The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-05-22
BY GEORGE WILLIAMSON,

Conflict OF influences and inabilit,
70 determine. just how much weight
should be given to certain devotion.
ments made the past week in the cottor
market one Of the notable ones of the
season traders were still in a guam
cary as to whether the apparent reac-
tlonary wave in prices and business
activity, attributed largely to effects Of
credit restrictions and higher money
rates, should be given dominant place
as value determinative or give pref
erence 10 the serious handicap under
Which the new crop is starting. Fol
the. time being advantage has been a
little on the side of the former, but
PROBABLY because the bulk of trading
acnvity has come from that element
first clew nearly all the time from what
happers in the stock market However
It is quite significant that pressure has
been limited to acceptance of some
profits and playing for quick dips, with
due sense of appreciation for the dan
ger of being caught when the short
crop possibilities get proper hearing,
Tor IT has pretty generally assumed that
making a large crop this season is a
slim possibility.
The period closed with futures in
New York from Is to 1O6 points net
to the bad, while New Orleans closed
at loss of II to 1875. There was early
in the week an upward swing which
carried some positions to new highs.
but sharp reaction followed and then
recovery before the close. The expira-
ton of the May option in New York at
3S.SOc, after selling as high as 429Sc
earlier in the week, furnished little
feature, the issuance for several thou
sand notices short while before en-
aiding belated shorts to thus protect
themselves.
In the spot department sales were
generally light and measure Of them
came from people who were willing to
make concessions in price, resulting in
some reports that spinners were show
ing more interest in the actual. Best
information, however. was that they
are just as Indifferent as ever as to
the wealth Of low grades and the bur-
den is still on the South. Some re-
vision of grade differences took place
and quotations were as a rule reduced,
varying from $50 points to an advance
OF 80 in Augusta, and rs in New Or
leans. Middling upland white cotton
ranges from 40 to AZ cents
Weather Turns Better.
Nature was not any too kind in her
dispensaton of the weather, and for
the first half of the week was quite
unfavorable, although turning better
later, There were heavy rains over a
large part of the belt, preceded by low
temperatures, resulting in increased de-
lay, although the rains were perhaps
more favorable than otherwise in most
of Texas. The week closed with the
elements more disposed to settle, but
with field work still out of the question
over a large part of the belt, worst
conditions probably being in the cen
trail valley section and Northeastern
Texas.
The weekly summary of weather was
bullish, but was followed by liquidation,
the inspiration seemingly being the
character of business news coming to
hand at the time.
The next few days will see the
coming of private condition reports, as
Tuesday is the last day to be included
and they are expected to be bullish
Predictions are that the percentage will
approximate that low record Of 695
made by the first report for the season
of 1917. which would be regarded as
very bullish, in view of labor conditions
and the probabilities of acreage being
less than last year. Fear of the report