The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-05-01
BY GEORGE WILLIAMSON.


More diversity of opinion prevailed
in the cotton market during the past
week and prices at the close were ir-
regular compared with week previous.
The near months were slightly lower,
while the distant were moderately
higher, apparently rejecting the influ-
ence OF present economic situation and
appreciation Of the handicap under
which the new crop is starting. More
stringency in the financial markets
and the spread of the reactionary feel
ing contributed to the hesitancy, while
absence of improvement in the spot de-
partment and the circulation of a few
notices for May delivery also induced
some liquidation, as the near positions
are very-near the level of spots, thus
removing one of the incentives for bull
ish activity. Growing appreciation Of
the need of a large crop for another
season and the discounts on fall and
winter months offered incentive to alb
sorption of offers around IS cents for
October.
} Finals for the week were from 40
points off to ITO up in New York, while
a gain of 1902 points. The narrowing
of differences between the old and the
new positions lent some encouragement
to. talk of a possibility that the latter
might easily get on a parity and maybe
go higher than July. Considerable
presumably as hedges against needs Of
the better grades as soon as they may
be had, tended to increase faith in
the wisdom of such talk, vague as 1t
was.
In the spot department business con-
tinued limited, and the burden is still
on the shoulders of the South, with the
banks carrying a large part Of the load
through its loans. There was, however,
no suggestion that calling of loans
ha IN =
sion sacrificing Of the cotton, although
it can be safely said that If buyers
with money would show themselves In
almost any part of the belt they would
be able to pick up some very cheap
cotton. 1t is case in a measure of
concessions not being offered because
it is recognized that such would likely
do no good, unless much larger than
necessity yet seems to suggest.
Weather News First.
Weather news was given foremost
place early in the week as the domi-
nant influence, and map readers with
any sort of reputation found a ready
prefaced on improvement in the stock
market following advices that the worst
was over in Japan and failure of some
scare predictions to be verified in this
country was quickly dissipated on the
opening day when there seemed chance
Texas over the week-e there was
some little rain in the Southwest, but
lot of it in the central and eastern
belts, where anything but rain was
wanted. The result was that the mar
ket gave attention to the unfavorable
news and bulls took charge again and
ran values up, though it was chiefly
in the distant positions. Tuesday saw
further rise, although 1t developed that
more rain had fallen in Texas than al
first reported, while conditions were
better in the wet sections of the cen
trail and eastern belt. October in New
York came within about half a cent
of the extreme high for that month be-
fore the tide turned
Wednesday was the day for the gov
ernment's weekly summary of the
weather, and it proved more favorable
than anticipated and was followed by
fresh liquidation and some little pro
fessional selling from sources that were
impressed by the reactionary attitude
of Wall street. There was support a
the decline, however, and recovery o
nearly 100 points from the lowest wa!
had, although about half of this wa!
again lost. Sentiment at the close o
the period was pretty well divided, will
traders apparently disposed to lie
weather and crop news be dominant.
With planting getting under full
Roadway all over the belt and tn
weather turned for the better, chances
are for a market with comparatiVel!