The news scimitar. (Memphis, Tenn.) 1907-1926, 1918-11-27
COTTON MARKETS
Market Narrow and Almost
FeatureleSS - Spots Re-
ported Shade Easier.
Wednesday Afternoon. Nov. q.

"tulSSudy Afternoon, NOV, u.
With tomorrow a holiday, because Of
Thanksgiving, additional reason was
: given for dullness in the cotton market,
but it was not accompanied by any
weakness Of consequence. Ii is re-
garded by some as significant that
with professional sentiment as bearish
as II is and the spot demand so slow in
picking up, there is not more liquida-
ton and hedge selling coming to hand
On the other hand, however, the bear
crowd claims that the very fact that
the market does not do better during
the period of forbidden short sales Is
INDICATIVE OF its inherent weakness and
that II will inevitably decline when
these. restrictions are removed. Thus
may be stated the chief arguments of
fered, n this serves to explain why
prices are so narrow.
Over night there was no news to in
in the belt continues only fairly favor.
tble, more rains having fallen, and in
western Texas snow. These merely
Interrupted picking and did not hell
grade any, but probably did not amount
to enough to be market factors. Thu
prospects were for more unsettled con.
ditions, the official forecast being fol
rain in the section east Of the river.
In Liverpool there was not much
feature, about the only one being the
relative strength Of nearby positions
which reflects the scarcity Of raw ma.
terial over there. Finals were barely
steady and from 2 to 81 points to tht
bad. Private advices say that mills ex.
pect civilian demands will entirely off
set the reduction in government re.
quirements. Spots were off 8 points
good middling at % BIC, and sales were
100 bales. Receipts for the day were
1000 bales. Receipts for the day wert
In the domestic markets first prices
were up slightly, but there was but lit.
tie trading and neither side seemed
disposed to get far from shore; Jan,
uary in New York opened at 1900 anc
iold to 27.55c,. but that seemed tn,
INIT, for reaction followed that.
One thing given credit for some o
the pressure was the announcement re,
ceived in New Orleans from the wa
trade bureau at Washington saying
that bollies were deliverable on con.
tracts, subject to grade and condition.
applying to other cotton, this inducing
a little hedge selling. One gratifying
feature in connection with this item
was the hope that from some source
would come a definite ruling as to wha
bollies are, the trade for a year or 81
having rather vague and indefinit,
views as to what the term means.
Another item probably encouraging
little easiness was the report from
few points in the eastern part of tn,
Deit u the elleGl HAT SpOlS were
| shade easier, indicating that some hold
ers were perhaps getting a little tiret
waiting for buyers. This news, how
ever. did not get much confirmation
nd most people were disposed to avail
UGH before believing it. Advices iron
Their directions did not tell of any dis
osition to weaken, although cuisines
Ontinued restricted in volume and wa.
largely for the better grades and tn,
staples.
January sold down as low as &c, bu
later in the afternoon recovered a little
, Moderate strength was shown dur
ing the first half hour and the hes
prices of the session were made, Jan
uary selling at 27.43.
Futures closed 10 points up to l
down, tone easy.
New Orleans closed 3 points up to 2
lower, tone steady. Spots were un
changed, middling at 29.75c, with sale
1888 bales.
Liverpool will be the only marke
open tomorrow and should come 6 to
points up.
In the local market sales were 1,S0
bales and quotations unchanged, mid
Spot sales: Houston, 565; Little Rock
1,125; Augusta, 1879.