The news scimitar. (Memphis, Tenn.) 1907-1926, 1918-12-26
COTTON MARKETS
More Advance in Futures AC.
companies Good Demand
for Spots.
Thursday Afternoon. Dee. Is.


Higher prices were again recorded In
the cotton market, at the topmost
levels quotations being approximately
hbO points, or $2I 80 a bale over the
seasons lowest. March In New York
SOLD up 70 29.lOc as compared with It's
low OF 23,BOc, while the rest Of the list
was up ia proportion. Spots. while
showing plenty Of strength, are not up
as much by comparison. not having the
distance TO 60 to restore PARTIES neare
10 normal. But the chief secret OF the
firmness In the market continues to lie
In the spot division.
Inc higher level attracted consider
able proIit-taking. II being felt that
with the reduction in the short interest
pN such an advance IL was the part OF
wisdom to be "A little more careful
Sentiment was still bullish and sellers
were cautious. but there were plenty
OF reasons given for not trying to fol-
low the advance too closely.
bne OF these was that the market is
becoming more vulnerable, especially
since the rise has attracted more out
Siders, and as a rule they have gone to
the bull side. Moreover. there is yet
much progress TO be made toward re-.
storing export movement before II can
be called normal, and ii is the theory
Of many ell-pOsted authorities hat It
Is not safe to assume too much on the
AFFINITY OF the European countries to buy
literally Of the raw material.
LdveTpOors holiday period will con-
tinue the rest of the week, SO the
domestic markets had only themselves
70 consider, 1t was first day for
January notices. but so far as reported
none was started, thus rejecting the
strength In the spot department. In
New York March opened at rs COO, over
the previous close by IL points, and
after touching 2S.5Sc the upturn set In.
There was little news to explain It
other than thuI nffgTlnng NgnTA Itnitad
and demand came from several dlrec-
lions. Spot AdVices over the holiday
were encouraging and there was moth
ing to stimulate hope OF relief for the
short except through covering In the
open market. March sold up TO 80 04c,
but met "a lot of profit taking and a
dip to rs SIC followed. only to give place
10 a squirt to 20, lOC, which seemed the
crest for the time being.
There was a fresh wave OF rea LIKING.
for some wires said that the January
short interest had apparently been con-
stderably reduced and II was felt that
spot offerings would be larger at the
higher level The option dipped to
~ .65c. where absorption was again o
siderable and a rebound to 29.9tc fol-
lowed Trading became less active In
the late afternoon, but there was no
evidence Of weakness and bulls were as
confident as ever.
From the spot department came ad-
vices teiilhg OF EOou demand, nut none
too large offerings, az holders have
been encouraged by the rise to elevate
their ideas Of value and are In posi-
tion to walt until they are tested or
reached Quotations were higher aR a
rule and the volume of business vas
indicative Of the needs Of the trade.
One feature that was favorable was
that inquiry was broadening.
Futures closed IA down to 5 points
up. one barely steady.
New Orleans closed 1 down to 10
points up, tone steady. Spots were
marked up 30 points, middling 81 Csc,
with sales zone,
In the local market quotations were
elevated 90 points, middling TO 0.50c,
Sales reported were 1900 bales. De-
mand was better than In a long time
and was for short cOttons more than
any time recently. Available offerings
ARE being rapidly cleaned out and hold
ers are not disposed yet 10 turn loose
freely Of what Is still In the rack. They
are said to be waiting for a little higher
level, many OF them having paid around
sic for what they are carrying,
Spot sales: Norfolk 676. Augusta H.,
Houston 2,349. Dallas 1882.