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

MEMPHIS, Jan. 10.-Racking and
filling and a hesitant 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 futilty of the effort
for higher cotton prices. Their in
spiration 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 a fairly steady tone
displayed in the market during the
week, and soma real announcement
has come from Liverpool. where spot
business picked up somewhat, and
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
speculative shorts have seen fit 20
cover. The idea that 10 cents was
low enough for futures found many
believers, and some of the big spot
interests We're 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 IN
manufacturing circles become worse
than yet appears. there will be plenty
of demand for this cotton, despite the
known difficulty of taking 1t through
the purchase of contracts.
The uncertainty of the amount
ginned during the latter part of De-
cember and an idea that II 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.
There is but little more to be ginned
anu puAAS expect the next report,
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 ha-
sis of spots, compared with futures,
has risen to unusually high levels, and
the better grades have gone to IN
creased premiums, compar, with the
low. Some sections have reported i'm
proved demand for the low grades,
indicating that spinners were coming
to realize that they must do so soou-
er or later because of the relative
scarcity of the good grades. BusI-
ness has been restricted by the nol-
yielding attitude of the holders, but
some centers have had a fairly good
turnover. considering the state of
sentiment. The belief that spinners
hold moderate stocks of raw materi II
and that distributors are CARRYING
small stocks of goods, inspires con-
| fidence in the necessity for steady
demand throughout the latter part OF
the winter and the spring and sum
mer. This. of course, Is predicat ID
largely on an optimistic view of the
business situation.