The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-10-15
COTTON MARKETS
Weather Still Unsettled and
Spot Demand Keeping Up,
Checking Realizing.
Wednesday Afternoon, oct IS.

wednesday AlNcItOohg OGLs H.
Although there was considerable real
lSing in the market today and less in
dication Of a scramble for the actual, 1t
could not be said that any easiness ap-
peared. The traders seemed disposed
70 BE- q bit mere cautious about fol-
lowing the advance, but there was no
selling Of consequence and sentiment
SCENE to favor further rise.
News Developments were not very i'm
portant, although the weather In the
DELI was not good, more rains having
fallen In some sections, with promise OF
additional ones. The weekly summary
was regarded as somewhat bullish, but
this as usual was largely discounted.
The fact that buying power seemed 10
have subsidized a little was reason for
some selling, on the theory that the
rise has been too rapid and that the
market is In position to break sharply,
once there Is an excuse for II. Techni-
cally b affair Is regarded as weaker
b 1t was, although nobody expects
anything like a decline OF consequence
while firmnesS prevails In the spot de-
paItment to the extent now manifest
and there Is demand for almost every
bale OF good cotton offered at prices
new heard Of before.
Liverpool was due to come about 6
points TO the good, but started much
OCANGT LAAll NTAl ana lECIUAbCd nut
gains until during the morning she stood
40 to 50 points higher thar the previous
close. This was thought to reflect con-
Jinued scramble on the other side for
the stuff and private cables were en-
couraging to the bulls. There was some
realizing on the bulge and most of the
gains were lost, although recovery fol-
lowed. especially in the near positions;
The list at the close was from 20
points to the good to n TO the bad,
tone called unsettled. Spots were
marked up n points to 22.33d, with
sales $1,000 bales, including $500
American. Nothing was received.
At the opening the domestic markets
were up only a moderate amount ana
sentiment was mixed, resulting in tr-
regularity during the first few min
utes. December opened at 34.50c ana
touched 34.36c then shot up in a little
while to 34.76c. Subsequent changes
were within this range until later In
the day, when there was more offer
ing and December dipped to s4.15c.
There was better support to the bear
positions than in the later ones, re-
1lecting the strength in spots and some
talk OF a squeeze in December.
In the afternoon session when there
came reports Of firmness In spots prices
worked upward again, bur buying power
was less and there appeared to be
general disposition to be conservative.
NThe spot news was without especial
feature, except that business was re-
stricted by smaller volume of offerings
The reports from the wet sections are
that picking and ginning are badly in
terrupted and the coming report is ex
pected to make a bullish showing. Pre-
miums on the white and staple cottons
are enormous, but there seems no hope
of relief, while the short interest is still
far from satisfied, proving larger thar
anybody anticipated. Just what atti-
tude the trade will take to the lower
grades remains to be seen, but already
there are reports telling of some de-
mand for them.
Futures closed 2 to SIS points off, tone
steady.
New Orleans closed unchanged to 81
points of, one steady. Spots were vi
rs points, middling at 35c, and sales
were 1904 bales. .
Liverpool is due to come 16 to II
points off.
In the local market sales reported
were $500 bales, and quotations wer'
UNCHANGED, middlfn1 at 35.50c.