The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-09-11
BY GEORGE WILLIAMSON,

After a period of occupying second
place in the attention OF traders IN
the cotton market the weather rushea
% the front during the past week win
! vengeance. The result was enhance
ment of values and consequent nls-
comfiture of many shorts. Preclpita-
ion which was widespread, covering
practically the entire belt and varyinh
rom light to very heavy, altered the
crop outlook both as to size and quar-
~ and afforded talking points for the
Gull crowd and some success for them
after having been buffeted about mer-
cilessly for some time. The chief e.
feet was on the near positions, win
reflection of the strength on the others
varying downward as they were dis
tant from the present. This was as
sumed to reflect some OF the opinion
as to the probable effect Of weather on
the grade of the crop as well as posi-
tion OF part OF the trade as to early
commitments TO the spnners, ad-
vantage being taken of II by certain
clements In the trade through the small
ness Of protective stocks in New YORK
and the character OF the contract,
The week was abbreviated by hol-
days, but at its close the list stood in
New York 300 TO 60 points to the good
compared with a week previous, while
in New Orleans gains We're $50 10 bS
points The extreme or the gains were
made in both centers ~ october ana
May thus showing a widening OF dif-
fcrences of 243 and 251 points respec-
lively
As there was no new cotton availa-
BILE outside of the Texas centers, quo
tations elsewhere were Of little impor-
lance Houston put middling back up
10 80 cents and Dallas to s,25c' ad-
vances Of 200 and 2l5 points in the two
centers. and a fairly liberal business
was done. The first report on ginning
by the census department showed that
to Sept. there had been turned out
3s7, 900 bales, of which Texas furnished
3l4, 600. indicating the crops latcncss
elsewhere and explaining the absence
OF spot business outside that state, The
total was less than expected fer the
belt as a whole which increased the
bullish effect of the weather which
was adding TO lateness of maturity and
picking
Holiday Weather Bad.
Over the holidays the elements were
unpropitious for considerable rain fell
in the western belt, while temperatures
were under normal in the upper cen
trail and eastern belt. The combina-
ton was just the thing the crop did
not need so when trading was re-
surned' Tuesday in the American mar
kets the bulls had little opposition. Liv-
erpool had already given some response
to the altered crop outlook, although
strike. The one-day limit upward was
reached in New orleans and almost 80
in New York. the latter taking half
holiday to observe its golden anniver-
sary, and thus falling 10 go the Emit.
The market during the remaining
days OF the period under review was
very erratic and nervous, but held most
OF Its strength and in the nearby po-
sitlons added thereto, with widening Of
differences one OF the distinctive fea
lures Whether the failure OF the late
winter and spring months to keep the
pace reflected lack OF confidence In
maintenance OF higher levels than have
been prevailing or reflected lack OF at
tention at the hands of the bun lead
ers is a matter OF discussion. October
at the crest sold at 29.60c, which was
a gain OF 260 from the low OF the
week, and approximately 400 points
from the seasons lowest. 1t was noted
that except In October and TO less eX-
tent In December there was little indi-
cation OF concern among the shorts,
probably rejecting a weakened techni-
cal position and continuance OF doubt