Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1914-01-11
ENGLAND GIVES
COTTON BULLS
SOME SUPPORT
Fairly Steady Tone HeId-Spots
Continue to Resist Pressure
Remarkable Well.

MEMPHIS, Jan. 1O.-Backing and
filling and a hestant attitude marked
the cotton market during the week.
The improved tone shown in the
stock market has seemingly been Ct
little avail in shaking the bears from
their belief in the futility of the effort
for higher cotton prices. Their In
spfration appears still to have been
found at pessimistIc sources, and
the spinners have not yet shown will
ingness to take hold and buy raw ma
terial fast enough to encourage ex-
pectations of any important advance.
There has been fairly steady tone
displayed in the market during the
week, and some real encouragement
has come from Liverpool, where spot
business picked up somewhat, ana
trade reports were better than for
some time. The improved tone Of the
financial world has encouraged the
bull element as well as discouraged
continued selling, and many of the
soecula tive shorts have seen fit 20
low enough for futures found many
believers and some of the big spot
interests were credited with giving
support around that level.
Big Firms Get January.
There were more deliveries on jan
uary contracts in New York, which
found their way to the hands of the
leading spot firms in that center, and
some concern was felt lest they use
them in helping to depress later
months. But, on the other hand, the
failure of the spot markets to show
corresponding weakness strengthened
the opinion that, unless conditions III
manufacturing circles become worse
than yet appears, there will De plenty
of demand for this cotton, despite the
known difficulty of taking it through
the purchase of contracts.
The uncertainty of the amount
ginned during the latter part of De-
cember and an idea that 1t would be
more than for the same period of last
season, thus strengthening the belief
in the Government having underesti-
mated the crop, all the week has been
a help to the bears.
The Census report, showing much
less ginned to July l than expected,
caused quick reversal of sentiment,
and small crop ideas again found ia
vor. Shorts covered freely, and de-
mand for spot increased, higher quo
tations advance being nearly 81 bale
in contracts in one day. Better week.
end figures than expected also stiff
ened ideas of holders.
There is but little more to be ginned
he
showing the amount turned out TO
January Is, to favor their side by
confirming statements that nearly
every district finished by the first of
the year.
Spots Resist Pressure.
The spot department has shown
continued resistance to the attempt
to force selling. The movement has
fallen off a little, and very little dis
tress" cotton has appeared The ba-
sis OF spots, compared with futures
has risen to unusually high levels, and
the better grades have gone to IN
creased premiums, compar l with the
low. Some sections have reported i'm
proved demand for the low grades
indicating that spinners We're coming
to realize that they must do so soon
er or later because of the relative
scarcity of the good grades Bust
ness has been restricted by the nol-
yielding attitude of the holders, but
some centers have had fairly good
turnover, considering the state of
sentiment. The belief that spinners
hold moderate stocks of raw materi IL
and that distributors are carrying
small stocks of goods, inspires con-
fidence in the necessity for a steady
demand throughout the latter part OF
the winter and the spring and sum-
mer This, of course, is predicat I'd
largely on an optimistic view of the
busin sss situation.