The news scimitar. (Memphis, Tenn.) 1907-1926, 1918-12-05
COTTON MARKETS
Improved Feeling in Spots
Credited With Chief Cause
of Better Support.

O. 49, hfHHF "'F++'H $500
For some reason there appears TO be
a more favorable attitude toward cotton
values, and signs were not lacking to
day Of larger inquiry. Whether this Is
a cause or n result OF the better con-
tract market Of the past day or so is
for the observer to determine for him
self. The gratifying feature TO the
friends Of the staple is that the tide
apparently has turned-fOr the time be-
ing at least-and there seems prospect
Of tightening the load for the man be-
hind the bale.
The upturn did not go far, approx
mating something over IS "A bale for
near positions up TO the middle Of the
afternoon, but there was distinctly bet
ter feeling
More estimates OF the crop came TO
hand, the average Of 1875 members Of
| the local exchange, always regarded as
worthy Of notice, showing expectations
for an outturn OF IL, 1877. 0d0 bales This
was somewhat higher han those COM
ing TO hand recently, but as a price in
fluence 1t seemed to fall flat. Perhaps
this was due to the fact that the trade
Is giving more attention now to distTi-
button Of the crop and Is letting the size
of 1t take care OF itself. However, one
| or two wires said that expectations of
a government estimate neXt Wednesday
at a low figure helped induce some of
the support to futures, stimulated by
the fact that spots continued to hold
tenaciously at enormous premiums over
contracts.
News from the spot department was
one Of the prominent factors, and II
was more favorable. Advices told Of
holders as "A rule being without dispO-
sition to weaken, while the progress
toward lifting all the restrictions on
shipping, even though slow, was en-
%cOuraglng some support. Exports for
he day were also the largest In a long
| time, about az, 600 bales being cleared,
making a total so far this week OF about
1870, 600 bales and a season total OF l,4l5,-
600, There was apparently fresh hope
for more vessels to be allotted soon,
which was at least basis for disCourag-
ing pressure.
One report during the day had 1t that
the trade felt hat with the passing OF
the war industries board on Jan, |
would come An end to restrictions on
trading, but the more important o
turO was that there would probably be
the passing Of all bans on shipping, Sem
ator Smith was quoted as saying that
the administration favored letting the
trade get back to normal as rapidly as
| possible,
Liverpool did not show quite as much
weakness as expected, although finals
were off fully to expectations for the
distant months Tone was called quiet
bu steady and the list from 5 to 4S
points to the bad. Spots were II points
up, good midling to u, SD, with sales
/ 600 bales, Nothing was received.
First prices on this side were but
little different from last night and for
some little time there was but slight
change. January was up 10 points at
the start, at 26c, and after touching
2616c, it dipped to 25. SOC. Later there
came more buying, Liverpool doing some
Of it and sept interests also taking a
hand The option ran up to 26.6Oc, but
the list met resistance and a moderate
reaction followed. but without develop
ing weakness.
In the belt there was but little change
in spot quotations and business was
limited, but inquiry was better and
there seemed more tendency on the part
Of buyers to operate,
Futures closed SO to 10 points up, tone
strong.
New Orleans closed 1906 to SIS points
up, tone steady, Spots were unchanged,
middling %, csc, with sales 2,b42 bales,
Liverpool Is due to come 20 10 %
points higher.
In the local market business reported
was LOO bales, with quotations un-
changed, middling al. 29c, Inquiry was
said to be broader than for some time.
Spot sales: Houston 2,21S. Dallas
6.14l. Little Rock 500, Norfolk 1,4l2,