The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-09-27
COTTON SHORTS
RUSHED TO COVER
Smaller Crop Ideas in Vogue and Holders Very indie
pendent About Selling Actual-Exchange Rates
Improve-Less Concern Felt Over Steel Strike.

ION that the best of all is a scared
short.
Accompanying the report Thursday
morning win be figures on ginning 10
Sept %, indicated by private informa-
ton to fall far short of last year, In
connection with the guess on condition
will be some sort OF statement as TO
acreage abandonment, although the
trade is confused as to what il will be
and whether 1t has been figured IN con-
dition percentage previously or VIII De
done for the first time this month. II
is expected that acreage abandoned
will figure around per cent.
Statistics Are Bullish.
Statistics we're again moderately
bullish, but chiefly because there IS so
little cotton coming to sight. Splnners
are taking moderately, but indications
are for steady Improvement. Bulllsh
ideas have been based on the belief that
this expansion viii continue indefinitely
and that the worst has been witnessed
in the foreign money situation.
Exports for the week were moderate,
but they are expected to pick up from
now on and steadily expand. Reports as
to the extent OF october commitments
vary, but it was claimed during the
week that freight space for clearance
during the month had not yet been
are no large stocks abroad, and u the
strength in foreign exchange continues
and increases this will stimulate not
little business for export. Whether
the recent disposition on the part OF
some people to speculate in eXchange'
buying it rather freely because its ex-
tremely low prices, has much to do with
the higher quotations cannot be deter
mined. Whether or not this is the case,
it is merely one of the ways In which
capital Of this country is in a limited
way being extended to the foreigner
Another probable factor in the appre-
citation OF rates was the provision made
by the treasury department Of this
country whereby the foreign debtors TO
the United states may fund their in
terest payments for three years, thus
lessening the amounts they must pay
now and as they fall due. Progress in
giving the banks of the country power
to use part Of their resources In financ-
ing foreign loans is slow ana It remains
to be seen to what extent the Edge act
will help.
Trade conditions in Great Britain APP
pear to be improving and the amounts
Of cotton being forwarded to spinners
from Liverpool are approaching the
capacity of the mills to consume each
week. AS the mills have practically, no
supplies in reserve they must buy
steadily. however, laDoT cOnullloHs III
that country, while perhaps less dis
turbed than over here, are far from
settled and big railroad strike is now
| to be faced.
In the other countries conditions are
perhaps mending. but pending the sign
| ing of the peace pact progress will prob
ably he very slow. German money con
| tinues at very low level and there Is
| little indication OF buying OF cotton for
| oh IN that country
In the United States there Is plenty
Of demand for goods and at prices
named by the seller, but labor condi.
tions are still bad and the mills do not
seem to be buying on large scale, as
| .they hold fairly large stocks In reserve
| whether they will buy freely at the
higher levels is doubted in most circles
for time only will get 1t out of theiI
| heads that there ia plenty Of cotton
matters not how small the crop will be