The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-05-24
Speculative Features.

To the speculative trader the week
was satisfactory. provided he was on
the bull side. otherwise II was a daily
counting Of bank balances and frequent
writing of checks to meet margin calls,
Trading was not heavy at any time,
but IL bore the earmarks Of legitimacy
more than is usually the case when
changes are so violent. That some
purely speculative buying was done ad-
mits Of no doubt, and the technical!
| position Is weaker bar II was; yet
there has been such a steady ABSORB
ton Of the actual and trade accounts
are so favorable that much healthy
liquidation has taken place on the way
up, Reactionists found that they had
to be content with little, and the ease
with which prices have risen, some
thing like $50 the bale from the sea
sons lowest, suggests that 1t viii ne
precarious for anybody to oppose the
tide. so long as the leadership Is where
1t is and there seems such close at.
tention to what transpires in the spot
department,
The market for the first three days
Of the week had an upward trend, news
developments being without any marked
feature other than previously outlined
Lots Of liquidation took place WedneS-
day, helped by the better weekly than
expected, but 1t merely afforded a bot
ter buying basis for the bulls, who
were quick to take advantage OF the
opportunity. Liverpool came strong on
Thursday and prices jumped over 100
points on this side, July in New YORK
selling at 30.37c and october at 20. Toe,
but the latter next day made a new
high, selling at %, Ice before reacting
moderately,
Whether the %discounting process has
been too rapid and there Is likely to
be II period Of backing and filling Is
what starts arguments. Sentiment is
still leaning to the bun side, but the
~ ocess attending efforts of that side
naturally bias many people in favor
of giving more weight to their argu-
ments than to those from the opposite
| side, The probabilities are that weather
conditions will be important In their
bearing, and II there Is not a change
for the better soon the bulls VIII nave
no trouble taking values where they
want to,
The statistics are expected to be-
come more bullish from now on, Al,
though exports SO far are light anu
there is still IL big visible and invisible
supply With the larger supply OF shlpS
promised 9 month, and to be, IN
creased each month, exports are likely
10 jump sharply. But the South has
carried "A big supply SO long and with
such an absence Of distress that the
effect OF big supply figures Is as SAT-
which has lost It's SAVIOR, The big safes
Of the past few weeks have lightened
the burden of the holders appreciahiF,
and II Is recognized now that "A big
part OF the supply is only awaiting
movement from the belt to the mills,
In the local market sales for the
week were l4,S00 bales, but they would
have been much larger II offerings had
been made. The unsold stock has been
put down to 100, 900 bales, which com
pares with lS1, 600 last year, The only
reason that shipments are not larger
is that exporters can not get freight
room. Quotations were elevated lS'
points here during the week, middlinl
to SOc, but 1t is claimed that the bull
of the business IL being done at bettel
than quoted values, especially the lower
grades, Middling at the leading center'
In the belt ranges from '2s.5oe to a'
high as 3l.75c.