opening on
this side, for the reports as to gold
coming this way and its consequent eff
feet on sterling rates were bullish IN
their prospective effects on demand foE
the actual. The weather in the pelt
was also bad, the cold wave having
reached the western and central belt,
extending all the way to the gulf while
the eastern belt had general rains and
prospect of getting the cold over night
Such was against progress in crop work
and naturally continued the delay IN
the start.
The May position opened at 2S points
up, at $4,000, touched 5 points higher,
and then began to react some because
shorts seemed less concerned and fewer
in number. The streling strength also
seemed to have been more or less DIS
counted. The reaction did not go lar,
as most of the offerings were from sat
isfied longs and few traders were Will
ing to take the short side. May dipped
to 3555c, then recovered slightly and
later sold as low as S5.52c. But later
in the session there was better support,
helped by bullish weekly statistics and
some claims Of improved inquiry for
the actual, attributed to the money
market conditions. A short while be-
fore the close May was around 35.S4c
and traders doing but little.
The movement into sight, according
to Hester, was 10000 bales, compared
with 146 900 last year, while spinners
took $4,000, against $4,000, The rela-
tive loss in the visible supply OF Amer
lean was therefore about $1,000 bales,
while there was an actual loss of $4,000.
1t is the first time in a long period that
the visible has shown an actual loss,
and those who are bullish predict that
this will continue indefinitely
The weeks exports totaled III 00O
bales, but for the day little was cleared.
Announcement that there will be no
strike at New Orleans among the dock
workers helped little, as did the opin-
ion that the railroad workers will not
go out as threatened. Spot adVlces.
however, were that, business was still
nothing extra and demand still spotted,
though it is believed that it will get
better if there Is no sudden reversal In
the exchange market.
Futures closed % points W to %
down, tone steady.
New Orleans closed 8 points up TO
down, tone barely steady. Spots were
unchanged, middling at 4O.5Oc, and sales
were 517 bales,
In the local market sales for the day
were 1850 bales, making 1900 Tor the
week Quotations were unchanged
middlng at 39c.
Estimated unsold stock in the hands
Of factors is 20S,000 bales, compared
with $1,000 last year and l30OU0 y
1918. Linters in stock are 10000 bales
compared with $4,000 last year and d.
90 in 1918,