The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-11-08
Few Speculative Features.

Few Speculative Features.
From a speculative standpoint the
period was rather commonplace. Levels
wero too high for a feeling Of safety
to pervade the average breast. yet II
rise was at an end. The dangers we're
50 many that conservation was advised
from every source while none eohld
say whether In the expected adjustment
process there would be elevation OF flu
lures or some reduction in selling prices
OF the actual.
The movement was restricted, for exr
ports were still slow and conditions a
the ports were not suggestive Of early
expansion Of consequence. There were
hopes OF the strike OF longshoremen be-
Ing over soon. but along came the news
that vessels owned by foreign govern
ments would not be allowed TO get their
coal supplies over here because OF the
miners strike. Stocks at the ports were
accommodating and the visible supply
was plling up, all OF which meant that
incentive TO continued buying Of the
actual IN the belt was iessened.
Movement into sight, according TO
with 3s9, 34S last year. while takings OF
American by spinners totaied 2g7, 600.
against Psi 900. Visible American
gained 3 5,74t bales. compared with a
gain of l0S, 900 last year, a relative gain
OF III, 900, Total American visible is
$3.50, sos, compared with 2,s12,92 while
compared 'V With s,s4i, sss. ''s spinners have
taken for the season to date only
only 2,5S7,00 bales, compared with
1882, 900, and Ii Is doubtful whether
they have consumed any more.
What the course OF prices in the i'm
mediate future will be is highly prob
.ems'i Ss .D s1S one Mans =oraov guess So = Is
Of considerable cotton is still to be de-
termined. Frost is holding off so long
ana there has been so much moisture
at a time when ordinarily the plant has
practically dried up that many folks
confidently feel that ample offset u
the damage from the rains win be had
though 1t viii moi be distributed
equally.
The ability of the South to be very
independent about the price 1t takes for
the low grades Is unauestioned. X d
hardly be expected that concession will
be granted readily. having enjoyed ex-
tremely high prices so long aud found
the measure Of It's strength. but what
the judgment VIII dictate is hnothAr
matter. for II can hardly be gainsSid
that actual consumption will be 10 some
extent determined by the high cost OF
raw material, n real test OF the
market win perhaps come when these
plentiful grades ara offered in quantity,
some OF which are already being dis
posed Of along with small lots OF the
kinds that buyers w1At So badly and
have been paying almost any price for.
1t Is still to be determined to what
extent the very high prices have re-
suited from speculative buying. Opiu-
ions differ as TO the extent OF such,
but there Is little division as to the
probability that such buying Is at an
end for the time being at least. What
the outcome will be when these specu-
lative holders try 10 unload is also i'm
portant, for It Is reasonable to expect
some wide swings In prices. There is
one consolation, however, to the South;
II is that the producer has gotten per-
haps a greater measure Of top prices
than ever before and will be less at
feoted by possible reactions. They have
the unpicked part Of the crop and the
low grades to be marketed, but such
can hardly be the source of concern, as
the financial situation down here was
never better and few people there are
who are not In position to exercise pa
thence about disposlng Of the rest Of the
crop.