The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-07-31
BY GEORGE WILLIAMSON.


While more or less irregularity char
acterized trading in the cotton market
during the past week, sentiment con-
changes were slightly downward. One
OF the pet reasons for discouraging
short selling was that II was dangerous
to assume that present favorable crop
conditions will continue, and the large
short interest already existing among
the general run of traders reflected
quite bit of discounting. The tech
\ nical position was therefore not favor
able to a decline, being in shape to
respond quickly to the first sign of
real crop deterioration or the Clarity
ing of certain features in the business
outlook.
Trading was not large and price
movements were kept within narrow
limits, ranging from top to bottom only
httle over 100 points. Some manipu-
lative tactics were undertaken and
straddlers at times got busy, but in the
end the dominant influences were the
weather and the trade outlook. Re-
duction in premiums of near months
over the distant was thought to reflect
feeling that producers will not be in
position to withhold early receipts from
the market and chances favor depress-
ing Influence from the strained money
situation.
In New York the list of options fin
ished the week "a points down to 10
up. while in New Orleans the loss was
from 1876 to 80 points. At only the Texas
spot markets did the weight OF new
cotton get reflection. quota lions being
reduced so to 1870 points, middling rang
ing from 36.50c to 37.50c, while at the
other centers they continued more or
less nominal because new cotton has
not started to come in yet. Sales in
all directions continued small, although
H. aafd n
was being sold as fast as ginned and
Houston reported more business than
any other center.
Weather conditions were in the main
satisfactory, and the weekly summary
on Wednesday morning made fairy
spread prevalence of the weevil and
some cool nights. The latter contin-
ued over the upper sections until the
end of the week. but were not credited
with doing much harm. Other com
plants were in a minor key, with the
weevil depredatiors still largely pros
pective
Crop Condition Reports.
The usual quota Of private crop con-
ditiou reports came, being forerunners
of the official on to come Monday
morning. The figures on condition
ranged from TIA to slightly over g.
pointing to an Official guess III tle
neighborhood of Is per cent. Such
would compare with last months 7O7
with 67.1 year ago and 1O-year av-
erage of 1856 Traders have been act
ing on the assumption that the av-
erage would suggest crop of between
~, 900 900 and $4,000, 900 bales, exclud-
ing linters, which naturally encouraged
bearish views, for it is figured that
the carry-over will approximate nearly
G. 500 900. But for the fact that the
crops lateness, variously estimated
from two to three weeks, which in
creases probabilities of weevil damage
and usual deterioration coming at
later date, chances would have been
materially better for bearish success.
The ensuing weeks will be important
in determining yield, for the crop in
appearance was rarely more promising:
1T is figured that weather which VIII
check the ravages of the weevil would
bring shedding and kindred troubles,
and vice versa, so that deterioration
between now and frost date seems as
sured. a..
Serving as an offset for the dispo-
sition to support the market on the
theory that discounting of crop i'm
proyement had gone far enough was
more pessimism as to trade conditions
and prospects. From Europe came fur-
,ther concern as to the political situa-
tion on the continent, while Great Brit