The news scimitar. (Memphis, Tenn.) 1907-1926, 1918-12-21
BY GEORGE WILLIAMSON.

S1StNSE
The cotton market continues a bull
ish affair and the rise in quotations
during the past few days met with
small resistance, although some realiz-
ing was done. At the crest of the rise
quoted values were something like $40
a bale above where contracts stood at
the seasons lowest level, during the
first week of the month. Sentiment ap-
peared to be distinctly bullish and
plenty of talk of continued rise was
heard and given serious attention.
From the spot department came the
chief inspiration for the upturn. The
holder was mainly responsible there, as
he had failed to display distress signals
at a time when it was generally ex-
pected and the pre-hoIfday marketing
IN the belt was by no means sufficient
to supply the demand. which was in
@reastng and coming from many direc-
tons. The short interest was thus Civ
en- reason for concern and in trying to
protect their exposed commitments
helped to boost prices. Sellers were
UNITED in number and were not over
looking the fact that spots continued
relatively higher than futures and were
firmly held.
Better conditions in the export de-
partment and prospects or this to con-
tlnue, with its consequent effect on the
APTITUDE OF domestic spInners, consti-
tuted one or the factors in encouraging
higher levels. Those who were holding
the actual were not slow to take adj
vantage Of the situation and exacted
every, penny possible for what they had
TO sell. They had passed the crucial
period and were in position to dictate
selllng. prices, marketing gradually as
their ideas were attained and with
holding the bulk of the unsold part Of
the crop for levels approximating 80
cents basis middling.
subsistence Of so much talk of orders
hA1nU NanNhllnd and ~ tl4 I,,rra--
being extremely light also had to do
with the alteration of sentiment. The
progress of adjustment In every direc-
ton was slow, but there was arising a
feeling that seemed to indicate less con-
Germ over 1t than had been prevailing
The manifest effort IN rne part of the
governments to facilitate as much as
possible return to normal conditions of
business was encouraging, and the dis
position was not to wait long before
trying to anticipate some Of it.
Spot Premiums Reduced.
The advance in spot quotations was
not as large as in futures, one reason
being that the former nad not respond
ed to bearish efforts as much as had
contracts, thus giving rise to the enor-
nous premium of Spots over contracts.
The approach of the end Of the current
position and of the time for notices to
be issued on prospective deliveries dur
ing January was occasion for short COW
ering, and one result was widening of
differences between those and the later
months. New York during the week
did more of this than did New Orleans,
the latter market having already mar
rowed them and caused December and
January to sell higher nan the CORE
spending positions in the Northern
speculative center. Support from spot
and trade interests was conspicuous and
, toward the end of the neriod it was
estimated by one authority that no less
than 80 per cent of business in futures
represented spot operations.
The highest levels were recorded or
Friday, March selling uu to 27.24c. Jan
uary, 28.45c and October to 23. 10c
March was the most active position and
its low for the week was 1890, the
upturn being 1926 points. The list ir
New York showed a net gain OF 26t
to 140 points. while in New Orleans il
was 225 to 1876. At the leading spot
centers of the belt middling closed a.
a range from assoc 10 S1,25c, from
so to 1870 points up for the week.
Weather conditions were mixed, blu
fair progress was made in picking. II
the western belt considerable rain wa,
received, but not so much eastward
temperatures being moderate. Th'
western rains were considered bene
ficial to next seasons prospects, al
though not yet given much attention