The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-06-14
sY GEORGE

WILLIAMSON.
Weatne conditions were given dom
I4hL posltion as a price factor in the
cotton market during the past week
AS liberal rains fell over Sunday in The
western part Of the belt and hid fair
70 spread eastward. there was a Sham
p,ulge TO values early in the week, fol-
IoMeu oy some reaction as a change
came Tor the better. But too much
permanent injury had been done to en-
courage bears to offer more than pass
ing resistance. Close observers OF the
siSuauon saw too much chance for an
otner snort crop to justify talk OF a
ssepnu Decline OF, consequence, for even
Gltnout the crops lateness the task Of
cleaning it and putting It into shane
az this late date would be a very large
TASK with a normal labor supply. 10
say nothlng of what II would be with
complaint from practically every sec
ton that there Is a scarcity.
While all sections of the belt have
hot suffered as seriously as has the
local district and some others. there
is an absence from any direction of
claims that the promise is flattering
me weekly summary on Wednesday
was slightly better than some looked
LOT, put II contained enough to occasion
concern. TWO private reports on con-
dition OF the crop at the middle Of the
monthly reporting period showed loss
OF several points from the government
estimate for May rs, pointing to the
July report coming very low and show
ing a very unusual thing. a decline dur
ing the month Of June. The advices not
only showed that condition was as a
rule poor, but some very serious aban-
document OF acreage is being undergone,
usually estimated at enough to offset
the Increase which resulted from the
rise OF several cents a pound at the
start Of the planting season. Just how
much this abandonment will be, time
alone can determine. but a pretty
definite line may be had on 1t before
the census department makes its guess
on acreage at the end Of this month.
! The flare-Ip in prices carried them
to within a short distance of the previ-
Gus highs. July coming within 60 and
October 30 points of their best in New
York. The technical position was such
that the bad turn in the weather was
only a partial reason for the recovery,
a considerable speculative short interest
having been created during the brief
period of sunshine. After the slight
sinking spell toward the end of the
week there were stin left gains Of gas
to 1852 points in New York and 2S7 to
341 in New Orleans.
Spots Less Active.
Activity in the spot department was
more limited than for some time, YET
sales as a rule Appropriated offerings
Quotations we're somewhat irregular
yet there was nowhere willingness tC
turn loose at prices in line with the
reaction in futures. When the upturr
am In contracts spots did not have
to go up so much, having failed to &C
down proportionately, but at the close
of the period gains ranged from about
SO to 225 points at, the centers report.
ing, the wire strike causing some to BIZ
missing
ySpinners apparently we're not doing
so much, but there was evidence of
more liberal movement in their direc.
ton. Receipts at the ports were heavy
rejecting preparations for expanded e x
ports, while clearances for the week
were the largest in a long while. The
movement into sight was more thar
twice what it was this week a year
ago, an indication of raw material go
ing toward the mills Takings by spin
ners, however, continued light, thu
making the visible supply comparison
bearish.
That the trade Is giving but second
airy notice to the statistics was shown
by the action Of the contract market
1t was correctly said that they wer'
rather concerned as to the future AM
, were watching demand for finishes
goods n the prospects for its con
tinuance.
The scramble for goods showed n
diminution and prices rose to the high
est levels yet attained. 1t was sal
that some foreigners who usually Blu,
abroad were coming to the domesti