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. 10.-Backing and
filling and hesitant attitude marked
the cotton market during the week.
The improved tone shown in the
stock market has seemingly been e
little avail in shaking the bears from
their belief in the futility 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 some real encouragement
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 %
cover. The idea tAat IL cents was
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 II
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 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
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
yor 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
| and bulls expect the next report
| showing the amount turned out 10
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 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, / with the
| low. Some sections have reported inn
proved demand for the low grades,
| indicating that spinners were 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 a 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-
| fdence in the necessity for steady
demand throughout the latter part OF
! the winter and the spring and sum-
mer. This. of course, is predicated
largely on an optimistic view of the
| busin ,ss situation.