The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-01-23
COTTON Markets
Ginning Figures Above ExpeC-
tatiOnS-HigheT Discount
Rate Announced.
Friday afternoon. Jan. %.

There was conflict OF influences in the
cotton market today, and the result was
moderate range In quotations. kot-
lowing the sharp rise during the last
few minutes yesterday, based on a
rumor that prospects were materially
bettered for early ratification OF the
peace treaty, there was some dlsap-
pointment this morning when 1t deNel-
Oped that perhaps optimism was too
great, as fun confirmation for the re-
port was lacking. II remains to be sen
whether some Of the conclusions are
justified, although there seems reason
for expecting favorable action soon.
The census report on ginning to Jan
16 came larger than expected, the
amount being given as l0,322, las bales,
compared with 1853, 900 to same date
last year For the period ginning was
S04, 900 bales, as compared with 214,OVe
bales last year. The report had only
small weight with traders, as they were
occupied with other things,
The weather map showed that rams
were still falling in most of the Dell
and Indications were for no relief me
expected cold wave seemed to have peeh
headed off in another direction, thus
aggravating the situation as to prepare
lions for the new crop and getting
picked the remnant of the old. The
bulls were paying special attention 20
reports as to crop work, although IN
most sections it is bit early for such.
Temperatures were high and no nope
of immediate cessation of the rains was
held out
Still another influence although 1t an-
parently did not get the attention II
merited, was the news that the tederai
reserve bank for the New York district
had elevated it's discount rate from "A
to per cent, action having been taken
late yesterday This was even more
" antiRinnfnn and
is expected to affect rates all over the
country It followed the several con-
ferences between the officials and the
| bankers and Is constructors step look
ing toward reduction of loan accounts,
| and If possible further elimination OF
speculation. Its effect on the stock
market was for the moment not large
although this was explained by the fact
that it was anticipated and the recent
wave of liquidation had in a measure
discounted it. 1t also failed to dampen
| the ardor apparently of the bulls in the
cotton market, although 1t may have
served to check az big rise based on
other factors. That its effect VIII De
| salutary and far-reaching, and possibly
may prove bearish. was admitted by
most observers, although 1t may take
| days for it's real import to be appre-
| ciated. 1t will inevitably result in stiff
err money rates all over the country.
| Liverpool did not come as good al
| expected, but was by no means weak
Finals were barely steady at net rlst
| Of to 80 points, the nears being les'
strong than the distant. Spots were
marked up 40 points. fully middling t
| %. Gid, with sales 5000 bales, including
| 1900 American. Receipts for the day
were $4,000 bales, including 1880
| American. Manchester advised tina
cloths were quiet and steady, while
yarns were dun and irregular.
h Opening prices on this side were with
out much change, but most positions
slightly to the bad. 1t was the las
and that position was quite erratic
weakened by the circulation of som
notices, but recovering sharply afte
dipping over 100 points, expiring a
?7f6. The March position opened a
3615. dipped to 1892 and then recov
cred because of some large exports ant
the weather news. Slight sagging fol
lowed, but in the afternoon it recov
cred to around last nights closing
helped by expectation Of bullish week.
Futures closed 8 points up to Is of
tone steady
New Orleans closed Is points off I
10 up, tone steady Spots were up 2
nonts. middling to Acc. and sales wer
2, 032 bales.
Local sales for the day We're 40
bales making $3.50 for the week. Quo
tations were unchanged, middling a
40. Soc.
Estimated stock of unsold in tn
hands of factors is 900 bales, com
pared with 22S, 900 last year and 1880
in 1918. Linters in stock are 34,o0
bales compared with $1,000 last yea
and 10000 in 1918.