The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-01-18
BEARS ACTIVE
SUPPORT POOR
Sharp Reduction in Goods Prices and Limited Demand
Encourage Selling-Exporters Doing Little and
Cables Not BulGsh-Spot Holders Are Stubborn.

in contracts and quotations were gen.
orally lower, but offerings were nmlteu
and as a. rule without important con
cessions in price. At the close OF me
to 225 points off for the week, except
that in Memphis, and perhaps other
places, better grades were not similarly
reduced. Middling was quoted as low
as 26c in Norfolk and as high as Zsloe
in Memphis, with Dallas 2l.1oc, Hous-
ton 2S. soc and Augusta 27.25c, indtcat-
ing the i~rregularity OF value Ideas.
Business was slight everywhere, with
basis" much higher where transac'
tons were made.
Exports Are Moderate.
The exports for the week proved
smaller than expected, only about 10000
bales having been cleared, which COM
pared with 5000 last year and leaves
the total to date 215, 900 behind. There
were more promises OF early improve
ment in movement abroad, but they
failed 10 exert much influence on
values.
People who are still of the opinion
that there will be a much higher range
of prices before spots will be sold free
ly continue to pin their faith to the
promise Of material Improvement In
the export situation. They admit that
results to date have proven disappcint-
ing and that one reason why the mar
ket has proven so vulnerable was that
it was boosted too soon on mere prom
Uses; but they contend that the need
Of cotton Is just as great as ever,
and only patience is necessary to see
the demand forthcoming, The bearish
argument that 1t will be a long time
before financial arrangements can be
made for foreign buying on a large
scale and consumption can not increase
rapidly because of war effects is dis
| ,~,,1unI Ne ra1SrIH-xy Tknny nzanRf that
it will not be long before shipping VII
be plentiful and the lower cost Of
freight will be ample inducement to
buying in liberal enough volume to
disarm the bears and force prices back
to where those who are holding It
opments have put a quiftus on him
who talks of rs cents, although there
are some, of him left.
The matter of freights is still un-
settled, n toward the end Of the
week some claims were made that
made. 1t was also reported that the
British board Of control would release
a large amount of shipping, with a
probable Stabilizing of rates, but con-
firmation was lacking and the enor-
NOUS food requirements abroad seem
hardly encourage expectations Of any
thing but scarcity for cotton for a
time yet. 1t takes an optimist indeed
to talk of the seasons exports going
over 5000, 900 bales.
The statistical position continues
bearish, but not more so than 1t has
been. 1t is receiving more considera.
ton. however, as the time draws neal
for observing conditions likely to af.
feet the plans for another crop. The
weather recently has been such as tc
prevent picking, and this may to some
extent lessen the final ginning figures
but the average man seems to thinl
the crop will be about 70, 900, 900 bales
The disposal of the unsold portion
of it will be closely allied with ~tht
sort of start the next crop gets ant
how plans for acreage will be made
Just now discussion as to fhese pToba
bilities Is warming up and the enor
nous discount at which October il
selling, at about 30 cents, would seen
to indicate that traders feel that Their,
will he a considerable carry-over o
raw material. 1t is too early to max,
predictions as to acreage, but the fac
that within the past day or SO som
smart people have been absorbing tn,
new crop positions would indicate tina
$ it Is felt that the bears might easil
t get themselves into a hole.