The news scimitar. (Memphis, Tenn.) 1907-1926, 1918-12-12
COTTON MARKETS
More Favorable AdyiCeS From
Spot Department Encourage
Support to Futures.
Thursdav Alternoon. D. l.

AA4Al eA1e AAANA AAeoNF Att q
Following the suspense attending the
coming Of the government crop esti-
mate and the accustomed cleaning out
Of weakly held lines-in this instance
longs-traders today gave attention to
other things. AdviceS from the spot
department were given prominence. n
as they were Of more favorable CharaC-
ter Improvement in futures resulted.
Expressions as 10 the immediate future
appeared to be more bullish, with the
main basis therefor the absence Of
weakness In spots and some improve
meut in demand for export. There is
growing confidence In chances for en-
larged movement abroad. and In antiCi-
patton Of such some buying Is already
being done, Having passed through the
worst period, the holders seem to be IN
position now TO have more TO say re-
garding selling prices than anybody
else,
The Liverpool market displayed bet
ter tone than expected, h Ii dtsappoint~
ing hears. Instead Of responding fully
finals in the foreign center were quiet
and from 4 70 &c points to the bad
The distant positions were weaker than
the near. thus reversing what a been
the case recently. Spots were marked
off 20 points. good middiiuE to 81 i0d.
with sales 500 bales, with nothing re
= Cejved.
There was no change Of consequence
at the opening Of domestic markets and
traders seemed without reason or In
spiration for doing much. The crop re
port being out Of the way gave OppUr-
tuuity for giving attention to other
things. The recovery which took place
yesterday toward the close was sig
nificant and seemed to show that the
longs had been pretty well cleaned out.
The break also failed to disturb the
e~quanimity Of holders and some Of
the adviCes al hand during the morn
ing told of better demand.
First prices were about the lowest
for the day, although there was little
snap about taking hold. Certain prom
inent traders were vOiClng more bullish
opinions and talking of the big dis
parity between futures and spots The
export situation, while not changing
much, was regarded as more promising
There was some fixing Of prices on
cash cotton by the spinners and some
advices told Of a considerable short
Interest in the actual. Improvement
carried the market up nearly half a
cent, March selling up to 244i after
opening at 246b, but a moderate re-
action came and later the price went
up to Is l0C, or not far below yester-
days top Trading at no time was
active, but general feeling wan distinct
Exports for the day were fairly large,
nearly 10000 bales, and 1t IL believed
in some quarters that FOR the~rest Of
the month they will make a good
showing, especially against n year ago,
for the tendency then was for them
to fall off. Most Of the buying Is for
export purposes, the domestic spin
ners seeming content to take their
time about buying, relying on holiday
needs TO cause selling between now and
January /. They are also counting on
statistics continuing bearish, although
the bulls say that he holders will not
worry over this,
Futures closed IS to SO points up, tone
steady,
New Orleans closed 50 to 90 points
higher, tone steady. Spots were un-
changed, middling 2S,5oc, with sales
2,322 bales.
Liverpool is due to come unchanged
TO 3 points higher.
In the local market demand broad
ened, some little inquiry being reported
for short cottons. There Is better feel
ling here as to business than for some
time, md exporters seem TO be doing
most OF the business. Sales reported
for the day were 900 bales, with quota
tons unchanged, middling at CSC,
Spot sales, Norfolk 80, Augusta 1856,
Little Rock 40l, Houston 1927,