The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-02-19
COTTON MARKETS
Gables Show Less Snap, But
Domestic Markets Continue
To Get Support.
Thursday Afternoon, Feb. 10

The cotton market remains in con-
Rarative state of stalemate, but with a
minimum Of pressure. Sentiment seems
10 be fairly well divided, but the bur-
den OF proof seems to be gradually
burning TO the bull side, as Liverpool
is furnishing less incentive to buying
Rnd cables are saying less about how
busy Manchester Is, With the passing
IOf at least a considerable portion of
the straddle interest there Is less snap
lin buying for that direction, which
leaves the domestic markets more at
the mercy of those who are giving ear
to certain favorable developments.
The money situation is occupying a
prominent part IN conclusions, but is
more negative than positive as an IN s
lfluence. The expected elevation OF
the federal reserve discount rates to-
day did not materialize and the British
rate was left unchanged. Some help
10 the market came frCm higher rates
FOR sterling, demand reported as high
as $3.42h in the early afternoon.
Whether this was due more to lack Of
offerings of bills or to other things
was left to guesswork. There is little
encouragement to bulish activity while
prevailing stringency exists in money
circles, although liquidation is very ir-
regular and has not reached the spot
department of cotton. The discounts
of futures under spots is still too great
TO induce departure from the attitude
Of caution and one reason for the sta
bility Is that trade interests are slowly
absorbing contracts.
Liverpool was due to come somewhat
higher, but was disappointing, ana
Egyptians were reported six pence
lower, Cables said that snap was laok-
ing and liquidation more in evidence.
Finals for contracts were quiet and
from n tn nn4ntG IN fAn had Snntg
were marked off 20 points, fully mid
ding to 32.l2d, with sales 10000 bales,
including 5000 American, Receipts for
the day were 1000 bales, including g.
700 American.
The opening on this side was at a
moderate recession in most months, al
though March in New York was two
during the first few minutes and pro-
fessionals seemed against the market,
May dropping to S3.93c after opening
at 3410c and selling to S415c. But lit
tie news was at hand to explain the
selling, but one thing was that weather
conditions in the belt were more fav-
oTable and cables were poor But the
decline brought buyers and there was
steady recovery, chiefly in the near
positions, May touching as high as
"a. 36c in the afternoon. Then came
more backing and filling, as the small
exports tended to lessen the bullish in
fluence of higher, sterling rates.
From the Ipot department came lit
tie news and sales are generally small
There is no appreciable change in the
attitude of holders and apparently no
alIxiely prevails yet as to the ability 10
get values for the wealth of lower
grades.
The weather prospect was good and
If continued few days chances are
that some reports will tell of much
progress being made in early pl epara-
tions. Already attention is being called
TO the liberal purchases of fertilizers,
land the assumption that acreage will
be increased still prevails.
Futures closed / point off to advance
of Is, tone steady.
New Orleans closed "a points up to
2 down, tone steady. Spots were un-
changed, middllng at 1915. and sales
were 579 bales.
Liverpool is due to come 10 to 8
points up.
In the local market sales reported
were 900 bales, while quotations were
revised middling. I'D SO points to 80 so,