The news scimitar. (Memphis, Tenn.) 1907-1926, 1918-12-07
BY GEORGE

Although there was small evidence
Of bullish activity in the market Of
the past few days, bearish feeling was
visibly .curbed and held in restraint.
Most OF the anxiety over the situation
had been r%elegated to the rear and
the process of adjustment from war
conditions was making some progress
Its pace was not rapid, but il suffiCed
to encourage expectations of it soon
being enough to enable traders to
cast into disuse some of the precau-
tionary measures which have been re.
sorted to. The general tone of the
market so improved that the sugges-
ton that with the turn of the YEAR
restrictions would be removed as to
speculative selling, the war industries
board being scheduled to suspend its
operations at that time. failed to be
an influence. 1t was felt that need of
such would not exist by that time. as
the legitimate law Of supply and de-
mand would be sure to assert itself
n the domination OF a few large in
terests over the market would not be
possible.
Changes in quotations were moderate
Tor the period, but a fairly wide range
ton did not subside until Tuesday. on
which day In New York the January
position touched "a. sc, with the rest
OF the list down in proportion, follow
ing which there was by Friday a re-
covery Of 290 points on that option.
The nearby positions were somewhat
better supported than were the dis
tant, perhaps rejecting more nearly
the s~teadiness in spots and the fact
that they were being held at big pre-
miums over futures. In New York
the list closed the week rs points up
TO rs off, while in New Orleans finals
were from lOS to 7 points net to the
good,
Spot quotations were likewise some
what irregular, with considerable range
at the various centers in the belt, At
Houston middling upland was quoted
at S0c, while the same day Mobile post
ed 1t at &c. Compared with a week
oetore at the leading centers in the
belt quotations were from 60 points IN
to 100 down. The general tone, how
ever, was everywhere better and indi-
cations we're that more business was
impending than in many weeks.
Better Export Prospect.
One of the most important factors
was that OF exports. Some improve
ment in buying for that direction has
been witnessed ever since the armis-
tice was signed, but it has been chiefly
OF the better grades and classes OF
cotton. 1t has not been general and
by no means sufficient to measure up
W Dulllsu expectations. There were
too many restrictions and ocean freight
space was too limited. Some progress
was achieved during the week in eff
forts to better matters and to lit
some Of the bans. The first Of the
week saw them lifted as to doing bust
ness with the allied countries with
out special licenses for all sales. There
was promise that within a day or so
through bills of lading would be issued,
this being a matter regarded by many
exporters as highly important, but
when details came it was seen that
because Of the small supply of ships
available the changes allowed amount
ed to but little. Thus this hope was
short-lived and the trade was forced
to look to the prospect of more vessels
being sent to the Southern ports.
However, other developments were
more encouraging, one Of which was
the announcement that British tonnage
for january shipments of cotton was to
be larger and that beginning with Feb
ruary rates were to be lowered, the lat
ter thought due more to prospective
increase in supply of ships thar to re-
moval of all menace to shipping, 1t