The news scimitar. (Memphis, Tenn.) 1907-1926, 1918-12-11
COTTON MARKETS
Market Says Before and After
Estimate, Which Comes
100000 Bales.

Wednesday afternoon, Dec. IL.
According TO the experts in the bu-
reau Of statistics of the department OF
agriculture at Washington the produc-
ZION Of cotton for the season is II, 100, e
Coo bales Of 800 pOunGs gross weight.
They estimate that running bales for
the season will weigh 505.S pounds.
which will compare with an average OF
602.4 last season, thus reducing the
estimate figures by n shade over one
per cent expressed in running bales.
The final figures on ginning last year
were ll,24S, 900 bales, ana two years
ago they were IL, 1853, 900, The estimate
ono year ago was below the actual out
turn, and he usual thing is for under
estimating TO be done, This naturally
gives rise to expectations for such this
year
The guess was somewhat above aY-
GRACE expectations, II, 500, 600 having
been about the dividing line. However,
the contentious Of those who were eA-
pecting IL to be larger had good basis,
the chief argument being that the same
department experts in the early All
made a guess that the outurn looked
TO he something over II 500, 600 provided
conditions during the remainder OF the
season were average, II Is CONCEDED
that they have been better. which nat
uarlly strengthened confidence among
those looking for the outturn to be
nearer IL, 600, 900 bales, In an Of the
estimates linters are not included.
The market was a normal one for
estimate day. Traders have for several
DAYS been preparing themselves Tor u
possible surprise, and today activity
was limited and both sides seemed
afraid to display any confidence How
ever. the trend Of prices during the
forenoon was downward.
Liverpool was due 10 show ittle
change. and no surprise was a Finale
a,nr 4hrrn tynrA nHtAI and steady and
from a point or to 8 up, Spots we're
marked down % points, good middliug
to q sod. with sales 500 bales. The
distant positions again showed more
strength than the near, Indicating thai
sentiment in foreign circles IL hardly
80 bearish as 4 was up 10 a short while
back.
In the domestic markets opening
prices we're slightly off from the preVi.
Gus close and there was 40 snap Of
consequence. Some encouragement WAS
had from further promises Of Increased
ahiproom, unofficial adNices from Wash
ington stating that transports might be
utilized for carrying cotton to Europe
after bringing soldiers home. but this
was not concrete enough TO induce ac-
tual support. After selling w to % 29c
the March option In New York kept
within r narrow range for some time,
but gradually Eagged along IN the after
lbflIl. Stlllllk " sir'fN IhTN 'N''AN ~
estimate was flashed. The next tick
was "a zoe. then 2i.60c and In a few
minutes AS low as 2i,3ac was posted
The decline Of nearly 100 points. how
ever. seemed to satisfy traders pend
ing some adViCes IA TO o the spot
holders felt about the report and what
their attitude would ne MS 10 turning
loose
The usual discussion Of the estimate
was heard. with no pronounced dlspo-
sition TO question its accuracy, al
though II was difficult for some people
to harmonic the smallness OF the gin
ming with the crops eariiness and the
conclusions OF the bureau,
News from the spot department was
scarce and OF no particular Importance,
for the waiting attitude was prevalent
there.
Futures closed "a TO % points off,
tone steady.
New orleans closed II to SO points
lower, tone steady. Spots were un-
changed. middling at 2S.b0c, with sales
467 bales.
Liverpool is due to come AZ to "a
points lower.
In the local market sales were 500
bales and quotations were unchanged,
middling at 29c,
Spot sales: Little Rock, 1918; Nor
folk. S76, Augusta, 27l Houston, 2,292