The news scimitar. (Memphis, Tenn.) 1907-1926, 1918-12-14
BY GEORGE WILLIAMSON.

The outstanding feature Of the past
week in the cotton market was the
coming Of the governments estimate
on the size of the crop. The figures
were announced IN Wednesday at H.
700, 900 bales OF 500 pounds gross weight,
which reduced to running bales meant
slightly less than II, 500, 600, the depart-
mont estimating average gin weights for
tae cas- at 50S.S pounds. EXpeCta-
tion9 were for an estimate slightly be-
low that amount, so a moderate dip in
prices came, but IL was checked by
support from trade interests. Buying
power, however, was limited and be-
fore the week closed some OF the re-
coteTy was lost.
In New York futures finished the pc
riod at q net loss Of 107 to 80 points,
but in New orleans there was a gain
of nine points on January, to a decline
of 112 on July. The ~irregularity was
partially explained by the strength in
the spot department and disparity be-
tween the actual and the shadow. Quo
tations for spots in the belt did not
change very much, but as a rule they
were marked down somewhat, the lead
ing centers being from unchanged to
30 points lower thar they were a week
ago, middling ranging from &c. I5e to
$500. Business done was not large,
but sentiment showed a distinct i'm
provement and holders displayed no APP
parent concern over the slowness shown
by the consumers in filling their re-
quirements.
Previous to the issuance of the crop
guess other things were given second
AIRY consideration, and traders were
busy evening up and trimming their
sails for a possible surprise in the fig
ures. The censu report on ginning
to Dec, /, came Monday, showing a
total of 1853, coo bales, compared with
a 90 lnn 10 nWrC, lafA Lost anaaAN Npltnh
was regarded as bullish, the amount for
the last period having been $50, 900
bales. In 1917 the ginning for the pc
riod was LAP, 000 bales. The expla-
nations for the small ginning had some
merit, but did not satisfy some people,
of a bullish estimate. The dividing line
seemed around H., 500 900 bales.
Holders Are Stubborn.
At the lowest level the March posi-
ton In New York touched 24.35c, a de-
cline of $50 points from the weeks
highest. There was less disposition to
depress the near months than the dis
tant, rejecting the disparity existing
between spot prices in the belt and fu-
lures, and he disappointment at the
failure of holders to weaken. To an
extent sentiment in important specu-
lative circles was altered in favor OF
the bull side, but to the close of the
week this did not prove the occasion
for much effort toward higher levels
1t was a negative rather than a posi-
tive bullish factor. One Of the things
the market lacked was bull Leadership
and fresh buying power, although SOM
explained this as due in a measure tC
the absence of a short interest, a con
sequence of restrictions on short sell
ing. This restriction was lifted or
Monday morning, to the surprise o
the wise ones, but it failed to have any
appreciable effect.
Liverpool was one Of the places
where there seemed to be a, marked
change in sentiment, for that marke'
several times came better than ex
pected. This was thought to reflec
the need of raw material, increased ex
pectations of relief to the shipping sit
uation and to recognition Of the abil
ity Of the Southern holders to continue
their independence ana have a voice II
naming the price at which they vii
turn loose. For a time, however, tn
foreign market vas u bit disturbed b,
threatened labor troubles, 100000 op
Cratives insisting on q raise of 40 pc
cent in wages to obviate a strike. Thi
was adjusted before the week CLOSED
and II was followed by fresh display o
strength. g.,
Progress in improving the export sit
uation was slow, although some thing
lent encouragement. The big troubl