The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-10-16
BY GEORGE WILLIAMSON.

Failure to break the deadlock in
the buying attitude of the ultimate
consumer, who apparently Is deter
mined to test the ability of some
branches of the distributing trade to
resist the course of values in nearly
every direction, was one of the fac
tors contributing to the lower trend
of values in the cotton market dur
turer adhered to his policy of cur
failing output as old business was
wound up and buying sparingly of
the raw material, although it was
said that spinners, both in the
United States and in Great Britain,
think cotton is cheap at current
prices. This statement Is based on
first-hand information from people
in close touch with both, although 1t
affords small comfort to the owner
of cotton, who appears to be suffer-
ing from financial stringency and a
congestion in normal distribution of
finished goods, some of the blame for
which Is attached to the attitude of
the retail trade, which has not re-
duced its prices anything like pro-
portionate with the declines else
where
Favorable weather over the entire
belt was another influence for the
bears, as it lessened the frost men
ace, bettered grade and facilitated
picking. It is regarded as question
able whether 1t had any effect on
quantity. There was nothing to in
terrupt ginning, except lot of
threats against operating gins. and
some burnings, although advices
1Ixr al -
ton Of cotton being held in the seed.
The sporadic attacks on the gins
were probably not market factors,
although given much prominence in
the press and the subject Of wide
spread discussion.
British Strike Called.
Over in Great Britain labor trou-
bles occupied most attention, for the
coal miners voted to go ahead and
have their giant strike. refusing all
offers to prevent it.. This was a big
influence and contributed to the
sharp weakness over there, for the
results cf the strike may be revo-
lutionary. The week closed with
nothing in sight to prevent the mines
tracted shutdown would become a
urday night. AS the continent Of
Europe depends largely on Great
Britain for their fuel supplies a pro-
tracted shut down would become a
serious menace to an already curI
tailed activity in that direction.
However, on Friday some of the
cables were little optimistic because
the discounting process had already
been thorough and it was felt that
+ the strike could not last long. Aside
from tho ctrilyo noxyC odryiaaC froyr,
the Manchester district were unfa-
vorable and output was being re-
duced, while mills were finding out
let for their products restricted by
the worldwide disposition to wait
for more stable conditions before
buying.
On the continent there was said
to be willingness to operate the
mills more freely but inability to get
the raw material was hindering it.
Continuation of talk in this country
of plans to arrange for shipment of
some Of the low grades to Germany
afforded occupation, but did not
make impress on the minds of
traders, as few people believe in the
practicability Of such efforts in time
to do any good.
Financial conditions was still one
of the dominant factors, as it vi
tally affected the spot department.
No change of consequence was noted
Delegations were in Washington
seeking help of some sort, but found
little basis for encouragement. They
were refused revival of the war fl
nance export corporation, but found
some comfort in the attitude of the
federal reserve board, a new state