The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-08-30
BY GEORGE WILLIAMSON,

Cotton values moved within a narrow
range during the past week and scored
slight net gains, but there is much
conflict IN market opinions and Il
seems probable that light must be had
on many things before intelligent fore
casts may be made. Sentiment is APP
parentiy pretty evenly divided and the
market In healthy condition from a
technical standpoint. The burden Of
proof remains with those who would
see higher values, for the continued
paucity OF demand, the unsettled state
Of labor in nearly all the world, crippled
flnances n the fact that a new crop
is on the eve OF being gathered and
made ready for marketing add consid-
erable weight to the natural dispose
ton OF values to move downward
around harvest time.
On the other hand, however, there is
widespread confidence among the pro-
ducers and those holding the carry
. over In the shortage Of yield being suf-
ficient to enable resistance, in a most
effective way to the effort to force
selling. There is an enormous vacuum
to be filled and the producing sec
ton is better able than ever before to
put up a stiff fight for values that are
reasonable on cost basis. Having gone
through what they have for several
years, the growers and their friends
feel confident of their power to await
the demand they considered inevitable,
even though it include another season
Of restricted acreage.
The past few days shed but little
light on what the outcome Of the con-
test will be, but sentiment seems to
lean rather to the bear side, If there is
no bad turn in the weather sufficient
to move deterioration abnormal and
the frost date does not come early. The
latter Is a factor which win go far to-
ward determining the fate OF lots OF
the crop, for lateness Is practically. uni
versal and much of the fruit will be
in the balance between inroads of the
several pests and the coming Of frigid
weather.
The week was a time for private
came and helped to prepare expecta-
lions for the official one due Tuesday
morning at 10 o'clock to be around 81
or 81 per cent, This will compare
with 67.1 last month, with 55,7 last
year and a ten-year average OF $50.
The average deterioration for August Is
about 76 points, but If it comes less
this year than that some offset will
be had perhaps in the fact that the
crop is late m that comparisons ought
to be made with late July or early in
the present month. 1t seemed to be
Gated an outturn Of around LOCO, 900
but easily subject to alteration up OF
down by weather developments.
Expect Low Bureau.
| One OF the factors helping to induce
short covering and the moderate up
turn was the effort to be ready for q
bullish showing by the bureau, tht
trade recalling their experience Of q
month ago when percentage came fully
/. two points less than anticipated. Dur
ing the early part of the week con
siderable complaint came from wide
spread areas because Of rains and theil
Injurious effects, giving rise to aggra-
waited insect depredations and to shed,
ding, but the weekly summary was moi
so bad and opinion diverged as t
whether deterioration was as bad al
normal. From some sections cam
. reports of the crop doing pretty well
although there is scarcely a possibility
of it being other than a very short
one.
Those who are bearish, although they
showed small disposition to do much
pending the coming of the report
argued that the situation in the worlC
is such that the size of the crop II
secondary to that of what car b.
bought and paid for. Nothing new II
this particular came to hand, but ap'
parently a keener appreciation Of |
soaked through the noodles of man!
people who have been obsessed en-
tirely by the prevalence Of high prices