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

terial in sight and in prospect and
the inability or unwillingness of the
world to provide for its needs just
yet. Moreover a knowledge OF the
South's position, financially and
economically, afforded the specula-
tive element with powerful weapons,
although it was not necessary at any
time for them t, show aggression in
selling.
Hedge Selling F Tee.
Limited demand Tor the actual and
appreciation of the fact that the
grade OF the present crop is such
that most OF it will be GOOD enough
to be rendered on contracts, IL need
be, caused liberal selling Of hedges.
This was Just the reverse of what
had to be faced last season. and helps
to explain the rapidi;y of the decline
and its continuity The spot depart
ment has offered almost no resist
ance to bearish efforts, for enough
people have been FORCED TO market
some of their product at Offered
prices to supply the moderate de-
mand, while the spread OF despera-
ton has caused others to dump their
stuff at figures which have been sac
rificial and in a measure responsible
beyond repair. which is senseless.
with quotations moro or less nom
inal, middling uplands at the close
OF the week, were from 15.35c' to
1880, or t25 to $50 points under
what they were a week previous.
Sales were generally small, although
a considerable part were at centers
making no reports. Exports were
fairly large, but the seasons total is
behind last year about 100000 bales.
Whether or not the worst has been
seen none can say with any reason
able degree of certainty, and only the
speculatively inclined will undertake
to guess, The turn in the market
which came. Just BEFORE the flag was
dropped Friday inspired hope in some
breasts that perhaps change was at
hand. OF course, there is bottom,
and it will be reached sooner or later,
for the markets are paying some
penalties now for foolishness of the
past and are probably going to be
pushed too low. It takes bold
guesser, however, to predict much
Improvement vet. Perhaps a bun
might be called one who thinks the
decline sgone far enough. There are
few signs of confidence. in the bust
ness armament, although the best
posted thinkers express no sentiments
that should create a feeling of panic.
They claim that the general under
lying conditions are healthy in their
potentialities, although admitting that
the patient Is very sick and having
to take some powerful doses that are
extremely unpleasant. The fact that
cotton is not hit harder than other
commodities, and not so much as
some OF them, is perhaps OCCASION for
a little cheerfulness. although 1t is
difficult to make Rim see it who eX-
pected TO sell his crop for 40 or so
cents a pound and Is now compelled
to hold 1t or take less than zoe.
Some progress is being made in the
organization of the companies which
are expected to help In marketing
some of the crop to Central Euro
pean countries by extending credits,
but they can do very little immediate
good and for the past rev days have
apparently been lost in the shuttle.
However, their possibilities are great
and are worthy of serious trials.
Two ginning reports are to be is
sued before the annual quantitative
estimate of the government, which is
expected to come about Dec. 10. In
the meantime will come the usual
quota OF guesses and estimates, all of
which will be factors or some i'm
portance, although the question this
year Is not will there be a surplus,
but how large one. Statistics are
given attention. but are of less than
usual Importance in determining
opinions.