The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-03-23
COMMON MARKETS
Market More Quiet After Early
Bulge When More March
Shorts Squeezed.
Tuesday Afternoon. March b.

Anxiety Of shorts in March oVg
Swallowed all else In the market today
and the sharp bulge in that position
had effect on the entire list. In New
York that option reached 43,lSc, rise
-ot l4s points over last nights close
and 27S over yesterdays lowest. APP
parently the songested situation was
relieved to great extent by the
rise and some attention was gwen
other influences after the subsistence
Of anxiety. May and July shared in
the strength and went sharply higher
for shorts therein evidently saw well
defined warning to themselves in the
action in March, for there is really no
chance whatever for them to avoid~sim
liar punishment II the holders OF the
long ends Of these contracts do not
allow them to cover before such levels
are reached. The new crop positions
went higher also. although the chief
incentive was probably the large dis
counts, for the weather in the belt is
improving and many observers think
the trade Is on the eve Of having
more favorable accounts as to the start
for the crop
The reaction which followed the ex-
IRENE rise was not suggestive of any
material relief for the sherts, though
it was regarded as healthy and largely
based on technical grounds.
Liverpool was rather tame and fin
ished quiet at an advance of five
points to decline of the same amount,
although in early trading 1t was near
er to expectations. The news from
Germany continued the source of ankle
ty for the extreme elements over there
are making too much Roadway to en-
courage optimism Manchester was
credited with doing some liquidating in
late trading Spots were marked up 2S
points, fully middling to 29.97d, with
sales 1000 bales, including $500 Amer
lean. Receipts for the day were 1000
bales, including 9,40O American. Man
chester advised that cloths were firm,
but yarn business was very much re-
stricted.
When the market opened March in
New York was sharply higher, first
sales being at Assoc to AZ CSC, which
helped to pull the other positions up
ward. But little news was at hand
and the fchief factor was the unfor
tunate position of the belated shorts,
Sterling rates were slightly better, but
had an offset in the character OF the
German news and advices of Tightening
money conditions in this country The
weather in the belt was favorable, but
this received scant notice. March soon
sold to 43 cents and its top was at
4S.18c, one sale reported at that figure.
May in the same time sold up to 81. yyc
after opening at 3S55c, while May
touched 36,3lc and October 3a92c. With
reduced demand from the shorts and
more attention to the weather came
some profit taking which carried March
back to 42.90c, May to 38.45c, July to
S5.60c and October to 3230c Then
came renewed support, but it was bet
ter in the old than the new crop posi-
tions.
Private reports told of some light
rains in portions of Texas, regarded as
favorable, while indications were for
some here, with the central and east
ern belt promised generally fair.
From the spot department came lit
tie that was new The bulge in flu
lures has not helped business any, but
on the other hand has made it worse.
without any material effect on the
price obtainable for the raw material.
The inability of buyers to hedge has
simply sounded the death knell for the
time being on new business, which
causes the holder of the numerous low
grades to be compelled to wait.
Futures closed 10 points up to Is
down, tone firm.
New Orleans closed Is points up tc
80 down, tone steady. Spots were re-
duced rs points, middling to 4v.Io and
sales 1888 bales.
Liverpool is due to come IL to Ii
points down.
In the local market sales reported
| were $500 bales, and quotations were
unchanged, middling at 40.50c.