The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-06-05
BY GEORGE WILLIAMSON.

In more respects than one the past
week was eventful in cotton, although
from the trading standpoint it was
not satisfactory. Instead Of the usual
thing of spectacular happenings when
an extreme government report comes,
there was nothing out of the ordinary
and those who took part appeared to be
confused as to whether to give weight
more to business and economic devel-
opments that seemed to indicate start
of reaction after the long upward tide
or to the admitted unfavorable, crop
outlook. After an interrupted and
the future department are from 60 to
Ill points to the good in New York
and from 81 to 109 up in New Orleans
In the spot department where stagna-
ton of demand has been but little dis
Sturbed, quotations are from unchanged
to 1875 points to the good, middling up
lands quoted all the way from 40 to 43
cents a pound.
Over and above all as outstanding
news was the first report on crop con-
dition from the department Of agri-
culture. 1t was preceded by the quota
of private ones, ranging from 62.S to
$50, When the official guess came at
62.4, which was thought to indicate
of the past year and which will be the
fifth short one in succession, there was
almost feeling Of CONSERVATION In
some circles. This was the lowest
So early III lll0 SedSOl SlllCe
the speculative markets have been
operated, being 1872 per cent under last
year and IL under the record low of
1917 The weekly summary Of condi-
lions covering the period from the time
embraced by the bureau report did
not indicate that there had been any
change of consequence for the better.
The effect on sentiment was to
arouse concern over the outlook for
yield, and prices worked higher by
a hpl hHtf Of haTs ha
lative position was technically weak or
the dominant interests in trading
thought other matters more important,
for a reaction followed. More bad
aroused a fresh wave of buying, but
this, too failed to last, although part
of the weeks advance was retained.
Week Is Abbreviated.
The week was abbreviated first by
the holiday on Saturday and Monday,
while confusion as to status of future
contracts under government supervi-
sion, resultant from the expiration of
the Lever war act, caused other in
had between the issuance of the bureau
condition report and resumption of
trading in New York and New Orleans,
Liverpool having it all to herself and
ed to lessen trading and defer action
toward rejecting actual views of the
prospect for another crop. The high
est points were recorded Friday, when
, July touched $4,000 and October sc. zoe
in New York, from which moderate re-
action was had Bad weather over the
Western and Central belts and prom
Use of 1t extending eastward by the
week end tended to create fresh concern
over the crop. but pressure was en-
couraged by, the announcement of fl
nancial troubles in New England tex
tile circles. which it was feared would
have effect on cotton, This follow
ing reports OF cancellation of orders
and restricted buying seemed to fur
Their defer prospective interest in the
raw material on the part of spinners.
Speculative sentiment at the moment
seems to be changing somewhat, but
there continues to be little interest on
the part of buyers in the unsold por-