The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-12-05
COTTON MARKETS
Private Ginning Figures and
Estimate Cause Some EaSi-
ness. But Sellers Shy.

AAeNAlH HNNH t-
Tending to encourage a little larger
idea on the crop was a private report
this morning on ginning to Dec. l and
the same authority's estimate of prob
able yield. The former was placed at
about 100000 bales. while the latter
was at 11,126,0 900, which. if verified bv
the official guess next Thursday. would
he at least 100000 bales larger than
average expectations as indicated by
the several estimates issued recently.
This helped to encourage a reaction
across the water, whence of late has
come most of the inspiration for the
bull side, as did further depreciation in
exchange rates, Sterling sight was
quoted during the mc-a!ng at 3.s6&.
the lowest point yet reached, and later
in the day came a cable SAVING that
the low price of German marks was
likely to cause some reselling Of cotton
Tgnar1 py the Germans at Bremen to
Domestic labor news was without par
tieular change, although in some
quarters there was some better feeling,
one report having it that the miners
We're beginning to show signs of re-
turning to work and that production
was only off to 80 per cent now. Much
was being said about the Mexican
trouble, but apparently concern over
this was not large, for the stock mar
Ret, probably the first that would re-
fleet it, was displaying a good tone.
Later in the day the weekly statistics
came fairly favorable, especially as to
takings by the spinners. but because
Of the excess in movement into sight
the visible supply changes were still
beartsh. The best explanation for the
weakness in exchange lies in the fact
that exports are running fairly large
and reflects business that has already
been done, although this does not mean
a prospect for such to continue, for the
low rates will act as a serious ban
against new business.
Liverpool had the figures on ginning
and the larger estimate, 50 came rather
disappointing, Spot sales were smaller
also, being but 1000 for the day, while
receipts were 40, 900. Quotations were
off 5 points, middling to 26.47d, Flu
lures were again irregular and reflect
ed the covering Of shorts in the near
stability Of prices for those further
away, Finals were steady and from 4
points up to 80 off. Manchester ad-
vised that cloths were steady inc &C
tive, with large inquiry and healthy
business, while yarns were steady and
firm.
First prices on this side were lower
in response to cables and the ginning
figures. There was little new In the
political and industrial news, and 1t
took but little selling to run the list
off at the start. March opened at 81 zoe
and 1t touched SAC before the support
came from spot interests. The recov-
cry extended about 50 a bale on the
March position, but support was scanty
and sentiment appeared more bearish
than for some time. Later when ex-
change became Sc weak and the Liver
pool demand was over pressure in
creased and March dipped to SO. S5c, but
, the large figures on spinnersi takings
encouraged some covering, for spots are
holding well and traders are still afraid
to offer very freely. Recovery followed
to around "a cents or a little better, but
buying was limited.
Takings by spinners we're 452, 0C0
bales. compared with S56, 900, while
movement into sight was $50, 900 against
100000, making a relative gain in Wis
ible supply Of American Of about SO, 900
bales. Clearances for the day were
moderate, but the large amount afloat
at several ports point to large ones
soon. There continues to be moderate
business done in the actual and will
probably be until after the official esti.
mate comes.
Futures closed "A to s. points off;
ton, firm.
New Orleans closed unchanged to II
points lower; tone steady. Spots were
unchanged, middling at 40c, and sales
were 1,706s bales.
In the local market sales were 1,400
bales and quotations were unchanged;
mlddling at 4Oc.