The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-07-26
BY GEORGE

. AEOHGE lIIlAMSON
New highs were recorded in the cot
ton market during the past week. So
cents and better being attained, hui
there apparently was more disposition
to caution and considerable iiquida-
ton was INDUCED in. This, however,
constituted the chief source OF con
tract supply and did not lessen to any
material extent confidence of the
bulish crowd in further advances.
There are plenty of folks left who
think 40 cents is assured, although
they seem disposed to expect II after
the technical position shall have been
made healthier by some backing and
filling and perhaps a sharp reaction,
durA0gs which opportunity may to given
for creating a short interest worthy
OF being gunned for.
There were news developments
enough to supply incentive to activity,
yet trading was smaller than for some
time. one trouble was that many very
wise ok felt that above IS cents for
october contracts there was too great
cially as the rise to such levels weak
ened the technical condition of the mar
ket. The possibility of profits was out
of proportion n there was not enough
short interest left on (which to dump
contracts in case there be favorable
Developments. This tended to lessen
trading and to make fluctuations more
erratic.
But for the Intervention Of a wet
spell, covering the southern tier Of
counties in Texas and some a little
farther inland, extending along the Gulf
coast eastward and embracing perhaps
half OF the eastern belt, there would
have been a fine chance for the reac-
tionists. Conditions favored it and
sentiment seemed ripe for it. The labor
unrest on both sides of the water, in
Guiding the marine workers strike and
that Of the British coal miners, were
actual as we'll as potential features
against higher levels, Promised end
ing Of the former failed just before the
rains became serious. thus being Off
strike. involving as it did something
like $50, 900 people and the inability OF
a large numbSrl of industries in Great
Britain to continue running because
OF fuel supply, was a PURGE Of con-
Germ. but 1t was officially settled by
thu close of the week. It was the oc-
casion for some hesitancy, but failed
to incite much positive action, because
its effects would be so far-reaching
that most people thought it would be
avoided in some way.
Weevil Menace Aggravated.
The effect of the rains, which in some
districts were heavy and continuous
the weevil question n justify alarm
ev sr what 1t will likely do to the fruit
inS of the plant. They were heavy
ensalgh in some sections to- cause flood'
in the lowlands. while cultivation wa
naturally interfered with and latenes
aggravated. Most of the concern owe
the bad effects came from the easter
states, including part of Alabama
Georgia and the Carolinas. Were thos'
sections free from the weevil the basil
of concern would not have existed. a
de crop can stand lots Of moisture owe
there during July, but the case is diff
ferent now, and If the coming condi
ton reports show less than the Jun
rs figure Of 70 1t will be due to thes
rains.
weather in much Of the belt was ia
vorable and many reports optimistic
although some districts could have use'
to advantage some showers. TIL
weekly summary Of weather was per
haps a little better than expected, bu
failed to stimulate selling, for the trad
is disposed to be slow in taking int
account Just how much improvement
there will be to offset contrary condi
tons. Two private guesses on condi
ton came. both showing some loss com