The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-09-20
aY GEORGE WILLIAMSON.


Ripe for some recovery after It had
gone down so sharply and traders had
gotten their ideas entirely too much on
enc side, the cotton market quickly
resonded when the gulf storm struck
southwestern Texas after ii had played
about for some DAYS and kept traders
nervous and uneasy. There were high
winds and rains over a large part Of the
state, doing considerable damage, al
though perhaps more sentimental than
actual, and the upturn came without
much trouble, The technical position Of
the market was such as to make IL easy,
for some factors had been almost en-
tirely overlooked during the time that
prices were reaCtionaTy.
Az h crest of the recovery quota
tons were IN from the recent lowest
level about $50 points, or $i2.50 the bale,
which was regarded as sufficient for
the time being and left sentiment well
divided as 70 the probable course of
values for the immediate future. For
the week quotations In the New YORK
contract market gained al TO 1928 points
net, n New orleans acted similarly.
Spot quotations were marked up faster,
but are pretty much In line with flu
lures, gains for the week at the lead
ing centers having been 1875 10 l8
points. middling ranging from $500 at
Augusta TO S1.60c al Galveston, Some
OF the private adviCes said that the ba-
ais at which business was being lone
vas the highest in quite n while, re-
Fleeing independence on the part OF
those who have the actual for sale,
From a speculative trading stand
point the market was a commonplace
one and activity was only moderate.
There were the usual uncertainties, but
little surprise that recovery came early
In the week. The issuance Of the CEN
sus report on August consumption,
uknprfWty EAN mn hDlaa fRga1 "a graI Dut hlA -
600 same time last year, failed to have
any important influence. as 1t was in
line with expectations. The continued
depression In foreign exchange also had
been taken into account pretty thor
onghly and discounted, II was admit
teddy n big bar to bullish activities,
especially at the present time. yet the
bears could not look at It to the neglect
OF other things, for the South was not
bankrupt and could easily extend some
credits or withhold its crop from the
paarket for n time.
Storm Starts Covering.
SO when the storm struck and sup
piled occasion for a fresh lot Of cron
complaints attention was directed at
news from the fields. some private cons
ditlon reports came to hand and there
was a flood Of Information MS TO de-
terioration and Of disappointing yield,
al, OF which seemed to encourage re-
visiting OF crop estimates, although there
continues to be no disposition TO make
lAore than tentative calculations. The
rIatter OF what allowance Is t5 be male
for abandoned acreage continues to In
terest the trade and II is reported the
government viii early In October issue
D report on the same, In some Quartess
this Is expected 10 be followed by re-
auctions In yield estimates, although
two months ago the bureau statisttcians
said In their statement accompanying
tho condition report that due allowance
had been made for more thar the aver
age abandonment.
The weather has been fairly favorable,
but II Is expected that the nest condi-
ton report win show a much heavier
less in condition than the usual FOR