The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-03-13
BY GEORGE wILlIAMsoN.

= Higher quotations Tor foreign a
ehange, rejecting improved conditions
abroad and progress toward reducing
Europe's obhgations in this country.
Aogether with weather in practically the
entire belt which was unfavorable 20
crop preparations, made n combination
which afforded little peace Of mind 10
the bear GROVE There were a few
breathing spells an q times some in
creation that a reae ~ might be In
Prospect, but these mer helped keep
the technical position fro becoming
topheavy. The general trend was up
ward and some new high marks were
recorded, while bullish confidence was
stimulated.
The list IN New York finished the
period at gains Of 81 to l6T points,
while New Orleans quit at a loss OF Is
pc!nts on the March position to a gain
Of iTS on January. Final prices were
not far below the top and those who
had been playing for q reaction appar-
entity hal decided discretion the better
part o. valor and retired TO their dens
for another spell
In the spot department there was &C.
feet from the higher contract market
and quotations rose some as u rule,
hut business continued spotted and
generally small, as holdings Of the
kind OF cotton wanted are light IN
every direction. Inquiry was better,
but actual demand for the kinds that
are 80 plentiful was lacking as a rule
and some OF the business put through
was reported 10 be at concessions, Mid
ding at the leading centers ranged
from Ss 10 42 A. cents. gains as rule
being 2t to 80 points,
Activity In the speculative depart
ment was limited largely 10 profession
ais, although outsiders displayed more
disposition 10 take a part, going chiefly
snto the new months Shorts In March
-. tHHta R.,A In
number. but In New York that option
on Friday touched 40 cents, closing at
$3.50 In New Orleans IL seemed that
the interest was about out, for the
closing price was 1886, although mid
ding was quoted al 4lc, The sltua-
ton as to May and July was without
change and the idea continues that they
will 70 through with about the same
developments as have the other months,
being forced to respond to the spot
strength and 20 Whatever prices de-
manded BY those who hold the long
end of Ahe contracts. Unfavorahle
weather Increased concern over the
start the new crop will get and proha-
by increased the delay, although that
was net an the inspiration for larger
buying Of the distant positions, whose
discounts are apparently attracting in
ureasing attention as conditions are
becoming more propitious to large con-
sumption for another year
Weather Is Gold.
Freezing temperatures covered prac-
ticRliy the entire belt, although they
were not entirely an evil, perhaps.
Work was stopned and planting delayed
although possibly some little benefit
resulted from the killing off OF some OF
the bugs and Insect pests where the
lEnd had been turned, Temperatures
In some districts reached levels almost
as low as at any time during the win
ter. After the worst had passed and
the warming up started. rains came to
certain districts, chiefly from Eastern
Texas across 20 the Atlantic seaboard
which further interfered with farm
work Most of Texas, however had
little and work was resumed when IL
grew warmer. In this connection, the
publication Of figures showing that
rainfall In that state during February
was more than one inch less than nor
NAL for the month tended TO attract no.
tice and mlnimiSe concern about the
big state, although overshadowed for
the time being by other influences. The
claim that small grains In that state
were suffering from lack Of rain also
did not escape the notice OF some OBJ
servant people.
One or two preliminary Euesses on
probable acreage came, but were given
little notice, the presumption still being
that an Increase will be had, but may
be offset by lateness Of start. The alb
sence OF any concerted effort TO hold
acreage down Is perhaps significant,