The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-07-12
BY GEORGE WILLIAMSON.

ri
lhlrty-tiVe cents for contracts served
TO give further emphasis in the cotton
market TO what the public and trade
In general think of the prospective sup
ply OF the staple and Of the possibili-
Ties that lie before the crop. That level
was reached and passed on Friday, thus
confirming many predictions and givins
stimulus to predictions that much high
err ones will be reached before the sea-
son passes. Final prices for the pc
Rod under review were but little under
the highest, indicating the state of sen
ttinent and the ease with which profit
= aking was absorbed.
The market had several things to in
tluence 1t, and most of them apparently
favored the bull side. The general
tendency of all staples values to as
cend Included cotton, but behind it all
was the insufficiency of the supply,
= actual and in prospect, for what it is
believed the world will require. OF
course, the initiation which permeates
everything was a factor made
higher prices easy to obtain, for there
seems little chance of the upward trend
being checked until there is filling up
of some of the vacant spaces in raw
n finished material and an enlarged
supply.
The volume of trading was not large
IN proportion to the movement of prices,
and the same scarcity of sellers noted
for many weeks prevailed. Realizing
for profits was literally INDUCED in,
but the reaCtionists failed TO make
much progress and the idea that the
bullish features had been pretty well
discounted failed of naturalization,
The highest levels of the week We're
reached on Friday, when October sold
at b.20c and the list was up in pro
portion. In New York active positions
for the week showed net gains of $50 tC
217 points, while New Orleans gained
1856 to 209, the more distant positions
being stronger relatively than the near
In the spot department business was
fairly large at some of the c%enters, but
at others 1t was moderate, attributed tC
the character of cotton in stock and tc
its availability for early export. Mid
ding uplands range from S3c at Nor,
folk to 35.10c at Dallas, the gains fol-
the week ranging from so to 1870 p6Alts
Ratification Helps Bulls.
One of the influences helping the up,
u was the ratification of the peace
treaty by the Germans, that tending t,
encourage expectations and an early
opening up of the trade with that eoun
try and a consequent expansion Of de
mand for cotton. Although it did no
result in any material rise, the fac
that 1t was an actually instead of jns
"a prospect served to push values VI
and to inspire confidence in highe
nrices. That it was the occasion for al
early opening up of Business through
lifted ~embargoes was indicated by tn,
i, news coming to hand or Friday from
the state department at Washington It
the effect that in only a few days trad,
= would be resumed, and that among tn
things most needed were cotton ant
cotton products. This latter bit of new
again stimulated bullish activity an
higher prices, although there are still
some people who are dubious about tn
extent of business that will be don
pending light on credit arrangement
for paying for these things.
Another factor helping to boost val
ues was the announcement that tn
Manchester labor troubles had been ad
justed and the operatives would re
turn to work in a few days, thus open
ing up channels for larger use of cottor
There was active buying by Liverpool
on this.