The news scimitar. (Memphis, Tenn.) 1907-1926, 1918-10-25
COTTON MARKETS
Ginning Smaller Than EX-
peCted, Encouraging Upturn
Bears More Cautious.
Friday afternoon, Oct. %.

Something Of a surprise was given
the trade this morning when the gin
ming figures were announced, the
amount being about 500, 900 bales less
than & private bureaus estimate, which
was the chief basis for what the trade
expected. As some of the recent sell
ing Of futures was credited to anticipa-
ton Of a large ginning, naturally the
news was the occasion for a covering
movement, The bulge extended nearly
half q cent a pound, when selling IN
creased, and during the rest Of the SEES
sion the market was kept within q mar
row range.
The department announced that 70
Oct. is there had been ginned 6,I9o,O0j
which compared with 6,b73 sos last year
and 1908, 1853 W years ago. 1t was
expected that figures would be smaller
on account OF labor troubles and the
Influenza epidemic, although the latter
did not figure much on account OF II
having spread Just about the time tho
period closed. The bulls therefore were
encouraged by the showing.
The market was also in pretty good
shape FOR some recovery, the decline
having gone quite a distance and the
d%iscountjnE process being thorough.
There was little incentive left for the
bears, as spots, with all OF their mac
tivity and some easiness, had not de-
clined anything like as much as iu-
lures and were still at considerable
premium. Chance of getting cotton 10
delivery centers in volume was small
and the absence OF marked weakness
among the holders tended to cause
those who were short TO be more cap
tious.
Liverpool, which has recently been
doing a lot Of selling on this side. was
rot credited with being 80 active on
that side. In that market finals We're
quiet and from 6 TO II points TO the
good, whereas unchanged was que
Spots were marked off but . points,
good middling to %. 36d, with sales 1000
bales. including 1900 American. Re
ceipts were 1000 bales, all American.
Manchester advised that cloths were
sluggish and yarns dull, but raw cotton
forwarded to the mills during the week
was 20, 900 bales, including $4,000 Amer
ican.
Al the opening on this side prices
were up some, but December in New
York dipped back to the previous close
before starting upward on covering
based on the smaller ginning than en-
pscted. Its high point was 1880, after
having been as low as 1884 but II re
acted from tho top and kept within a
range of about 30 points. October eN.
pired at noon at 30 points above last
nights close, more ACTIVITY was slloWn
in January and II narrowed Its scoun
with December by a few points.
The weather map showed more rains
in the belt. chiefly In the eastern sec
ton. and the forecast promised more IN
all parts. Some cooler may come. but
there did not seem much reason for eN-
pecting frost Of consequence. The pros
poets, at least. were not such as TO be
a market influence,
Spots were n little better in tone and
at a few centers quotations we're ele-
waited slightly, with sales small, In
uuiry. however, WAS better. Tho eX-
pected bearish statistics proved n small
factor, although movement into sight
dropped off III 900 bales from last year,
Futures closed n TO a points up;
New Orleans closed rs to so points
higher, tone steady, Spots werc marked
up % points, middling 20 %. Toe, Will
sales 977 bales,
In the local market sales were 500
bales, making 1850 for the week. In"
quiry was reported better than for sev.
eral days, Estimated stock Of unsold
in the hands of factors Is 5000 bales
compared with ~, 900 last year and 81
900 in 1915, Quotations were unchanged
middling at SO.b0c. 800
Spot sales, Norfolk 5SS. Augusta ass
Mobile IS, Little Rock 1,09S, Houston
1880.