The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-01-27
COTTON Markets
More Decline in Exchange Dis
COurageS Rise, But Sellers
Disposed to, Caution.
Tuesday Afternoon. Jan. 81

AANEAnJ AANEENQ0HAa jail &
IN spite OF the continued fall Of eX-
chhnge rates, sight sterling In the aft
ernoon being reported down to 1855,
there is considerable steadiness In tn
cotton market Sellers seem 10 be very
cautious and the advice OF many OBJ
servers Is to buy on the dips. Appar-
entity the spot department is the chief
source OF bullish encoura cement, fail
ure OF weakness to appear there making
u seem risky to undertake TO depress
FUTURES, which continue at large dis
counts compared with spots. The move
ment OF cotton for export is fairly
heavy, which may be one of the main
reasons for depreciation in exchange,
but bears are calling attention to the
absence OF any important demand for
export now. One Of the features of the
news today was the claim from several
sources that Carolina mills were buy
ing some Of the low grades. while a
little was reported as being bought for
New England mills.
The session was a dull and rather
uneventful one, with the early weak
ness rejecting the showing made
abroad and the low rates Of exchange.
But there was fairly good support and
recovery followed. although all the de-
cline was not regained. Just about
enough encouraging news came to keep
prices near where they have been.
The weather map showed improved
conditions in the western belt, but still
no sunshine, which is SO much needed
to dry out the lands and enable farm
work to be started. Reports are still
emphasizing how far behind work is,
while recent rains in tho eastern belt
have brought some complaints from that
direction. The outlook for weather this
morning was for an end to the rain
| spell and some cooler.
Liverpool came about as due to meet
nf Qua mo V-iga f1 lon
but not enough to offset the decline in
| exchange, so ii was regarded as a poor
showing. Some of the private cables
told Of better feeling, but there is little
doing in the actual over there and
| opinion is pretty well divided. The po-
litical news continues uncertain. Finals
were very steady at net gain of rs
| to 6 points, while spots were marked
off 10 points, fully middling to 1850,
with sales 1000 bales. Imports were
$4,000 bales, including 10, 100 American.
Manchester reported cloths firm and in
good demand, while yarns were quiet
| and in fair inquiry.
| In New York March opened at 49, so
a drop overnight of SO points, but il
| recovered to 1904 in a few minutes, fol
| there was good support from spot in.
| terests. After that traders were sc
we'll divided in their views that prices
kept within a narrow range, but under
1 NOuG SCSIINu SlCduy anu vel }
| limited. There continued to be hope
Of peace treaty ratification, but little
| else than hope on which to bull the
| market The money situation was still
unsatisfactory and no relief in sight.
Exports for the day were about 10000
bales and one report told of inquiry
for freight room for about 10000 bales
| for February shipment to Germany
Bears were inclined to think that aftei
| the January commitments were salts
fled support would be less, although
there is no indication of anxiety among
| the spot holders in the belt
Futures closed rs to S points off, toni
| steady.
| New Orleans closed 16 to s points
down, tone steady, Spots were off i
points, middllng at 1888, and sale
1875 bales.
| Liverpool is due to come 5 to 2 points
up.
| In the local market sales were 1,10
bales and quotations unchanged, mid
ding at 4050c.