The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-10-23
COTTON MARKETS
Some Disposition to React,
But Sellers Careful-Pri-
Vate Ginning BeariSh.

Thursday Afternoon, Oct. %.
There was a surprise to the trade this
morning IN the shape Of larger ginning
figures than expected, the National Gin
nars' report being that 5,O24,o 900 bales
had been turned u to oct. Is, making
the amount for the past period larger
than for corresponding time last year.
Condition was put at b1.9. This in
duced some realizing and a moderate
recession in prices, but by no means
shook h confidence of those who were
bullish o. caused any easiness in the
spot department. Weather In the belt
continued unfavorable, rains having
been widespread n in some sections
quite liberal. The dip was temporary,
after which came an upturn which car
rted prices TO around last nights clos
ing level, after which another period
OF reaction came, The affair seems to
have lost its snap and the advance has
gone far enough to cause some folks to
awares.
The domestic industrial situation also
looks a little more ominous and that
helped in the r~eactionary feeling, for
1t is realized that 1t must be taken into
consideration and that Europe can
hardly be expected to supply enough
demand to absorb all the crop, I'VE If
theer continues to be an abnormal
scarcity OF the good grades,
Liverpool for the first time in quite a
while came below expectations n dur
ing the entire session acted as If the
edge was off over there, Private ca
bles said he ginning figures were given
consideration and there was a DISPOSE
ton to wait and see If they were con-
firmed by the government Saturday
morning. This apparently was Of more
moment than the weather in the belt.
Finals were quiet at a net loss of Is to
3S points, while spots were Is points up,
middling at 22.79d, with sales $4,000
bales, This latter showed thatsthe rush
for the actual continued keen, but only
$500 bales were American. Receipts
for the day were 1000 bales. but only
600 from this side.
First prices on this side were lower,
in response to the cables and to over
night selling orders on the ginning fig
ures. December was At Sb.4Oc, a a.rop
Of As points, touched 3b.31c and Gen
worked up to 35. S5c, due chiefly to the
rain reports. Then came a disposition
to realize a little more, for the stock
market was not so well and many of the
professionals were taking the selling
side for a turn There was nothing
from the spot department telling Of
weakness, but absorption Of offerings
was rather slow M later in the day
the option touched 35.20c, nearly ITO
points under yesterdays best. Senti-
ment was mixed at the owe level, but
many were still confident Of further rise
because of the strength In spots.
The markets were reporting good de-
mand and prices holding well, but there
seemed more disposition to go a little
slow for the time being. It Is felt that
most Of the current months commit
ments have been provided for, which
will enable the buyers to be a little
more patient about their future needs.
Futures closed so to 100 points off,
tone steady.
New Orleans closed unchanged to 1903
points off. Spots were unchanged, mid
ding at 1888 and sales 1890 bales.
Liverpool is due to come to Is points
lower.
In the local market sales were 5000
bales and quotations unchanged, mid
ding at 3Sc.