The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-01-11
BY GEORGE WILLIAMSON.

Nervousness characterized trading in
the speculative department of the cot
Ion market during the past week. but
net changes favor the bear side by
approximately S. a bale. There was
not a proportionate weakening in the
spot department ven in quotations,
and In prices. received for the bulk
Of business done there was probably
put little change. The explanation for
this lies in the fact that as futures
declined basis" increased, which made
the price paid the mai who was sen-
ing the actual about the same as it
g been. The main strength of the
affair continues to be in the spot de-
partment and the financial independ-
enee of those who are carving the
unsold part of the crop.
The range Of fluctuations was some
thlng. over 1875 points. the March OPP
ton In New York selling as high as
2T.tSc and as low as 26.14c. The latter
level was reached at the close of the
review period n the former at the
beginning. Net changes were 30 to 1922
points loss in New York and 81 to lis
IN New Orleans. the smaller declines
oeing on the nearest and most dis
tant positions. At the leading spot CEN
tiers middling ranged from CSC to 80. SOC,
Which is 81 to so points under where
they were n week ago..
TO the speculatively inclined there
was noI WuCH muuCement to activity,
except on a limited scale and for quick
turns, The larger influences had been
SO thoroughly worked out and dis
counted that the conservative policy
was the reasonable one. The bull side
was waiting for the promised spot de-
mand to show itself, while the bear
was adhering to the view that this
would be so slow in materializing that
the burden of waiting for buyers would
sooner or later have the, effect of in
duc1ng holders to turn loose at re-
duced levels. Neither side was over
confident and both were waiting for
developments, with apparently the bur
= den Of proof on the bulls.
Ginning Unnoticed.
As the bulls had been pinning most
or their faith on the promise Of larger
export ~demand-with seemingly good
reconsideration was directed in that
direction more than elsewhere. The
size of the crop and the available sup
ply. had both been taken into account
and opinions as to both were reason
ably close together, The census report
on ginning, which came Thursday,
showing that to Jan. l there had been
g,inned 10,761 900 bales, tended to SON
firm views that the government esti-
mate on yield was, as usual, slightly
below the crop, but this received but
passing notice from the traders and
prices that day were firm and some
higher. However, should the subse-
quent reports show that the crop turns
= out to be in the neighborhod of H.
100000 bales, excluding %linters, the bur-
den on holders will be considerable.
especially II conditions are favorable
for the new crop getting off to q good
The export situation is improving,
but the pace Us slow, and pending sta
bilizing of freight rates there seems
. small likelihood OF 1t getting much bet
! ter, There is hardly any doubt that
vessels are becoming avails Bile in in.
creasing numbers, while the tendency Of
rates is to go lower. OF great interest
n Importance was the announcement
by the United States shipping board
That reductions in rates contemplated
for Feb. l for vessels sailing from
South Atlantic and gulf ports were
made Immediately effective, showing
that boats were more plentiful, else
even insistent demand for such would
scarcely have been given notice. The
REDUCTIONS were equivalent to about
$3.50 a bale. "
While the lower rates for vessels op-
Grating under the United States board
were welcome and encouraged better
feeling, the effect was to upset bust
ness. temporarily at least, as exporters
who had allotments for British ships
at the old rates could scarcely be ex-
pected to use them and thus be at a