The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-06-07
BY GEORGE WILLIAMSON

Bears In cotton had their minis dur
ing the past few days, but confidence
on h bull side is far from dissipated.
After an early bulge, which carried
contract prices within about $3.50 a
bale Of the extreme high for the sea
son, July in New York reaching 32.5Oc
and october l.90c, the tide turned and
after a bit of hesitancy pending the
weather becoming settled values crum-
bled rapidly. At the bottom, which was
reached at the close on Friday evening,
the end of the cotton week, the de-
cline Appropriated $50 a bale for new
crop months and nearly that much for
the old.
The downward slide did not bring
any startling surprises II was in a
assure expected, the chief contribut-
: factor being the overbought condi-
ZION of the affair and the marked
change for the better in the weather
all over the belt. 1t was common con-
sent that the views Of the pessimists
a received too ready a hearing, and
the usual accompaniment of active
markets, understanding, had been in
dlged in. Opinion at the lower level
Vas divergent as to whether the re-
faction had gone far enough, but at
the time bulls were offering but feeble
r~essstance to the bearish activity.
n week closed with contracts in
New York from 2S1 to 306 points net
to the bad, while New Orleans lost
1853 to 335 points in the same time. In
the spot department declines in quota
tons were general, yet the disposition
was to make them more slowly than
in futures, for holders were not dis
playing willingness to make much con-
cession and offerings were more re-
stricted than they had been. Demand
was less keen, but this apparently did
not offer any occasion for anxiety tC
those who had raw material left. Al
the leading spot centers in the bell
middling uplands Friday showed a range
from 29.5Oc to Sl.50c, which was from
so to 260 points off for the period.
No Surprise in Report.
The condition of the crop figured
very largely in influencing sentiment
The first bureau report from the gov
eminent, giving condition on May 81
came on Monday and percentage wa
given as 1855, which so nearly me
expectations as to supply little incen'
tive for activity. At the moment thu
trade was more concerned over tn,
weather then prevailing in the belt
which was u~nseasonably cold in tn,
western belt and wet in the centra
and eastern. 1t was assumed by every
body that weather in the interim be
tween the time for making up thi
report and giving it to the public hat
lowered the crops condition somewhat
but the ~dlscounting had been ampl
a and traders seemed disposed to loo
Hto other things for direction. Com
plants were coming from all section
of the belt, but on the theory tina
prices were high enough buying powe
subsidized.
When there came a rift in the cloud
and the cool spell seemed destined t
tbe followed by clearing skies he re
action idea found a ready acceptance
T'he continued delay in signing of peac
terms and the fact that signs wer
moi lacking that in the goods market
the bull fever was bordering on
breaking point strengthened It and dis
couraged fresh support. When tn
weather rally became normal and tn
sun began to shine again liquidatio
broadened in all directions and foun