The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-02-13
COTTON MARKETS
Liverpool Firm and Buys
Freely, While Recent Sellers
Reported Covering.
Friday Afternoon. Feb. !


Friday the 18th proved a jinx for cot
ton bears, and they had rough going
during the day. Developments overnight
were such as, to lend more encourage
ment to the bulls than any time re-
Gently and the existence Of large
short interest made it easy picking.
From the lowest to the highest the
range was around Sc the bale on the
most active options and from the re-
cent extreme low level the recovery
was about $3.50. Some profit taking
was done on the bulge, but not until the
figures on spinners takings came anu
were disappointing was much impress
sion made on values. Even then the
reaction did not suggest pressure OF
consequence.
Liverpool was prominent in @the up
turn and cables from that direction
told of enormous business going on at
Manchester, with less indication OF any
check to efforts to get the raw mate
rial Liverpool forwarded during the
past week $4,000 bales American and
114000 of all kinds, although the heavy
importations resulted in stock gaining
some
on this side there was stimulation for
the bulls in the improved sterling mar
ket, rates this morning being up sew
eral points. 1t was thought the state
ment of the new secretary OF the treas
ury as to financial conditions IN this
country and in Europe also gave rresh
nope TO the OpIlHllSlS, Ills ICHlaA No OF
least received credit for stimulating
some Of the strength, although II was
passing strange that the stock market
failed to be treated similarly, showing
marked weakness during the early
trading.
Another factor helping the bulls was
the information that New England spin
ners were buying raw material. Fan
River reporting sales OF 20,OO0 bales
out of their stock yesterday, while some
of the advices from the belt told of i'm
proved business with the domestic spin
ners All of this merely accumulated
the situation Of the shorts seeing little
chance of getting spots in the belt
down toward tenderable basis.
More attention was directed also to
the reports from the fields as to de-
layed farm work, although the weather
has for several days been more favor
able Some more rains however, are
promised for parts of Texas and the
lower central belt, with colder to fol-
low. There is increasing appreciation
of the difficulties attending getting a
new crop off to good start.
The Liverpool market was due up a
little. but nobody was prepared for 1t
to be as strong as 1t was. Finals were
firm and 81 to 80 points to the good.
Spots were marked up 40 points, fully
middling to 3O.92d with sales of 5000
bales. including 1900 American. Re-
ceipts for the day were 34500 bales, all
American. Manchester reported cloths
in good demand and yarns hardening.
In the domestic markets opening
prices were steady and higher in re-
spouse to cables and the other favor
able news. May opened at 3277c in
New York, having to make response for
having been closed yesterday, while
New Orleans and Liverpool were i'm
h proving, and after selling 32.S0c dipped
to 32.50c, the lowest for the Gay. Then
came gradual Improvement, but more
or less realizing, but, big shorts bought
in freely and Liverpool was a free
buyer all morning. There was plenty
of bullish gossip and sellers were simply
intimidated. May sold as high as
33.77c in the afternoon, but reacted to
33.40c when the takings proved disap-
pointing. The trade expected the jan
uary consumption figures at the open
ing, but it was delayed until tomorrow
morning.
The weekly statistical showing was
bearish, movement into sight showing
an excess Of about 10000 bales. while
takings fell behind 1000, making visible
American show a relative gain, of A,
coo bales. Exports for the day were
small, but it is expected they will be
large pretty soon,
Futures closed 1923 to 100 pointsup:
tone firm.
New Orleans closed 1O1 to 60 points
up, tone very steady. Spots were up
30 points, middling at 39c and sales
1000 bales.
In the local market sales for the day
were 1900 bales making 1880 for the
week. Quotations were unchanged, mid
ding at 3qqc a.