The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-08-30
MARKET
X HOLDS STEADY
Too Much Rain in Sections and Low Private Crop Con-
dition Reports Offset Bearish Features, But Senti-
ment Mixed, and Price Is Very Uncertain.

the needs Of the world and the fact
that this Is the fifth short crop.
The export situation was without
much that was encouraging and ad-
vices from many directions denoted no
disposition yet toward free buying Ex-
change rates did not change much,
but some observers thought n reason
there was no further depreciation was
the very fact that offerings OF bills
were limited by the restricted buying.
Clearances for the week from domestic
ports were about 1876, 900 bales, but the
discouraging feature Is the C OF
ability or disposition to enter into COM
mitments. 1t remains to be seen
whether this is due to expectation of
lower prices or to other things. Some
Of the buyers returning from abroad
report plenty Of willingness to buy raw
material by Germans, but they want
longtime credits, which as yet are not
being offered. The British are adher-
ing to their recent policy OF buying
sparingly, which is also in favor with
the American spinners.
Statistics are getting small attention,
although comparisons for the week were
bullish and are likely to continue SO
for a time, as the early movement
promises to be very light. The section
that usually Is marketing a lot OF cot
ton by this time has but little crop.
But the bear crowds are ~discounting
the Importance of statistics and contend
that more potent factors will be po-
litical and financial developments. Con-
tinued delay in ratifytng the peace
treaty is helping to delay adjustments
on both sides Of h water, and there
seems small chance of action for some
time. The fight in congress Is getting
warmer, but there is reasonable doubt
as to which side will win. Pending
some decision, there will be interrupted
progress toward sterilization OF con
ditions and slow disposition to take ur
problems which accompany the recon
struction period.
Outlook Still Uncertain.
The fact that during the past few
days some basis for optimism as to the
labor situation In this country was af-
forded by no means justifies the idea
that all Is to be smooth and calm and
that business can proceed with conf
dence. The results to attend efforts
to reduce living costs are very much
intermingled with what can be done
to satisfy the demands of the workers
and on this will depend in a measure
how business will be. Those who are
optimistic as to the future generally
recognize that the process will be sloW
and the chances favor a more con.
sentative buying policy from the raw
to the finished product and that the
producer can hardly escape sharing II
the reactions, II such are to be.
AS to the buying that Europe cal
do while their money and credits are
so badly crippled, there is increasing
knowledge Of what a big handicap this
Is going to be, One student of condi.
tons recently figured it out that al
the current depreciation of the Ger.
man mark it will cost something like
$3.50 a pound to put cotton from this
side into a German mill. This cal
mean but one thing-that If long cred
it's can not be arranged, M matter how
keen the need Of material, there will
not be anything like the amount o.
cotton going to that country included
in the calculations of the average per
son. The situation with other countries
is not so bad as q rule, but it Is fal
from encouraging, for the demand fol
foodstuffs has even proven less thar
expected so far, n cotton Is not 81
important to them Is FOOD.
It is the larger study of this side o
the picture which has done much t
cast into temporary discard talk Of A
and so cents for upland cotton, although
willingness to offer much pressure a
current price levels is limited. Thu
ability of the South to carry its bur
den and uncertainty Is to what its at
titude will be when the crop begin
to move is sufficient to induce tn
speculative element to make hast
slowly and to steer clear Of beinl
caught with poor defense.