The news scimitar. (Memphis, Tenn.) 1907-1926, 1918-12-19
COTTON MARKETS
Encouraging Reports From
Spot Department Induce
Covering.

thursday Afternoon, Dec. 10.
The spot department continues 10
dominate the speculative situation and
evidence increases that shorts arr
waking up to the fact that futures have
been too low for spots. The stubborn
attitude Of holders Is continued and
seems to be aCcentuated as devotion
ments tend to show the need Of raw
material and the ability TO export il.
Their control over the market Is being
manifested In a way which betokens
a steady market for some time, pro
Nlded there Is no unexpected turn in
business conditions, The feeling that
exports will assume larger proportions
from this time forward is one OF the
main factors.
In Liverpool there was another day
OF marked strength, and advices seem
10 indicate that a considerable short
interest stll exists in that direction.
The removal Of restrictions on short
selling there apparently does no dimin-
ish bullish chances, and the small
purpose whatever makes II more in
cumbent h usual that the shorts
protect their exposed commitments bv
covering The final announcement that
the threatened strike Of mill operatives
had been called off also was favora-
bic and perhaps stimulated the willing
ness of shorts to cover, seeing as they
no doubt do the small chance of pro
tecting themselves through purchases
In the South, Finals in the foreign
center were steady and 20 to 80 points
to the good. Spots were marked ID 35
points, good middling to 22. god, with
sales LOCO bales, including 700 Amer
can Imports for the day were 5000
bales, including 1900 American.
Opening prices in the domestic mar
kets were steady and higher, with near
months up most, The main influence
was this strong showing abroad and
flrmneSs In the spot department, The
same crowd was giving the CHER sup
port and offerings were limited. March
opened at 6.45. a RISE over night of
% points, while December opened up
Go and January up 20 pointe. A little
realizing was done and a moderate set
back followed, but the nearer positions
held their own better, the entire list
displaying q steady tone After a
time, during which offerings were abb
sorbed chiefly by trade interests, there
came a little further rise, March
touching 1890, but the May and July
options, with October, were disposed
TO drag and did not maintain their
early gains.
Most Of the inspiration for trading
came from the belt, where nothing but
steadiness was reported. The predic.
ton that the census figures on ginning
TO Dec, IL, due at the opening tomor-
TOW Huutu perhaps ne n lttle bearish,
failed to do more han hold the affair
In check, cit is expected to be but a
passing influence. as the attention OF
traders now is directed at the effort
to get raw material.
Business in the belt was fairly large,
but it would have been more but for
the refusal Of holders to turn loose
much except at their ideas OF value,
which seemed to be about 80 cents
basis middling or better. The broad
ending Of demand Is encouraging. while
the narrowing Of the basis Ia enabling
some buyers to operate who have beer
inactive for some time. Demand seems
to be coming from both domestic and
foreign buyers,
Futures closed So points up to Is off.
tone steady.
New orleans closed 70 to 10 points
up, tone steady. Spots were unchanged,
middling 20. 3Sc, with sales 2,S52 bales.
Liverpool Is due TO come II to
points up.
In the local market inquiry still i'm
proves and Is reaching some kinds OF
cotton which have been neglected. hut
Is best for those which are so scarce
and firmly held. The holders are indie
pendent and any bid less than 80 cents
is given small consideration. For the
day sales were 1850 bales and quota
ions were unchanged, middlinR at 29c.
Spot sales: Norfolk $50, Augusta arr.
Little Rock III, Houston 1883, Dallas
10, 500,