The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-10-11
BIG BUSINESS
DONE IN ACTUAL
Scramble for Cotton Indicates Large Short Interest
and Awakening On Part of Spinners-Bulls in
Saddle and News More Encouraging-Selling Is
Free.

| Of the belt ~unfavorable weather, which
was interrupting picking and lowering
the grade as well as lessentng hancea
OF weld. Rains were quite liberal over
a large part Of the Southwest, n a
cool wave was headed that way, Civ
/ ing rise to concern over the fate OF the
late part OF the crop. As the bulk OF
early commitments were for the better
grades and qualities, as is the case
usually. this stimulated rush to buy,
from which there was snail cessation
as the week advanced. There was lit
tie else to the market during the rest
| OF the period and the only check 20
the rise was due to selling OF hedges
and willingness on the Part OF some
Traders to accent profits The frost
scare which doomed up Friday. threat
tRing q bring freezing 10 part OF the
lelt, was the climax TO the bull news.
There had developed the day previous
llore disposition TO accept some prof
its, despite the enormous sales of the
actual. but this fresh menace rtarted
shorts covering and more support from
made interests and prices scared again,
although not quite to the top. Again
there came increased Offctlngss but
they were well taken care Of and finals
were not very far from the highest.
December In New York touched 33.35c,
which was 29s points over the lowest
point recorded on last Saturday, and
more than 500 points over the lowest
level touched by the market some
weeks ago when gloom was so thick,
Talk OF IS cents or better shortly has
been rife, but there seems little dispo-
sition 10 take the lead away from the
spot department. so the course OF prices
win depend largely on continuation OF
the demand.
The weather for the next few weeks
will be important, for In some sections
frost can do a lot OF harm. There Is q
lot of the belt, however, where II VIII
not count. The entire trade seems 10
realize that the proportion Of good
grade cotton Is small. and IL is Of that
sort that the world Is so hungry for.
when this Is In a measure satiated
there will naturally he n turning to the
medium and low grades, and then will
come the real tcst. The free selling
Of the early receipts at high prices 10
placing the producer and bolCer In po-
sition to he a dominant factor In de-
%termining the price at which n rest
shall be sold.
There continues to he little change In
foreign exchange, sterling having de-
cllned moderately during the weck, II
anything mich Is hling done to alle-
vlate conditions little is heard OF y.
but apparently there Is sufficient credit
available for the time being to take
care OF all that is being offered.
Movement Is picking up and exports
are expected to be larger ere long, al
though they have been running very
small curing the past few days. Ac-
cordipg TO Hester, there came into
sight during the week 302, 900 bales. COM
pared with $50, 900 same week last wear,
while spinners took 1880 bales
against | $4,000 a year ago, Relative
changes in the visible supply were
therefore small. Statistics. however,
are not cutting much figure Just at
this time, but will do no after the rush
Of October commitments ends,
In the local market there were sales
Of 17,400 bales, while net receipts were
1886. Some very fancy prices were
paid here. several bales changing hands
at 60 cents q pound.