The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-05-01
WEATHER BETTER:
NEW MONTHS UP
Trade Interests Support Market On Theory That Bis
Crop Improbable Money Conditions Tighter, But
Cotton Feels Effect Lightly-Spots Are Inactive

small range, unless there be more cold
ture. 1t is early yet for acreage
guesses, but they are already coming,
TWO having been issued Friday. one
said it looked like an increase OF l.3
per cent over last year, while the other
guessed planted area would be the same
as last spring. The lateness Of the
start and labor conditions. together with
the increased incentive to raising more
OF other crops. have worked change In
current ideas recently and some revis-
ion downward in expectations. 1t is
freely admitted in all quarters that an
abnormal season will be necessary II
anything like a large crop is raised.
The urgent need of such helps explain
why the market gets such good support
on the dips, as 1t will be the most ex-
pensive crop ever grown.
When Will Spinners Buy?
What will be necessary to start spin
ners to buying raw material again no
body can say, although government fig
ures issued recently indicated that II
consumption continues as at present
the carry-over will be about 100000
bales less than 1t was year ago. the
great interest in prices for early fall
shipments. which naturally will be bet
ter in grade than any to be had from
elsewhere, is indicated by some of the
prices talked of. 1t is claimed nearly
81 pound is being offered in this sec
ton for good grade l S-l6-inch staple,
but that those who expect to grow that
kind are slow to accept 1t this far
ahead. Of course, such price for
the long staple is bound to have us
effect on prospective prices for the
shorter.
Tightness of money, with no prospect
possibly rates that are higher than
those now prevailing, is causing some
fatigue among holders of the low grades,
but time only will tell how soon 1t
can be sold The fact that this Is
largely entirely apart from the price OF
of it unspinnable, will obviate nkell-
hood of it being as much market rae
tor as il conditions were different
However the burden of having 70 carry
this unsold part Of the crop, through
its effect on financial conditions, may
prove to be bullish, in that 1t VIII
hamper credit extension for raising
larger new crop. ,
In the local market sales for the week
were only $3.50 bales, and they were
small in other centers OF the Delt. E "a
ports for the week were moderate, IA
Dor troubles at the ports hamperlng
clearing of ships. The statistics were
slightly bullish, visible supply OF Amer
lean showing a loss OF Sl,oVO oaIeS
compared with a loss of 1000 TINS WEEK
last wear. SplllHGIS IOOn
compared with 100000 bales, ana d tne
season amount to date IS lO'lZa'ooo'
against S,339,000. ,. oro
Conditions in the goods markets are
a little bit nebulous, with slowing GOWN
NJ buying and some reaction in prices
as goods from second hands are pelhg
offered under quotations. lmportatlons
are also increasing. The wave OF econ
omv. whether temporary or, lasting,
is having some effect on prices, put
not sufficient yet to disturb the manu-
| "a cturing situation, intrenched as the
mills are behind bookings for months
ahead. The effects of more stringent
money are broadening, but have not
gotten far enough below the SURFACE ~
prove much help TO those VINO "oulu
| be bearish. co+ britain
The labor situation in Great BrltaIn
is cause for small concern, as the con
ference between mill owners and their
oneratives ended for the time peiIls
With the difference but 10 per cent,
which means that there Will De no
| strike The disturbance in one Ne"
Tnpiand center Is not regarded as Sc
rioEslv threatening, and the spreaulng
curtailment of activity IN some ;, ainG ;n
~ industry may prove effective N
bringing about a less menaclng atLo
t,,da among the workers. Until tnere
10 more assurance regarding the new
cron than now seems possible lol 9Sat
erai weeks, the probabilities are &c r,tat
| efforts to break prices in the maj Ae'
viii be attended by caution