The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-10-10
COTTON MARKETS
Scramble for Spots Continues,
But More Disposition to AC-
Cept Profits on Rise.

EThuAy AlltIuOons OGNs ~.
Scrambting for actual cotton was
again in evidence In the market today,
but a new factor VAS injected to help
me u Of the bulls and check the
disposition to take profits. Il was the
Q wave with its promise Of frost In
proved = big bunish help and prices
were steady throughout the day and
averaged well above the previous close.
Ihere were also more rains In part Of
the belt, which was against the bear
size, as i damage to grade.
Of the main sources Of strength, for
there apparently has been a rude
awakening in that direction to the
shortage OF the sort Of cotton they most
like, the better grades and the sta
pies. Prices seem secondary to them
and rising basis does not lessen their
anxiety, The btgnese OF sales in that
center, $4,000 bales changing hands
there today, making $4,000 for the past
three days. reflects their hunger. That
70 the bad today, but instead the de-
cline at the opening wa only about
half as much. Improvement set In at
c and by the time Of opening over
here all losses had been regRined. News
from this side as to the weather and
the enormous sales Of yesterday. n
of the largest days business ever had,
caused that market to be steady until
the close, finals being I t 10 points
net to the good. Spots were off 8
points, middling at 26.7td, and Of the
$4,000 bales sold. 5000 were American.
bales, and none Of that American.
Manchester advised that business was
encouraging In cloths and yarns were
firm,
First prices OIL this side reflected
firm cables and the weather MAJ news,
which pointed to frost In the Panhandle
section of Texas and In part Of Okla
homa. Temperatures this morning
were lower there, and there seemed
good prospect Of light freezes tonight,
cial forecast. 1t was feared this might
work further into the belt and thus 40
considerable damage. The result was
a rush of buyers into the market where
offering were limited. December opened
at $3.50, UP g. points, but there was
hedge selling against the big purchases
of the day before. The option touched
as low as 32.76 and then worked up
ward, helped by more advtces OF rain
in the southwest and OF big busines
being done in the actual at full prices
or better. December sold up to 1880,
within five points Of the top Of yester-
day. when more realizing was done. the
list dropping back to around the open
ing. But the spot news was too bulisn
and danger OF frost TOO great W VA
courage much selling, and up to q shorI
while before the close the HIST held most
of its gain.
There was hardly as much business
done in spots as yesterday, but 1t per.
haps was because offerings were not SO
large. The exports for h day We're
larger and there are prospects OF tnem
increasing soon. Statistics were not so
buIlish as expected. takings by spinners
failing to equal last year. while tne
falling off In movement into sight was
less than II has been. But the spot de-
partment Is paying small attention 10
them now, being intent on selling as
fast as possible at prices dictated by
the seller.
tone barely steady.
New Orleans closed AZ to % points
up, tone steady. Spots were u~nchanGed,
mjddlinR at 34c, with sales 5,SS7 bales
In the local market quotations were
up 50 more points. middlinF az $500
while sales reported were $500 bales
There Is no sign yet Of Diminishing de-
mand here and tables are cleaned every
day of the kinds wanted, while prices
of such are almost nominal.