The news scimitar. (Memphis, Tenn.) 1907-1926, 1918-12-10
COTTON MARKETS
Market Extremely Narrow in
Anticipation of Bureau Crop
Estimate Tomorrow.

NNHAn v
Traders in cotton today seemed to be
giving most attention TO getting ready
for a possible surprise when the Of
liclal crop estimate comes tomorrow al
ternoon. Trading was without special
feature ana evening up Was INDUCED
in by both sides. There was nothing
IA tho news to occasion altered post
tion by either side and the affair Was
OF the usual pre-bureau character. Just
what viii follow the coming Of this
guess, which will be the last word until
Ilnel ginning figures are Ut hand, is
pfoDlemutlcRi, but there seems TO be
anticipation Of renewed IRISH activity
Win II out OF the way. However, this
VIII probably depend on progress made
toward opening up the export situation.
signs OF which are stu slowly coming
to hand.
Liverpool is showing some surprises
Instead of coming lower today as due.
strength was the feature. This was
the more surprising IN view OF labor
troubles IN the Manchester district,
where higher wages are sought. The
nearby positions showed less strength
than the distant, but THIS was perhaps
merely an adjustment Of differences
that had been allowed TO become too
wide for safety. Finais were from a
point to the bad to ~ TO the good, tone
being quiet in near n steady on dis
tant positions. Spot business continues
but little, sales for the day being but
900 bales, while receipts were nothing.
Quotations were off IS points, good
mtddling to II SD. Manchester advised
that cloths were in small inquiry, while
yarns were hardening.
On this side there was very little in
the news to influence values. Some
steadlness was shown at the opening,
perhaps STIMULATED a little by optimis-
tic utterances on the business pros
pect for this country from one OF the
leading authorities, which gave firm
ness to the security market and did
not hurt sentiment in cotton, One OF
the bases Of bearish thought on cotton
for some time has been that OF uncer-
tainty as to whether peace will bring
continued prosperity or reaction and un-
settlement.
The March option in New York open
ed at 20, 40c, UP IL points from last
closing, but after touching
2 shoe 1t sagged to 2b, 15c when limited
offerings we're made. Later some re-
covery came, but again there we're Of
showing that traders were
evening up and getting ready for the
Expectations are for the report to
come between II, 900. 900 and IL, 100000
bales, with the dividing line about half
way, Under or over II, SOC, 900 will per-
hAps be regarded as bullish or bearish,
aItnough recount must De taken OF the
that the figures will be for bales
Of 500 pounds gross. which will indi-
cate less than that amount when re-
duced to running bales, the difference
being about three per cent.
Spot news today was without feature,
for there was little being done. Wait
ing Is the case in the belt as elsewhere,
with holders showing no visible concern
over the slowness OF buying.
Futures closed 5 points up to 2 down,
tone steady,
Now Orleans closed 10 points off to 10
up, tone steady. Spots we're unchanged,
middling 28, soc. with sales 1887 bales.
Liverpool is due to come 2 points off
to ! up.
In the local market sales reported
were l,400 bales and quotations were
middilng at 29c,
Spot sales: Houston 1876. Dallas
I .O62. Norfolk 1916. Augusta 2O4.