The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-09-04
BY GEORGE WILLIAMSON.


People with high blood pressure and
limited bank accounts had no place In
the cotton market during the past week,
nor does IL seem advisable that they
give II much attention, Conditions are
too unsettled and fluctuations too
rapid for safety, even for a person In
the enjoyment Of health and with the
wealth OF Texas oil king. Influ-
ences are very similar TO those applying
for the previous week, with little TO
lend announcement TO those who would
see an upturn. With a large element
OF the trade the extent Of optimism was
that perhaps the decline had gone far
enough, although in many quarters
there continues to be talk OF materially
further drop, unless something in the
nature Of crop disaster suddenly de-
veops
The week ended with sentiment con-
fused, but with most OF the confidence
on the bear side, perhaps inspired large
~ by the fact that success had attend
ed their efforts and so little resistance
had been shown, In New York prices
of futures were down for the period
1919 TO 2i2 points, while New Orleans
lost 24s to 2i5 points, Quotations for
spots were stu somewhat irregular
due TO the fact that some centers have
not adjusted them to a basis with the
new crop, while others had kept pace
with contracts. Middling at the leading
centers ranged from S2c nominal IN
Memphis TO 27.10c at Dallas, with the
rest OF them intermediate. Dallas was
down for the week $50 points. Houston
was down $50 and New Orleans down
200, but business was very limited in
the belt outside OF the lower portions
OF Texas.
Following the upturn the latter part
of the previous week came a sensa-
tional bulge on the opening days of the
present review period. attributed TO wild
covering by many shorts because OF
the ominous looking weather indicated
for the weekend, Rains seemed as
sured for most of the belt, which was
tho thing most feared Quotations
jumped over IS a bale. at the crest
the recovery from the low point OF the
season, recorded only few days pre-
vious being little over $50 bale.
on Monday when traders saw that
weather was not SO bad as expected
and they ascertained that the ppturn In
futures had failed to have appreciable
effect on demand for the actual, there
was as keen a rush TO sell as there had
been TO buy, the result being that all
active months closed the day at tho
Liverpool were poor, bringing informal
ton that the coal miners OF Great
Britain had voted to strike, which added
fuel 10 the bearish flame, two private
crop condition reports acting as neu-
trAlzers for each other.
Bureau Report Comes.
Even a bureau report on crop con-
dition at 67.b or a full point or more
under expectations, bullish weekly
summary OF weather and renewed rains
in the belt failed TO have more than
passing effect as interruption to the
downward course OF values on Wednes-
day, For the second time in the week
the one day limit was reached. due to
the fact that prices bulged after the
bureau report came and then dropped
200 points therefrom Some show OF re-
sistance by spot people In the earlier
sections, widespread rains and improved
cables accounted for an upturn on
Thursday, although Il was made easy
by the fact that the decline had been
SO rapid. On Friday, however. atten-
ton was again directed TO other things
and the chief Incentive for the renewed