The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-06-05
CROP CONDITION
EXTREMELY LOW
Percentage Given AS 62.4 But Market Reflects Small
Attention To It, AS Other Influences More Domi-
nant at Moment-Recent Weather Is Not Favor
able.

ton of the crop in the South. Advices
say that during the past few days some
people who have been taking their cue
entirely from the reports Of business
feeling that cotton could not escape
and that the worst had been witnessed
in crop conditions, have reversed their
ideas. The character Of crop news has
been too overwhelming and the short
ness of yield made too certain.
But It remains to be seen how long
it will take for this to extend to the
consuming world and induce them 10
show more interest in raw material,
which perhaps would have immediate
effect on the speculative element. There
is apparently little effort made to de-
press prices, but an absence of will
ingness to buy for higher levels pend
ing more light as to the course OF ousl,
ness Just how the speculative crowd
stands is guesswork, but most OF the
confidence is on the bull side and 1t
is reasonable to expect that II the
weather does not get materially better
very soon there will be growing ap-
probation Of the impossibility of rails
ing more than short crop.
Spots Selling Slowly.
With money tightening, the liquida-
ton in many lines of business having
failed to materially affect condltlons
yet, and nothing in sight to afford re-
lief from the stringency, there is alb
solutely no encouragement to any sort
of buying except for actual needs.
Transportation difficulties are still I'M
solved and advices say that this is ag-
ness, by keeping millions of dollars
worth of merchandise in the shape of
what are termed frozen credits" while
it also interferes with movement OF
England tell of mills going on short
time, but to what extent this is in cot
ton goods manufacturing cannot yet be
told. 1t is claimed that this is one
way the mills are trying to lessen the
tendency to restrict buying and main
tain values, although so far this APP
plies chiefly to the wooden and silk in
dustries and possibly to those mills
making the higher grades OF cotton
| goods. However, other reports say mat
months ahead, and that the chief effect
of the price cutting movement has been
| in distributing circles.
But there has been very little evil
| desce of mills being interested in raw
material, although some improvement
| in inquiry has been noted since the low
bureau report came. One source OF
| support in the contract department has
been mills absorbing offerings against
| their future needs Of raw material Law
some of this although their trade con-
ditions are reactionary just as they ap-
pear to be on this side of the water.
In the belt stocks are still large. but
in spite of money conditions there is
no pronounced disposition to sacrifice
holdings. The practical impossbilty of
AVOIDING a short crop has stiffened the
holders in their ideas of value and they
are counting on buyers coming into the
market soon seeing that there will be
small chance of forcing the sale of
| the unsold portion at sacrifice.
The labor situation grows no better,
while demands on the limited supply are
greater than ever. Reports of weevil
activities are increasing. as conditions
are ideal for their propagation, and
spread. Acreage IDEAS are being al
| tered downward and chances favor
abandonment of some already planted
and nonplanting of areas planned for
cotton The report on acreage. will
come about July 1, and will probably
| show decrease from last year.