The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-05-10
MUCH RAIN
HELP TO BULLS
Weather Most Of Week Favorable, But Change Comes.
Spot Demand Continues Satisfactory, But Stats
tics SSll Bcarish-Peace News Small Factor.

making progress. but there was ap-
parent % Tendency '0 make no undue
| Effort lo buy everything In sight, for
NE -af07r Tor lowering Of prices m
me staple commodities was still 2 trc-
UeHdOAS ono The grain and provisions
market, which has been so closely al
lied IN a speculative MAY with cotton.
! mad alternate periods Of strength and
, weakness. although the cash depart
meat was steady all the while. Firm
ness was the rule in securities. which
helped maintain confidence as TO cot
ton values on the theory that the big
gest financial interests expect general
business to expand.
IN the spot department sales were
lalFl} large, but the movement out OF
inc belt continues moderate and the
domestic spinners are doing little yet
toward building up their surplus Of
RAJ" material, which has been reduced
sharply during the past couple OF
months. Exporters have been the most
ready and insistent buyers, but clear
AhCes Tor the week were only l4l, 900
bales. Shipping space has been scarce
ana lreights high and there Is little
definite promise Of material relief soon.
Demand has run largely to staples and
the better grades Of short cotton, with
sellers debating prices.
Bearish Statistics.
The statistics continue bearish. which
probably helps explain the Indifference
on the part Of the domestic spinners.
There came into sight l20, St6 bales, aC-
Cording TO Hester, which compares with
SGl32 same week last wear. To date
the into sight Is 9,S3S, 1873 bales, com
pared with 1901 ,32i. Spinners took
only 1879, 900 bales. compared with 1884,
600 this week last year. "a shortage Of
u. 900 bales, while excess in move
ment was 1000. making "A relative
gain In visible supply Of American Of
30 1000 bales, Visible American Ia g.
466, 497, against 2,765, l26, an excess OF
about 7OO, 600 bales, which naturally en-
courages the spinneTs TO be slow about
buying, seeing as they do not scarcity
and not knowing how the new crop
will turn out. Moreover, they are EVIL
IDENTIFY going to wait and see how the
world Will buy cotton after peace Is an
actually and m and business
are without war restrictions,
Attention Is being turned more and
more TO the new crop, Several more
acreage guesses came, but they made
no change in feeling, for they were
around "A to IS per cent. lust now
the trade seems to have its ideas be-
tween 10 and 10 per cent reduction,
although this may be changed by what
comes within the next couple Of weeks,
The first report on condition will be
ISSUED about June 4, while It VIII be
about July . when the census depart
ment issues its estimate Of acreage
In the meantime the trade must depend
for its Information on the private bu-
reaus and what II can get for itself,
Sentiment Is pretty well divided as
to what prices viii do, Bears are
counting on the abundance of supplies
TO prevent any startling advance and
are relying on acreage reduction be-
ing small. They also are figuring on
the abundant supply Of moisture In the
southwestern belt resulting In good
yields per acre, They regard the start
as far from unfayorable and also think
that cotton Ia near to cost Of produc-
tion. which under existing circum-
stances they consider at value.
Bulls, on the other hand, are talking
Of further rise, OasinR their hopes on
al enormously increased demand a little
later. They also think the chances for
a crop large enough to bring material
reduction In prices are few, 1t being
frequently mentioned that the boil
weevil win see TO II that yield is cut
down, while fertilizers have not been
OF such quality or plentiful enough to
give promise OF a big crop, Thus the
arguments go during the period of tran
sition, for the present seems one where
both sides are open to developments,