The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-05-15
BY GEORGE WILLIAMSON.

From the standpoint Of price tluc-
tuations the past week was one of the
quietest of the season. Fluctuations
were less than 100 points for the old
months and but little more than that
for the new. Sentiment was more di-
vided than 1t has been and opinions
much confused as between the circum-
stances surrounding the start and prog
ress of the new crop and developments
IN the business and financial world.
Neither side seemed willing to attempt
very much, although bulls displayed
more evidence of confidence than those
who entertained contrary ideas. Bear
ishness is confined rather to. mega
to any disposition to take the short
side. The bulls are doing a lot Of talk
ing, but are also playing safe pend
asfnR more light as to how far the pres
ent reactionary tendency viii go and
what will be the effects of the strin-
gency in money and credits.
At the close of the review period
the list of contracts In New York was
Is points up to 80 down compared with
a week previous. while New Orleans
the spot department quotations at most
of the centers were without change, the
exceptions being an advance of 81
points in Augusta and declines or 90
10 10 in Houston and Dallas, which fol-
low changes in futures more closely
than any others. Business in spots con-
tinued to reflect the nonbuying attitude
of the spinners, although at times fair :
ly large lots changed hands in some of
the centers.
In the Memphis market. which holds
the largest unsold stock in the belt,
ii being estimated at 22l,0UO bales, the
sales totaled 1850 bales. or slightly
less than the net receipts for the same
period. Reports indicated that holders
were willing enough to sell at current
quotations. or probably less, but buy
ers were unable to finance any specu-
lative purchases and spinners We're in
available, either from choice or be-
cause of money stringency.
Weather Mixed.
Watching weather and hearing ac-
&C UNITS from the fields continued one Of
the chief occupations of the trade, al
though digestng the reports as to soma
of the effects of higher money and the
spread OF the wave Of economy afforded
diversity. 1t was difficult to determine
which should dominate, and perhaps
this will continue indefinitely, as the
amplitude of what now promises to be
, a moderate crop. and possibly another
small one will possibly be governed by
the extent of the reaction in the worlds
demands from what has been figured
TO be we'll nigh limtless,
The crop has Jared only moderately
well. for weather has been far from
IDEAL. There was some Improvement
in sections, due to needed rains fall
ing. and to other districts having less
moisture whUS still other areas suf-
fered from heavy downpouFs. The
weekly summary on Wednesday was
regarded as more bulish than other
wise, and improvement since the time
embraced by it has been questionable.
The near approach of the time for MAX
ing up the first government report on
condition, the official document being
N fnr If 10 md
the improbability of much of the handi-
cap being overcome during the remain
ing 10 days, naturally have caused un-
derlying strength. In fact. there is a
growing idea that making a large crop
this year is out of the question, and