The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-10-09
NnTsrnN
CUIIUN llAlAAEIS
Weather Outlook and Spot De-
mand Bring Recovery From
Early Profit Taking Dip

Some indications that the cotton mar
ket is getting to levels where it has
two sides were in evidence today, al
though it was said that demand for
the actual was as keen as ever and
premiums paid were the highest Of the
season. There was some weather in
the belt unfavorable for the crop and
some of the map readers thought they
saw chance of cooler temperatures and
possibly frost by the end of the week.
There was a sharp recovery otter the
early dip Of about half a cent a pound,
but on the bulge profits were accepted
and the rise checked. The second re-
action, however, failed to disclose any
eakne of consequence and there was
good buying lone just below the level at
f, which the affair closed last night,
The spot department still constitutes
the main bulwark of strength and the
scramble for the stuff shows no signs
OF diminishing. Premiums on the grades
n kinds wanted are enormous, but the
bshorts seem helpless. There seems to
: nave Q a general awakening all of
a sudden to how short the crop is of
good grades. The calculations on the
extent Of October commitments also APP
pear to have been too low, and now
that efforts are being made to fill them
there Is no mercy being shown by those
who have Ii for sale. The willingness
to sell everything as soon as it can be
put on the table seems to reflect a feel
ing that the price is entirely satlsfac-
tory, and ii also means that the posi-
bilities lying behind a holding move
ment, later are many and worthy of Sc
rious consideration on the part of him
who would undertake bearish activities.
h map showed some liberal rains
over night in the upper central belt,
which naturally did some harm. but a
more threatening aspect was that more
rain was promised for the western belt
to be followed by colder and possibly
frost in a couple of days. The rains
will be bad enough, while a frost of
killing intensity would play havoc in
some sections. However, it was not Sc
riously thought that the danger of the
latter was very great. 4
Liverpool was at first a shade better
than due, then increased her gains, only
to drop back moderately, being as due
when our markets opened. The rest of
the session saw but little change, but
finals were steady at net gains of Is
points, middling to 2o.SOd, with sales
$4,000 bales, including 1000 American,
Receipts for the day were 1900 bales,
including LOO American.
Opening prices on this side were
practically unchanged, Decemner IN
New York being at 32.10, soon selling
off to 1888, the low for the session.
Then came supporting orders and some
Western buying, which supplied by
' hedge selling and some offerings from
the belt, evidently on the idea that the
rise was going a bit too fast, There
was acceleration to the rise when at
tention was directed at the weather
outlook and some of the advices from
the belt told of big business doing in
spots. December reached 1873 and then
reacted to 1898, only to recover to
around the previous close. Trading then
became less active.
Futures closed As to IS points off,
tone easy. -
New Orleans closed 80 to AZ points
lower, tone steady. Spots were up 81
points, middling at SAC, with sales
1853 bales.
Liverpool is due to come 81 to 80
points lower.
In the local market demand continues
keen and some very fancy prices are
being paid for sp~ecialties. 1t was said
on the street that go cents and better
had been paid for some staple bales.
Demand is keeping the tables cleaned
OF the good grades and staples. For the
day sales reported were 1850 bales and
quotations were up SO points, middling
TO SAC.