The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-11-20
BY GEORGE WILLIAMSON.

Lower levels were recorded almost
daily in the cotton market during
the past week, and 1t is no longer a
novelty to see new ones. 1t has ap-
parontiy become a habit. The pro-
cess Of Geflation, insofar as II af-
eects values. has certainly assumed
q mace that ought to satisfy the most
revengeful enemy Of the profiteer.
The cotton market mas shared liher-
ally in it, although il has had com-
nany, for declines have been wit
messed in most every direction, al
though the ultimate consumer has yet
to feel their full force, thanks to the
stubborn attitude of the retail dis
tiibutor. who apparently will not sur
render his prospective profits sooner
than forced to by the memorable laws
of necessity through the working of
supply and demand.
The most radical predictions made
some weeks ago have been justified,
and more, for prices reached levels
that we'll posted people thought would
not be seen. even with world affairs
so upset. From the heights of only
few weeks ago declines approximate
something more than six cents a
pound, or $50 the bale, in the future
department, while in the spot mar
Rets differences are even greater, for
quotations are largely nominal. Fiji
teen cents for contracts was reached
a couple Of days ago, while lac as the
, first figure in New Orleans was
touched Friday by several options.
There was plenty OF talk OF the de-
cline going further, for even the most
hopeful was hard put to find basis
for optimism while the business and
economic skies were so beclouded by
the waves of pessimism.
For the week futures in New York
showed O decline of from $50 to 207
points, while New orleans lost from
1876 to 219. December in the North
ern speculative center touched 1890
and January 1890 at their worst
while the same positions in New Or
leans sold as low as 15c and 14.73c,
respectively. Such levels were more
than 500 bale under the highest
points reached during the season of
1890
Lots of Bear News. o..
The flood of bearish information
started early in the review period.
one item of which was the census re-
port on consumption In this country
during October. showing only $4,000
bales, compared with $4,000 for same
time last year. 1t was expected, how
ever, and had only passing effect,
though fitting in with lack of basis
in trade reviews FOR anticipating inn
proVement. Some. weather which was
not favorable and menaced some of
the crop helped to inject a little
steadiness and checked the, downward
trend OF prices on Monday, but re-
coyery was small ana next day the
tide turned and thereafter strength
was only negative. The weather
proved less damaging than expected
and nothing seemed to offer help
from the increasing pressure of the
actual. Accounts from the nianufac-
turing districts did not get any better,
and the buying strike continued, de-
spite recession of prices, which was
diseouraging to spinners entering the
markets, even at levels they felt we're
cheap. They were affected by FL
nancial stringency as well as other
interests and were going through the
sweating attendant upon getting back
TO basis of normaicy, or something
approaching such.
Conditions ON both sides the water
were similar in most particulars and
Liverpool cables reflected conditions
in that direction OF indigo hue. The
fact that international political af-
fairs were not altogether encourag-
ing perhaps shared as an influence
in aggravating this attitude of de-
spondency. but more potent than all
else was the abundance of raw ma