The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-11-29
SPOT STRENGTH
HOLDS FUTURES
Demand More Restricted, But Absence of Weakness
IN Belt Discourages Bears-Industrial Situation
Source Of Anxiety-Liverpoo Help to Bulls.

to give strength to foreign exchange.
rates for when rose several points
Absence Of nurries In the money sttua
ton and prevalence Of rates that were
reasonable tended to discourage pressure
~ cotton markets, which contributed to
the independent attitude among the
holders when many observers thought
reaction rrobabla.
Although the two weeks OF excellent
weather had enabled progress TO be
made In picking. as well as lettering
grade to some extent conditions
changed for the worse Rains were
quite liberal IN many sections, damag-
ing me quality and interruptlng saw
promised, but failed to materiaiize to
any great extent, although in part Of
the western belt some snow was had
some cron estimates were made. the
average Of Which seems Ia indicate that
expectations are crystallizing around
10000 900, exclusive of linters The fact
mat the government will issue its fig
hres on Dec. II assures theNcoming
OF many more guesses in the meantime,
with another ginning report as we'll
Ihe size OF the crop may become a
more potent influence later but as-yet
discussion seems to be about other
things. Tre scarcity OF good grades is
m,y appreciated but whether alto
gether so can not be told Some con-
tend that prices have gone to level
that viii mean curtailment Of con-
sumption, especially while the world
seems to be 80 disturbed and recuper-
alton from the effects OF war is 50
slow, There is much said Of how bad
conditions. are in Europe-<and they
seem to be far from on the mend
whine financial conditions still ~-are
nebulous and will be for an indefinite
period The position Of this country
because of the rejection of the peace
treaty and uncerRinty as to Its fate at
the hands of congfess soon to reassem-
BILE means prolongation of the state OF
uncertainty because ofrthat fact alone
and II seems that 1t will delay recov-
cry in other directions as well But
there Is divergence OF opinion as to
whether this has not already been
fully taken into account or whether the
fresh emphasis being put on It is not
part Of the effort of the spinners to
hammer values SO they may be able
to buy the remaining part OF their raw
material needs at much lower levels,
seeing they have provided for part Of
them ....... .
Absence Of a big SHORT interest was
felt although much OF the buying of
the period came from shorts, some Of
whom were in the near positions. The
small amount Of cotton available for
protecting short sales and the big dis
| parity between luluItS anu GpOlS HdNul .
ally caused covering, for the first day
for December notices brought not one.
There seems to be n natural corner,
which, II Is predicted will extend to
the other moRths as they approach ma
turity.
Although figures on what spinners
took during the week We're not avail
able at the usual time, visible supply
showed further increase. Movement
into sight, according to Hester, was
545, 600 bales. compared with S5s.000 last
year Exports for the week were con-
siderahly larger than they have been:
Visible supply Of American gained
1Ol 900 bales, to 100000, while the
amount last year at this date was
900 900 Visible OF all kinds jumped
l2O, 600 bales to 1858 900, computing with
4,125 900 Such figures are bearish, but
with spots so firmly held as they are
the effect is seemingly not manifesting
itself to any great degree, except in
possibly checking further rise In values,