The news scimitar. (Memphis, Tenn.) 1907-1926, 1918-11-30
SPOTS QUIET
FUTURES OFF
Holders Stubborn, But Spinners Buy Sparingly Pend
ing Adjustments-Hedges Sold Against Stocks Of
Raw and Finished MateTial-Statistics Mixed.

ty of talk Of more ships and lower
freight was heard. but definite informa-
tion was lacking, and it was the latter
which seemed to be given most atten-
ton by the trade,
According TO some observers, prog
resS VAS being made toward ~affording
relief, but in the meantime business
was being withheld. Granting OF
through bills Of lading within a few
more days was unofficially promised
by the authorities at Washington, put
until this is done there is but little
advantage in the raising OF the re-
quirement that exporters obtain licenses
before making shipments to allied and
neutral countries. There was some &C
tivity in buying certain kinds OF cot,
ton, and satisfactory prices were PAID
for 1t, but demand lacked much OF be
ing broad or general and the klnd
sought was nowhere in large supply.
markets, even though not entirely re-
Elected in the spot section, induced the
foreigners to exercise patience and de-
fer buying as long as possible.
Estimates Are Coming.
The question of the crops size fig
ured but little in influencing senu-
ment, although some private estimates
came to hand. Both were a little
under current expectations, based on
what the last government condition
report pointed to, but they exerted pdt
little weight. However, the ensuing
week or 10 days will probably bring
a number Of estimates, preliminary 10
the issuance Of the governments an
nual guess, which is expected apont
Dec. II. In the meantime there VIII
be another report on ginning to help
shed light on what the figures Will pc.
The statistics are stu bearlsh, az
though the visible supply figures lot
the past week had a bulllsh feature,
Spinners took during the week 32s'oVO
bales, compared with 425, 900 same week
last year, a falling off of 5000 baies.
Movement into sight was, according
to Hester, 361, 900 bales, against S,O0o'
a shortage of 1888, 900, making a rela-
tive decrease in American visible sup
ply of AZ, 200 bales. The amonnt ylsIo
BILE Is 5000, 900. compared with 2.955, 0OO
a year ago, but the main difference
is at points which are not counted,
largely in the hands of those who grew
the crop.
1t is this fact and adherence to the
belief that the holder will tire OF ms
lob and turn loose freely later that
seems to inspire such widespread bear.
ish feeling. There is no denial that
the supply Of raw material, except tol
reserves. Is ample for the ensuing
season, and the bears think that the
cost of growing it is to be gwen sec;
ondary consideration during the perioc
Of adjustment, especially with prospects
improved for increased labor supply roi
growing another crop in 1919.
The bulls are pinning their latin tC
the world shortage of cotton n goodS
statistics showing that they have stront
arguments, and they are confident tina
the South is in better shape than eve
before for debating the price at whici
they will turn loose. Thus are lalC
the foundations for a struggle between
the producer and the consumer, VIVA
the outcome will be time only will tell