The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-12-17
COTTON MARKETS
Further Advance in Exchange
Helps Market, But Irregu-
Iarity Prevails.

Wednesday afternoon, Dec. Il.
Shorts in the cotton market were sub
jected to further punishment today and
the opinion grows that the end is not
yet Under the stimulus of sharp ad-
vances in the quotations for exchange,
sight sterling this morning reaching
about 3,ylm as compared with a re-
cent low oil about 1861, and more op-
tlmism regarding prospective credits
abroad since the Edge bill is regarded
as almost law, prices showed consid-
cradle strength. This was in the face
OF manifest disposition IN certain pro-
tesslonal quarters to play for reac-
tlon, although il was significant that
they did not offer to sell very freely.
The situation in the spot and nearby
months is such that there seems small
chance of escape from being squeezed
so long as spots remain above futures
and there Is so little cotton available
Tor delivery. In New Orleans a few
shorts were again compelled to pay
dearly for being caught December SELL
ing at 407Oc In the afternoon. In New
York the spot cotton is not showing
such strength, but there is no telling
when 1t will break out, for certificated
stock there Is very small There con-
tinues talk of about 30, 900 bales being
en- route to that center for January de-
livery, but this is still without con-
firmation and the way that option is
being absorbed does not indicate that
the bulls fear that 1t will not be
promptly stopped. The absorption of
the near positions is regarded as por-
tending trouble for the shorts as each
option draws nearer to maturity, for
spots are holding steady and some ad-
vices today told OF better demand for
them
Liverpool was due to come AZ to So
INnk 1t H. 1. 1.
sterling naturally had a tendency to
prevent it, together with the fact that
considerable raw material is arriving
on the other side and enables hedges to
be released. Silver was also off some
this morning. Finals were barely
steady and from 3 points off to u
up, the latter in the distant positions,
which indicates that the tendency is to
get the list over there nearer together.
Spots were off point on most grades
and sales were 1000 bales, including
$500 American. Receipts for the day
were $4,000 bales, including 22,2OO
First prices or this side were steady
and higher, Optimism based on better
export prospects and the spreading idea
that domestic money conditions are
getting better was a feature, as also
was the notion that the passing of some
of the labor troubles In this country
are favorable. March opened in New
York at 34.76, but there was a dip to
"a. 35c in short while. professionals
being against the affair and liquidating
some before support was forthcoming.
Liverpool bought more at the decline,
while the higher sterling rates helped
discourage selling ard the rise extended
almost to the opening high, A period
Of backing and filling and no special
trend followed. March in the meantime
selling as low as 34.20c. which proved
bottom for the session. In the after
noon the option sold up as high as
34.90c and seemed steady at the higher
level Trading was not large and both
sides seemed bit nervous.
From the spot department came ad-
vices telling of some Improvement in
demand, but it was chiefly for a few
kinds Of cotton Holders are very in
dependent and seem confident of their
position, The weekly statistics are ex-
pected to be more bullish this week
and the ginning figures, due Satur-
day morning are also expected to show
up bullish, as weather during the past
period has been very unfavcrable for
picking.
Futures closed 80 to Is points up
tone steady. New Orleans closed As to
points up, tone steady. Spots were
unchanged, middling at 4Oc, and sales
were 1896 bales.
Liverpool is due to come 10 to Is
points up,
In the local market sales were $500
| bales and quotations were up so points,
| middling at 40c.