The news scimitar. (Memphis, Tenn.) 1907-1926, 1918-11-01
COTTON MARKETS
Bears Continue Aggressive
and Hammer Futures Mere
Than 100 Points Further
Friday Afternoon NV

NHFNAA AANeAAH ANNNs L.
Apparently the bear crowd in the
speculative department Of the cotton
market have an Unsuitable appetite and
arc confident that the Southern holder
VIII be forced to dump his product. Ag-
gressive tactics were used again today
and futures dipped more than 100 points
from last nights closing level without
meeting with more than ordinary re-
sistance, shorts being the chief BUYERS
Inc spot department was, however,
not materially affected, Judging from
developments, II business therein was
not important, Advices from all direc-
ions IN the belt told of the waiting
attitude being adhered to and there was
laek or evidence that the producer is
on the verge Of asking for an armisticu
or giving up the fig
news directly afIt. Ting values was
not important, unless We apparent rand
progress toward peace may be termed
sucii; Ihere was considerable frost In
the belt, chiefly In Arkansas and Ten
hessee, but this was regarded by most
observers as Of more value to ultimate
yleld than an injury, II was called kill
ins az a few stations, but as "a rule it
was light to heavy. There was little
ram anywhere In the belt and the fore.
CAbt was Cor gradually warming up,
one or the bears ostenslble theories Is
mat the weather is conducive to in
creased outturD, although this is for
S.e lutute TO determine how much. A
NeW YORK paper, which makes a spe-
clalty OF crop news ana reports, this
nloInIhs was out with a condition esti-
mate M a guess of 1l,600, 900 bales for
the crop, excluding linters, which Is
tpetoW those current in many circles,
me bear crowd seem to think the Weld
VIII be nearer 12, 800, 900 bales.
liverpool again was worse than Elk.
pscted, reflecting growing expectation
" peace ana a consequent lowering OF
cost OF getting raw material across.
a cable, however. said that Manchester
was selling freely OF futures on the fear
81 government orders being cancelled
finals In tho foreign market were un-
settled and at the limit for one day,
Wv points OH for every option, except
November, which was down but 81. The
!natket was Que TO come IL to 20 points
the bad. Spots were marked or a
points. good mlddling to %. SOD, with
sales 1000, including 100 American
Receipts for the day were 1000 bales,
including $500 American. Manchester
ADVISES That cloths were IN small in
Q9il,y n yarns were easier.
The New York market was the only
domestic speculative center open, open
llg, easier In response to poor cables |
ana absence Of support, while sentl- |
ment anon the people doing trading
was sun bearishl, encouraged by their |
recent success. The weather news evi- |
IDENTITY was considered favorable. for
AFTER December sold 10 points higher
man the opening, at 1890, the decline
stafted and continued without much in
eruption. Il touched 27.1O, which was
~ points off from the morning high
ma l01 from last nights close, and
men recovered to 1880 when a few
ihorts covered, Later, however. il
iipped. to 2,Ob and showed little stabil-
" Selling came from the same d.
'ectlon supplying 1t recently. and Mt
lowest point December was ass
POINTS under the highest point touched
Monday,
In the spot department there was it,
lie that was new and business C%ontin-
led almost at IL ~standstlll. Statistics
we're delayed by New Orleans being
losod, but II Is expected they Will be
'earish, as they will compare with
.ooaiy amounts a year ago.
During the final half hour prices
ouched stlll lower levels, December
eiIing at ~ cents right at the close.
FUTURES closed 1T to 1856 points lower.
one weak, ~
IN the local market sales were 225
.ales, marking 1,lIb bales for the week.
quotations were reduced 50 points, mid
ling to 20. soc, Estimated stock unsold
the hands OF factors Ia 100, 900 bales
90 In 1916,
Spot sales; Norfolk, 2O2; Little Rock
,lS1' Augusta, GIG Houston. 2,62l.