The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-05-24
vances.
sY GEORGE WILLIAMSON,

AE0FSE W0SNf
&otton values ascended sharply dur
m the past week and II wal done with
su% ease that stimulus was given to
some predictions hat TO some OBJ
servers sound rather extreme. Quota
tons reached and passed 30 cents for
pected by those following the lead OF
the all Is hat all the new-Crop
months viii do the same. 1t is a com
nor matter now to hear talk OF 40
cent cotton before the summer ends,
q II there should be the usual crop
mishaps such an eventuality would be
fighly probable. Some Of the bulls
predict that II viii come, even II
the crop fares as well as the average,
basing such expectations on the world
shortage OF raw and finished material
and the likelihood Of efforts to supply
at least part OF the deficiency,
Cams for the week were more than
$40 a bale IN contracts and nearly that
much In spots, although IN some OF
the centers il was claimed that the
business done in the actual was at
better than quotations, In New York
futures closed 20i to 270 points to the
good, while New Orleans was up 20o
TO 270, fall and winter months gaining
relatively on the summer. Spots con-
tinue to maintain sufficient premium
over futures to discourage prospective
deliveries, although on the final day
for trading In May IN New York cir
eulation Of notices for 5000 bales caused
that option TO drop 80 points, This
perhaps helped explain why July PREM
ium was sliced a little during the week,
for some claim II is possible to make
deliveries on that month of cotton
which was bought sometime ago n
for which there is at present not the
commercial demand there is for other
kinds.
In tho spot department sales were the
largest OF M week since the war
started, n price seemed OF secondary
importance, Demand was almost what
might be termed a scramble, and this
was reflected in the contract depart
ment. II was claimed, in fact, by some
people that many OF the spinners did
not wait TO cover their needs in the
spot market but bought contracts and
thus helped to strengthen values by alb
sorbing everything offered Paucity Of
offerings and the fact that so much
of the buying was done by spot and
closely allied interests tended to con-
geet the situation and make il easy
for bulls to shove prices higher with
out encountering resistance worthy the
name.
Liverpool Buys Freely.
Liverpool was the source OF much Of
the bullish encouragement. Trade con
ditions over there apparently are rapid.
1y returning to normal, and the small
sAtNtohAlN VI lHN "a VIZ iiatlN NiAti y
naturally accumulated the desire to pro-
vide It as orders for finished material
we're booked. The scarcity in other
directions was equally as keen, while
the deficiency In finished products af-
forded a potential outlet measured only
by the ability to provide financial re-
Quirements therefor, As yet nothing
suggests that such are not ample, al
though In some conservative minds
there are doubts as TO the wisdom Of
overlooking the danger of ov%erexten-
sion. Bulls on the other hand, how
ever, contend that in this time Of in
flated n expanded currency there is
no danger Of cotton credits not being
ample for a long time.
In the United States there seemed
no limit TO the demand for goods, and
prices were steadily expanding. So
much business has been booked and
luying has reached such an extent that
some lines were reported being with
drawn, In part due to exhaustion Of Of
ferings, but also In an effort to restrain
the speculative element, With such a
state of affairs II was quite natural
that there be marked increase in de-
mahd for raw material or absorption of
long contracts as hedges against the
business being placed on the books.
The new crop was not faring we'll
which created q feeling of anxiety
Temperatures were abnormally low
frost level being barely missed on one
or two mornings In some sections,
which prevented the crop from making
normal progress and damaged some
fields so replanting win be necessary.
Too much rain was also reported and