The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-05-08
BY GEORGE WILLIAMSON.

Interest in the cotton market during
the week just closed was divided be-
tween weather and crop conditions and
developments resulting from the restric-
ton of credits and tightening of money.
Weather on the whole was not con-
ducive to expectations of more than
a moderate crop, especially as 1t APP
parently has already caused revision
in acreage ideas and plans, although
toward the close of the period some
favorable rains fell in sections of Texas
that have been clamoring for moisture.
ket had pretty well discounted the I'M
favorable start and was allowing other
things to be given hearing.
Effects of the monetary and economic
situation were widespread and seemed
destined to become increasingly impor-
tant, Beyond all question there is grow
ing attention to the insufficiency of
capital and credit for taking care Of
the rising tide of prices and the ex-
pansion of business in many directions,
while the tendency among consumers
is manifestly more toward resisting the
high cost of everything. After pro-
longed period of submission to the ad-
vance in prices there has developed
resistance, along with more disposition
to pay more attention to the need of
conservatism in buying. Students of
conditions believe that under and be-
hind all of this is the financial situa-
ton, which has been expected to have
powerful effect, once 1t got under way.
After a week of moderate activity in
trading and more or less irregularity
the list of futures in New York closed
II points off to 40 up. while New Or
leans quit with gains of 10 to 70 points.
The nearby months showed less strength
than the distant, being under the in
fluence of the slowing down DISPOSE
ton in business and anticipation of
dnliTFnring IN nfran Of nnn nft
reflections of continued stagnation in
the spot department. In the spot mar
kets quotations as rule were without
change, New Orleans being the only
important center to the contrary, the
price being cut there 100 points for the
medium grades and more for the lower.
in truth, quotations as a rule were
more or less nominal for the lower
grades, as reports indicated that hold
ers would have made concessions II
buyers had anpeared
Weather Was Mixed.
Watching the weather was one OF
the chief occupations of the trade. as
the season was at hand for further
delay to be most serious. Rains were
more or less general over most of the
central and eastern belts, although not
as a rule heavy while Texas had little
ana was suffering on that account.
Work was interfered with and the start
delayed, while many sections told of re-
planting being necessary and of scarcity
Of good seed. The weekly summary on
Wednesday was about a stand-off but
only because it came little better than
expectations, it being anything but en-
couraging to large crop ideas. Before
the end of the week some good rains
fell in the dry sections Of Texas, but
In the northeastern section of that
state complaint was made that they
were getting too much and offset was
had for the benefits elsewhere
Some acreage estimates came, which
disappointed the trade. as ore figured
an increase of only 2.3 per cent over
last year, while the other said there
would probably be no change. The ef-
feet was to stimulate bullish feeling.