The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-01-03
By GEORGE WILLIAMSON.

With the passing OF the old year came
no relief for the cotton bear and the
story Of what happened during the past
elicits but little nat Is new. II was
simply a continued effort on the part
Of shorts to protect themselves, while
sellers were few and disposed to turn
loose only on the hulges. Apparently
the dominant influence was realization
that strength in the spot department
Is adamant and there must be passing Of
the discounts at which futures have
been selling compared with what spots
Will cost in the belt. Less progress
was made in the adjustment process
than during the previous week, although
IN Liverpool ii partook of what might
be termed the sensational. Gables in
dicated that the scramble over there
was due to a practical cOrnering OF the
desirable cotton for nearby delivery ana
to abandonment OF hope of relief. 1t
was simply a case of walking up and
paying the price demanded by the hold
er of the long end of the contract or
Preparing to make actual delivery, with
%spinners having all the business they
Gould take care of n proffers OF more.
with seemingly no regard whatever for
prices.
The period was full or interest, but
trading was not heavy and most of the
inspiration came from abroad. Failure
of tight money, call rates going as high
Nf - Pc NSAAk " iAiaNAt AAHulddNlbll L
consequence stimulated confidence
among those who were bullish. while
the holders in he belt were finding no
trouble getting what they wanted for
their good cotton n interest in some
of the other was broadening. There
seemed little question but that demand
would soon be forced to turn to the
lower grades, as reports indicate that
the others are so scarce that prices
thereon may reach unexpected levels
during the next few months.
Professionals Bearish.
In New York professional sentiment
was reported as leaning to the bear side,
the chief reason being the stiffness of
money and repeated warnings that steps
were being taken or contemplated for
Curbing the speculative mania and rise
in values. Such, however, failed to be
Of much effect when Liverpool was com
ing so strong and there seemed no limit
to the demand from shorts. The week
ended without ANYTHING indicating that
the foreign appetite for cotton had been
alleviated or relieved, The January OPP
ton in Liverpool gained for the week
practically $25 a bale and the premium
over that option in New York was
rearly 1880 cents a pound. or nearly
800 a bale. Such differences are UNI
usual, even while exchange and freight
rates are so abnormal, and 1t was the
lllVOi Y u HOlIlt lIdutIS lildL SuCn WDulu
certainly stimulate strength in spots or
this side, although most reports for the
past day or so say that new business
with the foreign market Is slow.
In New York net gains were So to
eight points, while in New Orleans they
were 81 to III noints, response having
been made in the Southern market to
gains recorded in New York last week
while holiday was being taken at the
former. Contracts are not up to pari-
ty with spots yet, but differences are
narrowing and the idea grows stronger
that each position will draw nearer as
time for maturity approaches, In the
spot department quotations did not
change much, the leading centers show
ing a gain Of so points TO a decline of
25. middling ranging from S9.25c to
42.50c. Volume of business done was
somewhat improved over the week be-
fore and considered excellent for the
period Of the season, but restricted by