The news scimitar. (Memphis, Tenn.) 1907-1926, 1918-12-14
MARKET DROPS
ON CROP GUESS.
Larger Than Expected, But Support Given On De-
cGne-Export Situation Slow to Improve, But
Holders Of Raw Material Still Appear Confident.

continues. to be lack Of bottoms, but
there seems reason for expecting their
number to be increased ere long. IN
officially il has been reported that be-
ginning with February frcights are TO
be cheaper, which Is considered indlcl-
tive Of more vessels. Urgent appeals
for more room for cotton exports have
been made in other directions ana
some assurance has been given that 1t
will be forthcoming. moreover, allot-
ments already announced have been
large enough to assure a fairly active
demand. as the buyers nav been slow
to do anything pending more definite
information as to when they could
make shipments.
Granting OF through bills Of lading
has been allowed, but conditions under
which this win be Gone are such as
to largely nulify the expected relief.
Naturally the trouble ABOUT this Is that
vessels are so scarce and there is no
Intention Of letting cotton become con-
gested at the ports until vessels can
arrive.
So far a large share or the optimism
as to the export demand and move
ment is based on belier tina it win n0a
be long before adjustment al be made
and more ships will be available for
carrying cotton to the depleted store
rooms of the world. The vital impor-
lance of cotton and the small amount
held by the manufacturers, either in
the shape Of raw or finished material, is
regarded as assuring action as soon as
possible to get 1t across.
Exports Are Increasing.
During the period clearances for for
eign shoes were about 12T, 900 bales.
making a total Of 1,56I, 900 for the sea
son to date. To this time last year
exports were 1871 900. Subsequent to
this time a year ago export movement
tended to fab off, While 1t is believed
they win increase now which is eX-
peCted to give stimulus TO those who are
holding, they having already shown
marked ability in that particular.
The domestic spinners have not shown
much disposition yet TO provide for
their needs, although during the period
of easineSs the latter part Of the week
some support to futures was credited
to them, while they also did some price
fixing on call cotton. fhey evidently
are not yet convinced that the South
is going to dictate the price at which
it will dispose of the unsold part Of
its crop. There has been less hear6
about unsettlement in the goods mar
kets, but evidence is lacking of any
pronounced demand, and such is hardly
expected before the turn of the year
The rule Is that holiday feeling pre-
walls at this time, and this is to be
expected more now than usually.
Business in spots was not large any
Whe'e, out inquiry for certain kinds
of cotton was indicative of no particu'
lar objection to getting all that wa!
offered and at prices not much affected
by the reaction that mad taken place
in futures. In the local market sale'
for the week were $500 bales and mid
ding continued quoted at 29c. Business
here was chiefly in better class of riv'
ers, selected creeks anc a little in shor
benders. The estimated stock of un
sold Friday night was 1871 900 bales
comparing with $50, 600 last year ant
1S9, 900 two years ago, The main hold
ing continues to be at the uncounte'
points and on the plantation.
Movement into sight, according u
Hester, was 37S,0 900 bales, compare
with 1888, 900 last year, while spinner
took but 295, 900 against 800, 600. Thu
the visible supply of American made
relative gain of Ct 900 bales, 40
/, amounting to 1901, 900 against 1909 ,OO(
Weather conditions were fairly favor
/ able for picking and progress was mad
in some sections, although Interfere
/, with by the flu epidemic and by rain:
: Labor continues scarce and doubt
r expressed in the ability of some sec
: tions to get all their crop. 1t wa
, pointed out by some OF the bulls the
I ginning subsequent to December
would have to be very heavy, ADO
= II, 900, 900 bales, to bring the final fiE
. ures up to the official estimate Q
0 ! yield.