The news scimitar. (Memphis, Tenn.) 1907-1926, 1918-12-21
SPOT DEMAND
I SOME BETTER
Larger Exports and Prospect of Further Increase
Stimulate Short Covering-Holders Independent
and Offer SparinSy-Sentimen Appears Bullish.

The ginning figures on Friday show
ing 10,252, 900 bales to Dec. - came
about as expected, showing $50, 900 bales
for the period and lending confirmation
TO the official crop estimate. Early in
the week the November consumption
figures came, being rather bearish,
cept by comparison with what traders
had been led to expect. Neither report
eXerted much influence on prices.
Movement showed some enlargement,
but bulls found about as much to en-
courage them therein as did the bears.
The best feature for the former was
that 100, 600 bales were cleared, making
the season total 1928, 000, which COM
pares with 2,048, 900 to even date a
year ago. Several things denoted more
favorable export comparisons for the
rest of the season, although doubt is
expressed as to some Of the bullish
claims being fulfilled on account of the
Eowness of allotting more vessels for
cotton and the ability of foreigners to
pay for what they need at prevailing
high levels.
Holders May Dominate.
One of the surprises to many observ-
ers has been the demand which has
already developed, for some reason this
not having been expected to become I'M
portant until the turn of the year. 1t
has been one of the consequences of the
change in sentiment as to what eff
wv BAaNO oAlbhAu y va NNNNSAA
The lifting Of all bans on trading and
the small effect this had after the
period OF restrictions thought necessary
to avoid undue depression while every
thing was SO disturbed and unsettled
showed that the market had gotten
into a healthy shape from a speculative
standpoint. Thus the underlying
strength in spots could quickly and un-
~lnterruptedly assert itself as demand
improved and steps were taken to facil-
ito To V,ntFapoapt TlNara nod af No time
been doubt Of the great needs of the
rest of the world for raw cotton, al
though some felt hat ability to pay
for it might be a factor.
But developments since the armistice
was signed have not been as bad as
some feared they would and there
seem reason to expect more rapid
progress toward normality in business
in all directions. This has been accom-
panied by indications Of getting the raw
reduced ocean freight rates meant
lower overhead costs and indicated
more ships for ordinary commerce.
In the local market during the week
sales were II, 200 bales, but there was
demand for more than that if It had
peer available. Inquiry broadened
some, but is not yet what might be
termed general, and holders are offer
ing but little and seem waiting for 80
/ cents or better. The unsold stock is
| GuO, QUU DdleS, nut ln6Tt Is llOl Il SuS
gestion Of concern because Of this. Spot
business in other directions, particular
ly in Texas, has been better and at a
rising level, while from the Atlantic in
terror section Friday came adVices tell
ing of good business being done around
80 cents. 1t was information of this
sort that helped encourage short cover
ing and to discourage selling.
That the man who is holding the I'M
sold part of the crop will play a large
part for the next few months in deter
mining the course Of prices seems GER
tain. 1t will be quite a while before
the new crop chances will figure, while
in the meantime it can be seen how
the world will act as to filling some OF
the vacancies of raw and finished ma
terial. Already the bears are citing the
character of the winter season in Texas
and Oklahoma, where yield shortage
has been so large for two or three
years, and are discussing its %possibilt-
ties in holding prices down during the
next few months. On the other hand
the bull crowd is talking of the many
things that make improbable growing
a crop large enough next season tc
bring about any sharp drop in prices
from where they are now. This discus
sion is likely to increase in intensity
after the holiday season Is over will
it's usual effect In stimulating trading
although world developments in {
political kHay will have to be taken int
account all the while.