The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-12-11
COTTON MARKETS
Crop Estimated 1900, 900
BaleS-FuTther' Depression
in Exchange Rates.
Thurgday ailernoon. "a. 1

Thursday afternoon, Dec, IL,
Bearish feeling. which has for some
days apparently been trying to make
Roadway, but with small success, re-
ceived impetus today when the govern
ment statistioians issued their quaint
tative estimate on the crop growth for
the season OF 1890. The figures an
nounced were 100000 bales OF 500
pounds gross weight, which when re-
-duce9 the average Of current
little, perhaps couple Of hun
dred thousand bales The estimate
was somewhat Of a surprise, although
the recent tendency has been to ,,ele-
vate expectations. An average Of about
10, 10000 was indicated by the figures
discussed during the past few days.
Assuming that the government under
rather than overestimates the crop,
which II does according TO the records,
the trade must now adjust its ideas
and calculations to a different basis,
and II would seem that some difficulty
Is going TO be met In verifying some
predictions Of prices going higher than
they have yet
II Is the common conclusion that the
explanation for the larger figures than
expected lies chiefly in the failure 70
give proper credit for the effect of the
fall rains and unusually late frost Oh
YIELD which has been done before. The
effort In some directions to cite this as
a probability during the past several
weeks was met with more or less rebuff,
but apparently the official statistieians
did not overlook it, However, there Is
scarcely need for changing ideas as to
the scarcity OF the kinds Of cotton which
have been 30 much In demand and at
such high premiums all the season The
questions still remains as TO how much
OF the Yield will be unspinnable.
The foreign market this morning was
more disposed to be reactionary than IN
some time, reflecting the settlement OF
the coal strike on this side and the I'M
settled state of finances In Europe,
Finals were barely steady and from IL
points off to 10 up, the nears for the
first time in days showing disposition
to weaken little Spots were marked
up points, middling to 262Od, with
sales only 5000 bales, including b,lOU
American. Receipts for the day were
$4,000 bales but only 1900 were Amer
On this side first prices were some
what irregular, due to conflicting m
fIuences The strike news was favor
able, but the placing of an embargo on
shipments TO Southern ports, due TO
the fuel situation, tended TO weaken the
near positions. Some settling was cred
lLeQ 10 a lew blOiNo9fO'i"A'p
December notices also were circulated
but steadiness was regarded as signlfl-
cant. in view Of the fact that exchange
rates. especially sterling, were sharply
lower. The March position opened az
34.75. the high for the day, and grad
ually sold off, but failed to go below
"a. O5 before the flash on the crop came.
That news caused further dip, bul
trading was hardly suggestive OF mueh
Willingness to take the short slde.
March dropped to a3,7b and then as far
| dawn as 1920, where It was snort
While before the close, which was about
$50 a bale under the early top, From
the seasons best for that position the
decline amounted to about $40 the bale
Little was doing in the spot depart
ment pending the coming OF the 'esti ,
mate. but the attitude OF holders VIII
nav he a very important factor, Tor y
there should be willingness to make
CONCESSIONS bears would take courage
i Futures closed 100 TO 81 points lower
M New Orleans closed 60 to 149 points
ost tone barely steady. spots ciose9
az points lower middling at 80, ibcr ahu
sales were 1880 bales. ~ 90
Liverpool is due to come W 10 %
In the local market sales, reported
we're $50 bales and quotations were
or 80 points, middling to Ssboc'