The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-04-12
BY GEORGE

Increasing OPTIMISM as 10 the prog
ess made in Paris coward an cal y
beace was n Of the main Underlying
factors in a moderately higher market
uring the past week. Instead OF con
inued deadlock over some Of the dit-
erences of opinion as to what dlsno-
ition should be made Of some OF the
outstanding problems. there was APP
barently more readiness to get to-
ether and make progress toward the
Ind which is so devoutly hoped Ior
In practically the entire world. Ad-
lices toward the close Of the review
beriod seemed to indicate that much
bad been accomplished and it would
bot require much longer for the re- !
lnainder to be adjusted sufficiently TO
low the terms to be placed before
The enemy countries and have them
ligned. This idea was thought to be
factor in stimulating more favorable
IoAditions In the distributing end of
he goods markets and thus help de-
hand for the raw material.
Continued delay to the start for the
hew crop and no letup in the agita-
ion for acreage reduction also figured
n the underlying strength. The wealth
lr has not been such as would admit
IF overcoming much of the lateness,
lind best opinion seems to be that the
lstart is from 10 days to something
over two weeks behind normal, with
conditions hardly conducive for catch
ng up soon. The initial weekly weather
ind crop summary emphasized this
~ateness and also mentioned that in
he early sections in Texas the stands
were none too good and some cotton
was turning yellow. Cool days have
loeen against progress, while consider
Iible rain fell in many sections OF the
belt. The incentives to large plant
ng to other crops have also continued,
For feedstuffs have advanced to levels
LhoA v,Dn, 1nrrar nngt Of nnftnn nFO-
luction than last season, If the South
has to buy its supplies,
Acreage Ideas Forming.
But one report as to acreage was
ISSUED, and the idea seems to be grad
ually crystallizing that the reduction
Twill be at least Is per cent. Opinion
outside the belt is that the chances
flavor h a much cut, but many people
seem to think that not necessarily as
surance that yield will be down suffi-
'ciently to have much effect on cur
rent prices. The bullishly inclined are
hopeful of larger reduction than that
and they are likewise pinning faith on
1.-THE effect of less fertilizer and poorer
Equality and the expected de~predations
.of the weevil. Many of the advices
looming to hand stick to the contention
Ibut the conservative observer is dis
posed to keep an open mind and await
lcoSditions during the planting period,
which is just about arrived for the
upper sections.
Enlarged demand for raw material,
Especially for the lower grades, which
sfqc long have been in d~isfavor, was the
V.rtpst encouraging feature of the week.
Importers supplied most of 1t, and
ssdhe of this was due to improved re-
aports as to trade conditions. Liver
Npool most of the week was disposed
Nfn hA 70 ynrahla tn unllaC DlthA1Vh the
mills in Great Britain were on the
eve of a temporary shutdown. 1t was
reported that some important buying
flor Germany was pending through neu-
trail channels, while the French gov
ernment announced that between nov
for that country of 100000 bales, al
Though shipments would not start until
June /. The attitude Of the domestic
spinners as to buying was still rather
vague, although 1t was claimed that
even they were more disposed to take
some Of their needed supplies and that
the discounts on the. low grades were
/ inducing larger purchases. h fact
that in some markets the low grades
were considerably higher than the sac
rifice levels of the previous few weeks,
compared with quotations for the white
varieties, while some of the latter were
at a lower basis, tended to confirm
claims that some Of the prejudice
against the former was being elimt-
mated. More disposition among holders
to stiffen in their Ideas OF alu helpeo
to encourage shorts to cover and in
duced some scattered speculative buy
ing.
The upturn in prices reached Its
climax on Wednesday, when new JUL
in New York sold at 24.98c and OCTOBER
at 2S.39c. Cables that day were dlsap-
pointing, but the bullish weather news
served to stimulate belated short cover
ing. Realizing and larger willingness or
the part of the South to sell turned the
tide and a little more than 100 points
were Topped off before the week closed
In New York new contracts gained fol
the period As to 1870 points, while New
Orleans gained SO to 122, distant months
being steadier than the near. Interest
IN the old style was visibly reduced ano
changes were irregular.
Speculative activity was moderately
large, but there was increased interest
in the fall positions. July narrowed hel
difference with May, for the protes'
SIGNALS seemed to realize that there was
small chance of any more deliveries or
\ the midsummer position han the nearel
NIne and that spots were so well helt
that it was futile, to expect much OF
either. The technical condition of thu
market became weaker as shorts Wert
satisfied and spot demand failed to keel
the pace it set, but opinion was tina
unless there was a change in the cur
rent OF foreign news or the weather
turned off ideal and stayed that way FOL
a time material decline was improb'
able.
Statistics continued bearish and con
tributed to the reactionary feeling
Movement to sight is not heavy, but tn
smallness of takings by the spinners re
1 suits in further accumulation relativel.
in the visible supply. According u
Hester, there came into sight during
the week III, 900 bales, compared witt
10S,0 900 a year ago and fol-, the SAM
week., while s%pinners took but 1891
bales against 233, 900 q year ago, Tn
gain in the movement to sight wa
5000 bales, while the loss in taking
was "a, 900, making a relative increaS'
in visible supply Of American 1880
for seven days.
In the leading spot centers quotation
were from unchanged to rs point
higher for the week, although In tn
local market it was said that some o
the low grades were up W cents o
more from where they were selling
week or so ago. Mtddling upland range
from 26. 25c to 27,10c at the LEADING
sales were %, 800 bales, the bigges
amount for one week in a long time
and the unsold stock was reduced t
225, 900 bales. Business In other center
was not in proportion to this, but thel
stocks are not so heavy:
With the Easter holiday period JUS
ahead and the market apparently
.-To-sided affair the speculative elemen
will probably go slow pending eVents
The government will, on Monday, issu