The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-09-06
BY GEORGE WILLIAMSON.

Cotton Joined the general trend down
ward during the past week and scored
considerable depreciation in value.
Whether this was due more to the i'm
proved outlook resulting from better
weather in the entire belt and to eff
feet OF such on the spinners' demand or
to the sentimental effect of the war on
high prices is not for discussion here.
The fact remains that prices dropped
sharply, net declines in contracts for
the week being something over $3.50
a bale, prices making new lows for
the season all around. There was a lit
tie recovery from the bottom, but It
was ascribed more to technical reasons
ethan to any alteration of sentiment.
The ease with which the bears ham
mered prices encouraged predictions of
materially lower levels, some talk of
rs cents being heard. This, however,
was on the assumption of ar average
y frost date and no bad weather during
the present month and a continuation
of unsettled economic and financial con
ditions. 1t also seemed to assume that
the fighting power of the southern
holder could hardly become marshaled
in time to prevent an early free SELL
ing movement.
The week was featured first by the
issuance of the bureau crop condition
report, which came Tuesday morning
and said 1t was ola, compared with
last months 67.1, a deterioration of 81
points, whereas the average August loss
is something over Z. The showing was
with it out Of the way other factors
assumed dominance, The indicated
crop of IL, $50 900 bales was deemed
ample, together with what was carried
over on August l, to more than sup
ply the worlds requirements with af-
fafHd RVNcnN and Akn WNVr-ahagtpa pRrunr
Of so much of 1t badly crippled. The
decline which started soon after this
information anne continued until the
close of the period and with but little
interruption. December in New York
sold as high as 1920 on Tuesday and
on Friday touched as low as 2S.55, a
range for that position Of 1865 points,
For the week the net loss in New
York was 265 to 279 points, while New
Orleans lost 261 to 27S. In the Liver
pool market no disposition to go coun-
ter to the domestic markets was shown,
for this Is a time in the season when
the British traders al be counted on
to render all the help they can to
lower values. In the spot department,
where business was extremely light,
due to scarcity of new crop and I'M
willingness to make concessions on the
"a old In line with futures, quotations
were marked down almost in proportion,
Middling upland at the most active
kcenters lost 210 to 270 points, the range
being from 2S.06 at Augusta to $3.50 at
Houston.
Frost Date Important.
Although the lateness Of the crop
makes it less safe than usual to try to
Il calculate on the yield, a more optim-
istic feeling as to its progress prevailed.
Weather conditions were more favor
able than they had been and less com
plant was coming from the fields
The weather was a little cool, but abb
sence of rain was conducive to bettel
butturn. Later temperatures rose and
Indications were for good weather To
continue, a temporary spell of uneast-
hess as to a gulf storm proving OF
mail effect on values. 1t cannot be
said that the outlook is for other than
short crop, but the possibilities ahead
frost date is not early and fall rains
"a not set in are suggestive Of trouble
fDr those who would try to do much
milling around current levels,
Economic conditions were promtnen,
II determining the course of values
There was growing appreciation of Wha1
ID means for Europe to have to pay
30 much penalty for her deprecated
money and lack of credit. Sterling TX.
change worked to lower levels, almost
touching that reached q couple OF weeks