The news scimitar. (Memphis, Tenn.) 1907-1926, 1918-11-29
COTTON MARKETS
Trading Continues Very Much
Restricted and Moderate
Reaction Is Had.

EllAdb -AlAHA lNA4tt NV 90
Nothing transpired over the holiday
to alter prevailing sentiment as to cot
ton values and moderate losses were
sustained today. There is no sign yet
OF Improvement In demand for the aC-
tual, and the burden Of waiting for 1t
is still on the man who is holding raw
material. The foreign buyers are do
ing but little. and those representing
the domestic mills seem impressed to
walt longer. evidently feeling confident
that they can fill their requirements
at a lower level. In the meantime the
process of trying to adjust conditions
goes ahead slowly, with the burden Of
proof manifestly on him who would
see values sustained.
There is but little said about the
size OF the crop, although the approach
Of the time when the government win
issue it's cumulative estimate, pre-
sumahly about Dec. II, naturally turns
some Of the discussion TO its probable
showing The fact That tomorrow Is
the last day to be Included IA the next
report on ginning also tends to cause
some discussion of its figures, but not
enough to induce traders to give Il
much weight. Truth seems to be that
the trade Is more concerned now about
the distribution of the supply than Of
its size. Statistics are, OF course, Civ
en- some consideration, but unIy pass
ing. The figures for the week show
a small relative decrease in the Amer
lean visible supply, AZ, 600 bules.' but
the Invisible supply Is growing larger
all the while because Of the restricted
movement, Hester made movement into
sight for the week 1873, 600 bales less than
same week last year, while spinners
took only $4,000 less.
The Liverpool market showed little
strength and finished barely steady at
q net loss of is to I points, while spots
were without change, good mlddliug
at 22S7d, with sales 1000 bales lie
Ceipts for the day were -. 600 bales,
including $4,000 American. Manchester
advised that cloths and yarns were
very dun, indicating that time Is being
taken for adjustment In that direction,
In the, domestic markets opening prices
were steady and higher, January IN
New York opening at % points advance.
at 2IlbbC, but there was little support
and it required only "A little Liquidation
to send the price off. It being checked
for IA time at 27.05c, The professionals
were reported as bearish as ever and
selling was credited to Japanese inter
ests l~iquidating longs and to some more
hedge selling by spinners against hold d
ings Of raw material and unsOld fin
ished goods. A BRIEF period OF steadi-
ness and moderate recovery followed.
January going back up to -. SOC, but
later another dip carried the price to
70 ,S6c.
The spot department furnished but
little news and conditions there seemed
about as they have been for some time.
Holders are not showing signs Of DIS
tress, but demand Is limited. 1t Is ex-
pccted shipping will soon be better and
rates are counted on to be lower, but
pending realization Of such hopes there
is but little encouragement to believers
in higher prices.
During the final half hour prices
crumbled sharply under the weight OF
hedge selling and an absence OF buy
ers, January at the bottom was down
10 1850, n drop from the opening OF
llb points, No news came TO explain
the dip.
Futures closed 20 to 1870 points off
New Orleans closed 9S to 122 points
off, tone weak, Spots were marked OH
5Q. points, middling to 20, Zoe, with sale.
b5b bales,
In the local market sales reported
were 1000 bales, making $3.50 for the
week. Quotations were unchanged
mtddling at soc.
unsold stock In the hands OF factor,
is estimated to be 1876, 900 bales, com.
pared with 1850, 900 last year and ISL OO(
In 1916. linters In stock are &c, 900
against $500 last year,