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

For the first. time in weeks an APP
parent disposition to accept profits and
be less eager for continued advance
was shown in the cotton market during
the past few days, although Il was
only after prices had reached new high
levels. Middllng upland was quoted at
40 cents and better at several Of the
leading centers, while contracts were in
new high ground. December in New
York touching 81 cents and 37.39 in
New Orleans. The rest Of the list was
up in proportion, but all were far he
low what was regarded as proper pari-
ty with spots and the latter were In
stronger position than ever.
The rise eliminated on Wednesday
and the tide turned apparently because
of the weakened technical position AID
the failure Of weather to be as bad in
the belt as expected. the cold wave
having been diverted without bringing
the expected freeze in the northwestern
part of the belt. Ominous conditions
in labor circles, the big coal strike
looming up at that time as almost GER
tain, also figured In the willingness to
play little more cautious. Moreover,
the satisfying of a large part Of the
immediate spot requirements had elm
mated one of the chief sources Of fur
there serious suggestion that for GER
tain kinds Of cotton the highest prices
had been seen. 1t was rather a case
OF playing safe, in view OF the fact
that nobody can tell yet what the spin
ners will do about the lower grades
or how much of the better they are
still compelled to have regardless OF
cost.
The reaction from the topmost points
was practically S. bale, but one fea-
ture that did not pass unnoticed was
that some of the big people within the
last day or so were apparently trans
fering their buying hedges to the dis
tAnt months, resulting in narrowing
Of differences.
For the period under review the list
in New York showed gains of IS to
so points, while in New Orleans they
were from 81 to 40 In spot centers
niddling uplands now range from SI,b0C
to 4050c, gains Of rs to 200 points
Augusta being the lowest and Calves
ton the highest of the larger markets
Advance eliminates.
On the first day of the week some
profit taking was induiged In, for the
ginning figures from the census de-
partment brought no surprise, by somt
being regarded as slightly bearish, ant
the labor unrest was widespread, Blu
ONtT CuHudy tltS ltdCNlOlihly lCOiiit
failed to spread, although weather wa!
better than usual. Liverpool CANT
strong Monday and eagerness for spots
was undimnished. Next day was thu
liveliest of the week and cables wer'
numerous and telling of the bullisl
feeling across the sea, which was helped
by some prospect for bad weather Tn,
upturn was rapid and without much
resistance, although chiefly in the nea
positions 1t was a question Of whether
more rains or frost would do create
harm, but promise of the latter seemed
TO get the call and prices rose. Th'
coming of two very small crop es.i
mates, both under 100000 bales, To-
short while gave strength to th'
market Wednesday, resulting in tn
record levels, but better weather turned
the tide, helped by the theory that tn
bull news was all out and the wors
was known. The next few days say
attention turned to other things am
much backing and filling, with the re
suit that the technical condition OF tn
market is believed healthier
The bureau condition report. issue
in response to the demand made NJ
congress by a limited number Of PEG
pie from the South, came on Frida
and was better than expected, its fig