The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-03-02
COTTON Markets
-. Afternoon. -

Tuesday Afternoon. March 2.
Squeezing Of May was the feature in
De cotton market today. and that po-
Iitf1n was sharply higher after the
process got well under way. In March
he worst apparently Is over. although
lew highs therein were recorded and
hose who had the boldness to continue
Uncovered had TO pay toll for their
Raring. July and later months were
apparently not given much attention,
although II was thought they We're sub
iected to little pressure through
transfers Of short lines to them. All
b all the day was a poor one for the
bears. without any particularly new
features.
one report contributing to the squeez-
ing process was that the allied commits
lion had about come 10 the conclusion
10 extend some credits to GERMANY. Sc
purity therefor would take precedence
over indemnity, which stimulated hope
bf better business with the central pow
kTs later on. In this connection the
report via New York that feright rates
10 Genoa had dropped to 81, the lowest
In five years, appeared significant. 1t
vas regarded as the forerunner of SIM
Par reductions at other ports and per-
haps to other directions.
1 The weather map was also rather
suggestive of more unsettlement and
llnfayorable conditions for getting the
pew crop under way. although this was
legendary as a market influence
1 The failure of the stock market to
respond to what was regarded as good
lews for the future of big business, the
sourt decision as to the legality of the
fteel corporation, helped encourage
Tome early pressure, but this failed
10 last and merely made easier the eff
forts Of those who had control of the
market
Liverpool was worse than expected.
Influenced by the weakness in the
Egyptian market, where minimum
prices had been established pending
qualification following a big failure down
Nhere. The higher rates for sterling ex-
rhange also was a reason for some IL
Iuidation abroad. The list sagged
Sharply and finals were irregular at
pet loss of 70 to 81 points. finals be-
iown AZ points, fully middling to 80. 4Sd
with sales 1000 bales, including $500
american, Imports for the day were
10000 bales. including 29,500 American
Manchester reported cloths u nsettled
md little disposition to buy yarns.
rather poor opening was influenced
by. cables and a reactionary stock mar.
get, May starting at S495c in, New
York and selling down to 34.70c before
support improved. Sterling rates were
Slightly higher. but failed to be o.
much effect. The report of fairly large
Exports and of lower rates for foreign
reights, together with the prospect O.
better business with Germany because
hi prospective loans, seemed to star
shorts to covering. First it was led by
March, but May took the bit in hel
Teeth and ran ahead of any position IL
he amount Of gains. BY late in tn,
afternoon the option had sold up t.
rs, 45c, a rise from the early low of II
points, July and later positions in tn,
meantime had done but little.
From the spot department came lit
Ee that was new, but no sign of weak
Ress and prices were secondary wher
buyers could get just the sort of cot
ton they needed for old orders
/ Coverings by shorts continued to
N8rd the close and several position
advanced further
Zone steady
New Orleans closed 80 to points up
tone steady.
Spots were unchanged; middling a
4O25, with sales 1881 bales.
4 Liverpool is due to come So to /
points up.
4 In the local market slas were 80
bales, with quotations unchanged; mid
kllng at see