The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-08-09
BY GEORGE WILLIAMSON.

Keeping track CT changes in the cot
ton market during the past week was
not an easy task. for changes came
frequently and there was an element
OF surprise in some Of the news, Just
as there was during the previous week.
however, there was no good excuse for
u, as the thing which took the average
observer off his feet should have been
fairly6wen known to any person who as
sumes to keep himself posted as to the
statistics which are published from time
TO time during the season. In spite of
this. however, the Hester statement Of
VIA the world used of cotton during
me past year and how much there is
lett over to the new season proved to
be one OF the potent factors of the
period, on prices. II was not so much
that fha trade did not know the fa
but that II had been so obsessed with
other things as to have practically over
looke the important matter Of supply
and demand.
The general trend Of values was
downward and for the week contracts
lost 335 70 342 points in New York and
1851 to 375 in New Orleans, or around
$l1.50 a bale. At the lowest levels
touched, which was around the opening
on Friday, quotations were more than
$50 a bale under the top figures reached
about the close Of July, when October
in New York sold at So cents. The
decline from the opening day of the re-
view period was almost as much, as
the same option touched as high as
35.50c on the strength of the bureau re-
port on condition,
From a speculative standpoint the
week was not a very active one, for
many traders left the affair religiously
alone, fearing to cope with the many
dangers besetting both sides. Changes
came rapidly and many wise ones were
caught unawares, but bullish confidence
was rudely shaken and more tall of %
cents was heard than of 40, although II
would not be surprising to see both be-
fore the end of the calendar year
Liquidation was encouraged by severa
developments and the buying power was
restricted largely to trade interests! who
naturally waited for the shakedown t
be complete before buying very much
Some OF the penalty was the effect d
over-extension of buying and the specu.
lative atmosphere was much clarified
aHter the wild fluctuations.
Economic Factors.
Economic factors and influences werl
conspicuous in dominating sentiment
The Foreign financial situation received
more careful attention n many folk
Ohio had seen fit previously to dis0egart
some Of the symptoms n their prob
able affects were approaching the dif
ference between what the foreigner
need. ana what they can pay FOR. tn
distinction is becoming clearer 40 tn
market is presenting two sides NOR
frequently.
In this country the rising clamo
against the high cost Of everything ant
its close association with the vide
spread labor unrest figured largely as
factor, not only in cotton, but in all tn
markets. There was quick Response t
it in administration circles and som
prompt action promised. The effect Q
this on speculative markets wa
marked, extending to the degree the
advances were checked and much i'm
wetus given to reactions. Although
was not known whether the plan of tn
president would include efforts to brin
about lower prices FOR cotton and II
products. there was disposition to az
sumo that 1t could not escape feelin
some of the effects, although 1t is freel
admitted that raw cotton Is not wher
abuse of profits exists.
The Hester statement showing Vhs
actual consumption for the past seaso
had been and the amount of cote