The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-04-26

their bookings Of finished goods. But
little was said about buying for the
continent, vet some Of the frmness
shown in Liverpool most probably re
Elected this. The big factor was that
1t was felt that I've in the race OF
continued difficulties in meeting all the
problems Of the peace table success was
sure and the worst merely meant some
delay as to certain details.
American consumers apparently ad-
hered to their attitude of comparative
Indifference, although at times some
demand vas credited to them. II was
felt generally that they would continue
to buy gradually pending the acreage
question and the sort Of start the new
crop gets. Their reserve stocks are
! relatively large and apparently they see
no promise of scarcity n time soon'
Spots Are Active.
Spot holders nave been firm in their
demands and their independence In
creases as values have enhanced. How
ever. the disposition to turn loose at
current levels has been general, for 1t
Is recognized that a large yield next
fall will put them in an unfavorable
position. In the Memphis market sales
totaled q, 800 bales, most OF which was
staple cotton, the sOort varieties having
been in d~isfavor. The unsold stock here
was cut to 193, 900, which compares with
1874, 900 one year ago. Prices paid for
a large part of the turnover were con-
siderably better relatively than the
quoted grades were compared with
those ruling two weeks ago.
The statistics are still quite bearisE
and the visible supply is still gaining
compared with what 1t was a year ago.
The movement into sight is running a
little larger, chiefly because receipts at
ports are larger, which reflects the bet
ter export outlook, although c~learances
so far are not meeting recent eXpecta-
tons. There continues a scarcity OF
ship space and rates are stiff and
somewhat higher, but the idea prevails
that 1t will not be long before better
things will be in store, Exports for the
past week were nearly 100000 bales
but the seasons total is still only $3.50, =
900.
Spinners are still taking sparingly,
but in this respect, too, there is ex-
pected improvement before a great
while. The firm attitude of the holders
and their recognized ability to carry On
the fight they have so well conducted
to this time seems to offset the bearish
ness of supply figures, but as values
reach levels regarded as high enough tc
discount bullish influences there Is
ready liquidation. This has been the
case during the past few days.
The question of what acreage will bt
is still a matter where opinion divides
The suspicion that some of the bullist
activity in he market has been In
spired by a desire to upset il possible
some of the reduction plans was in
dulged in, but largely because history
shows that frequently this has been thu
case, and with more or less success
The saying of a lamented local cottor
man that it frequently happens tina
farmers plant corn or something elst
during the reduction campaigns, but
proves to be cotton when 1t is out o
the ground is recalled by some who en-
tertain doubt as to TO- much acreag'
will be cut, The incentive to planting
heavily to corn and feed crops remains
in fact, it is greater than ever, 70,
there has been a steady rise in cost o
grains and provisions, which mean
that the cost OF growing the cotton crol
Is increasing, Some Of the reports dur
ing the week suggested that ther'
might be some disappointment to thos
who are looking for large reductions
but whether this was based on fact o
merely wishes to further bearish effort
remains for time to determine.