The news scimitar. (Memphis, Tenn.) 1907-1926, 1918-12-09
COTTON MARKETS
Remove Restrictions ON Short
Selling, But Market Fails to
Show Snap.
Mnndav Afternoon- D

Cotton traders had a double surprise
today. The first one was the
mcnt from Washington that restrictions
placed on speculative selling OF cotton
on Nov 10 as "A MEASURE Of ~precaution
had been removed The other was the
failure of the market to be much af-
fected thereby, II has been assumed
by the knowing ones that Then this
was done there would in all probability
he a lot OF selling turned loose and
values would crumble sharply. Only a
moderate reaction was witnessed dur
more or less ~irregularity and support
on the dips.
Sentiment continues bearish, al
though a bullish ginning report at the
opening tended to arouse a bit Of eau
ton among traders. This showed that
to Dec. ] there had been ginned 1863, o.
l26 bales. which compared with 9,7i3, 529
to even date last year For the period
there was turned out Sb6, 600 bales,
compared to 1,l42. 600 for the same
time last year. Two years ago the
period ginning was but 1877, 900 bales,
but for the rest Of the season then gin
ming amounted to only about a million
bales, Last ear after Dec. l 1t was
about 500 0O bales. The report slim
ulated a little bullish feeling, for it
was argued that this crop was an
early one and allowing for the epidemic
OF flu and other things, the chances
were that the big-crop ideas Of the
bears would scarcely he realized. 1t
also served to stir up expectations for
a rather bullish government crop esti-
mate on Wednesday, Az a market in
%tlucncc, however, the report was I'M
important.
The Liverpool market proved disap-
pointing, but before closing did a little
better and closed very steady at a de-
cline Of "a to an advance of IA points,
distant positions being stronger than
the near. Spots were unchanged in
quotation, good middling at %. 0Sd, with
sales only 500 bales. Receipts for the
day We're 1920 bales, all American.
Private cables attributed part Of the
weakness in the market to some threat
ened labor troubles in the mill dis
triCt,
First prices on this side were influ-
enced by poor cables and the news Of
llfting the ban on short selling, but
the latter was regarded generally as
favorable to the market In the end.
The March position In New York opened
at 26l5c, touched 25.03c and then when
shorts covered, helped by the bullish
ginning report, sold up as high as
2a.6Oc. There was little buying power,
however, and a reaction followed, the
option dipping as low as 24.95c, which
proved low point. Later "A little sun
Wv ""' 'lliiiB' lAN lut illdIhtI
was almost colorless and the waiting
disposition seemed to prevail.
In the belt there was nothing to
indicate that holders were disposed to
be anxious about selling. Texas points
wired that basis was better, but still
not high enough to interest sellers very
much, Other sections told Of but lit
tie activity. the general attitude being
TO await the coming Of the official
estimate, due Wednesday afternoon at
| o'clock. central time.
Futures closed 3 to q points off, tone
barely steady.
New Orleans closed unchanged to So
points lower, tone steady Spots were
marked Off 3S points, middling to 2S. soc,
with sales 9ll bales.
Liverpool is due to come Is to II
points Off.
In the local market quietude> pre-
vailed, with both buyer and seller dis
posed to be stubborn. Sales were re.
ported as 1850 bales and quotations
unchanged, middling at 29C.
spot sales. Houston 6,314. Dallas
1,lS2, August 4lO, Norfolk $50. Little
Rock 3gd.