The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-11-08
sY GEORGE

In spite Of the fact that sentiment
in the cotton market during the past
few days seemed to be more confused
than for some time and the reaction
ldea found a fairly wide hearing, the
period closes with prices higher than
they were a week ago and the entire
affair full OF strength. The bulwark
OF the bull side, the spot department, is
70 al appearances undisturbed and
prices are dictated by the seller, whose
IDEAS OF value have undergone no dim
mutton. They appreciate the scarcity
OF good cotton and expect no trouble
In getting their figures for the small
amount left, not being bothered by the
tendency 10 enlarge yield expectations,
because OF the big proportion OF very
low grade stuff.
On "Wednesday the market reached
IFS crest. The wild Scramble In Liver
pool attributed TO the fear Of frost Ia
the western part Of the belt and to the
rise In silver metal. with It's stimulating
effects on trade prospects, was the Inn
mediate occasion for the upward move
ment. December touched $500 and
March 1850 in New York, but lots Of
realizing was done on the rise, for the
technical situation was regarded as
much weaker and some things were
encouraging expectation Of n turn in
the tide. But the reaction during the
ensuing few days proved insufficient
TO do more than bring a setback OF
approximately 100 points, which was
considered indicative OF abundant un-
DERIVING strength The net gain for
the week was 105 TO n points In New
York, and from 1885 TO 6S n New Or
leans. but futures continued at levels
much too low for the basis Of spots,
In the spot department quotations
were pushed upward with little sign
Of resistance and were based on actual
business done. AZ the leading centers
IN the belt middling uplands ranged
from 20 cents at Augusta to AZ. Soc at
Galveston, net gain for the week being
from lao to 200 points. Business done
on basis was smaller, for II was less
attractive n the notion that the crest
had been reached caused many people
TO hold off pending some possible ad-
justment, either through elevation Of
"entracts or aono lowering OF spots.
Weather Improves.
Better weather and failure OF some
frost predictions to materlaliEe contrib
uted TO the spread Of the feeling that
prices had reached levels Justifying some
caution, With the cessation Of the rains
came sorne advlces to the effect that
the damage had not been as bad as
feared at first, being chiefly TO grade,
while some Of them said that o little
further p~ostponenlent Of, killing frost
would added yield. Thus there
was repetition OF history, for rarely Is
The damage from wet weather 50 ex-
tenslvo as seems to DO the case while
the rains are falling.
Helping to enlarge expectations was
q private report on ginning TO Nov. !
and nm accompanying estimate on yield
Its figures showing the former for the
period to have been about 800. 600 bales
more than for the corresponding time
IN 1918, while the latter was for fully a
million bales over some OF the recent
current guesRes. The effect Of this In
formation Vas perhaps greater because
the market was already slowing down,
but II served q warning as to the pos
slble figures from the census depart
nent on Saturday morning. n
The coal miners strike also was a
factor In the less aggressive attitude
on the part Of the bulls and others who
have been absorbing all offerings. II
was felt that the potential dangers at
tending II we're too great to Justify con.
tinued advance and from many quar-.
ters came advices TO prepare for pos.
sible squalls In the market. F1rmness
In tho money markets. attended by ad.
vance In rates for speculative purposes,
also tended to lessen confidence on the
bull side.
Volume Of sales IN the spot markets
held up well, regardless Of the fact that
the more pressing short interest had
been largely relieved. Belief In the ulti-
mate scarcity OF the good grades and