The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-10-18
nN nEnRaE WILLIAMSON.

III ~ AGOE11
Confirming the axiom that a scared
short Is the best of all bulls, the events
Of the past week were in some respects
without precedent There was almost
no diminution In the scramble to get
possession OF the available supply ~
the better grades and staples on tne
part of the spinners or their agents,
the people who some time ago con-
trscted to get them. The apparent sub
sidence Of demand as reflected by
smaller volume Of sales in the belt was
explained bv the average man who
claimed 10 be hest posted to the re-
duced supply rather than to the bear
ish contention that the crest had been
passed and the short interest sufficient
ly relieved TO enable those who remain
to be subjected to less punishment n
anxiety for q time.
The bulwark Of the market, which
was a distinctly bullish one, continued
Gin the spot department, and quotations
therefore maintained their premiums
over contracts. with a widening Of diff
ferences between the near and distant
positions. Some talk toward the latter
nart Of the week was heard 70 the et-
feet that It was merely a Haatter OF
short time before there was to be 3
return to normal differences, as In some
important speculative quarters already
there was some disposition to transfer
long holdings to the later months as
SCOT requirements we're being relieved,
To the average observer these things
were too technical, the chief thing be-
ing that spots were firm and way above
parity with futures and there was sale
for every bale of the better kinds OF
cotton, with M occasion for worry over
the lower grades.
In the contract department in New
York the list finished the review period
at gains Of $40 to 10 points, while New
Orleans finished at gains Of so to 20
The Northern center responded thus
more RAPIDLY to the spot situation than
did the Southern, but both were TOO low,
for actual spot quotations and PAID
prices.
High Spot Prices,
At the leading ceA1srs in the belt
middling uplands ranged at the close
from S4.50 at Augusta to 81 cents al
Houston. while the higher grades any
STAPLES we're much higher, Volume Of
sales was hardly so large as for tht
previous week., but it did not seem tc
he due to less hunger on the part o.
the buyers. In the Memphis marke
sales were larger. totaling 20,7OO bales
but this vas one of the few center'
where offerings were larger. sales werI
reported here as high as 60 cents 9
pound, with plenty OF lots changing
hands above 50.
Weather occupied much of the trade
attention, for it was closely ASSOCIATED
with the fate of a considerable portion
of the crop. There were lots OF rains
liberal in most of the western and tn
upper central belt. To the east the
were not so heavy or frequent AM
thus what crop remained in the field
did not suffer so much, although tn
official reports said that picking wa
nearing completion in the lower dis
tricts. The result of so much precipi
tation was interruption to picking an
ginning and damage to the open par
of the crop, while maturity Of the lat
portion of the fruitage was further de
Iayed and thus made more suscepttbi
TO frost damage. 1t was conceded tina
the bulk of the harm was to grade, al
though some advices said that the rain
had been so heavy as to reduce tn
quantity.
but neither brought any frost Of conse
ouence, the only ones reported beini
in the extreme northwestern sectio
and light. But the GOODNESS checke
maturity OF the fruit and was not favor
able to the CROPS 1t was %contende
that a partial offset for the injury fror