The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-09-13
BY GEORGE WILLIAMSON.

BY GEORGE WILLIAMSON.
Following the active downward mar
get OF the previous week came a CON-
~larative lull during the past one, with
quotations at the close only a few
points net to the bad. For the first
lay or SO Of the review period bearish
ientiment was in the ascendancy and
upport was desultory and timid, but as
Usual n market swung too far one
way and helped to bring about a change
Il trend by becoming technically strong-
Y, I the bottom levels, when Decem-
Ser In New York touched 2S.11c, more
han $40 off in about a week and some
hing like $40 a bale below the top
most level touched some time back,
here developed a degree Of trade buying
pr! speculative support which scared
lpesome OF the shorts. There then fol-
owed 9 spell Of recovery and negative
strength, although at no time during
he subsequent period has there been
much TO encourage hope of return TO
prices ruling a few weeks back. 1t was
Amer a case Of where it was felt that
he down side was being overdone and
t was wisdom to be a bit careful pend
lng certain developments.
The market has been a COMMONPLACE
affair and trading has shown no dis
t%inctive features. Sentiment has I'M
dergone no particular change and APP
parently still leans to the bear side,
but the short interest is such that on
he dips there came fairly good support.
me presence Of a storm in the gulf,
with its possibilities of doing consider
able harm to the crop which is so late,
served to discourage pressure, although
the week passed without 1t having en-
tered the belt or brought any disturb
ance to the %ealmness Of the weather.
The list of contracts In New York
finished the week 20 to 81 points to
he had Whila tho a In Maui Nv
leans lost. Is to Sc points. In the spot
department activity was so limited, due
chiefly to the lack of offerings of the
new crop and the unwillingness on the
part Of holders to turn loose the old,
that quotations were of small interest.
At the few eenters where there was any
business in spots quotations stand I'M
changed to 80 points lower han they
were, middling ranging from 27.94c at
Augusta to 9.50c in Houston. Within
the past day or SO business tended to
improve, but 1t is too early to tell much
about the. attitude of either holder or
those who would buy.
Weather Was Good.
Weather as a whole has not been un-
favorable, although some complaints
were heard and advices from many d.
rections told of deterioration and OF
poor prospects. There was but little
ioAAA GAAiN ~ IN AOOA CpNll PdAoDCO
came some unusually high tempera,
tpres, which did not do the crop any
SHbd where moisture supply was 50 de-
fieient. The flirtations Of the gull
storm kept traders anxious, and served
to divert their attention from Other
weekly summary on Wednesday made
reading which encouraged the bears
although it contained much hat wa,
hgllish, although merely confirming
swilat was expected. The crop as
whole no doubt Jared better than som
expected, wen though there was prob
ably a loss in condition.
But M private condition report wa.
issued this coming on Friday, showing
a loss in the half month OF nearly
points, the percentage being guessed a
56.6, This was regarded as bulish, al
though merely in line with prediction
that September would probably SHOW
some of h condition loss that normal
~ comes in August, due to the crol
being a late one, Others are expecte,
within the next few days, and may hell
to determine ideas on the probable
yield, though these will all be tentative
until after frost comes and it a b,
seen to what extent the insect pests nov
at work in SO many directions will con
tinue their depredations, There seem
small chance Of the crop being othe
than a small one, which a prob
ably 11,000, 900 bales or perhaps less
without counting linters, although Their
are those who expect otherwise.
But predominant opinion continues I
lean to the view that price is goin
to be determined not 30 much by TIL
size Of the crop as by other things
particularly the pace at which Europ
buys raw material. Naturally, the do
nestle spinners will observe very close
ly the attitude of the foreigner an
his ability to provide for his needs an
wants and will be governed largely /
their buying by the actions of com
petitors. Being fairly well protecte
with stocks and seeing little chanc
of any scarcity for a year or more
there will not be much risk in this.
Exchange Still Depressed.
There was nothing of snecial i'm