The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-02-21
MARKET NARROW.
BUT GAINS SOME
Slight Progress in Narrowing Differences Between
Spots and Futurcs-Lverpool Less Active in Buy
ing Exchange Rates Improve Weather Better

3 Political and financial roudt lens
continued 20 occupy much attention
and were mot much better Than t3rE
/ ta,e boon There was no visible prog
rrss made toward ratification and de
yunNmruts icSseued prospect OF a. :.
The threatened break between tlsis
country aud the allies naturally aroused
some fears. but seyWpd To merely pro
( long expected return tu something hke
normal u looks now as IL peac" VIII
not hr formally declared 10y this couh-
I try Until after the presidential cam
As AN offset To the rise In foreign ox.
change rates. there WAS widespread
tHlk % another raise In the federal re
serve discount rate as part oil the ell
fort % further restrict activity IN Ger
tain directions and reduce living costs
O. did not come but traders seemed To
think IL not far off
The security markets were depressed
ls "A consequence OF unsettled conditions
and efforts % reduce values along Ger
tnm lines through higher money lhe
falling of in exports notable In grains
and provisions, more than 10 any other
direction was thought to portend II OK
tending and probably helped 10 better
the sterling market The Injection OF
so much politics into everything also
helped 70 restrict activity and traders
seem 20 think that cotton will sooner
't lNHtl w llll tAtll'fA }itA thf
Nur the week exports Of cotton APP
pruNtmated i25. O0o bales, bringing the
seasons total To slightly over 400 u9b,
while Indications are for them TO con-
unue fairly free, aS'thc amount at ports
and on shtpboard is large and the re-
qulrements " the foreigners are adj
mltttdiy heavy Statistics continue to
make a relatively bearish showing, for
visible supply Ia not losing On the
ether han IL continues to gain, though
tho rate has fallen off The proportion
OF low grades in receipts Is necessarily
large, and the fate Of this part of the
Crup ia Rtill predetermined However,
1t seems certain that the spinners will
be compelled TO use some OF H. as esti
mates on world consumption for the
season approximate considerably more
than the entire crop. including the low
grade stuff The spinners are taking
their supplies ut fairly free rate, for
he past week the amount having been
209 GOO bales compared with 1863 GOO a
year ago, The relative loss in visible
American was 900 bales and the actual
increase ia still more than million
bales.
The shadow OF the new crop is cast
Ing itself but not yet 10 the extent that
II is more than a secondary influence,
Weather has been better and many re-
ports have told OF work making fairly
good progress, But little rain fell dur
Ing The week and temperatures were
fairlyNlgh, enabling work TO be pushed
In some sections picking was being
pushed as rapidly aS possible, but IL
gtil incomplete. Reports had II that
sales ut fertilizers were large. especially
In the eastern belt, where lack OF II
last year kept their crop from being
much better than II was, 1t is also
said that demand has been good for
livestock, which irdirates preparations
for a large crop 1t Ii too early vet TO
get any sort Of idea as to what acreage
viii be, but some estimates are already
being made that the increase will be
from 10 to IL per cent. The labor uues-
tion IN one Of concern In all directions,
Tor there Is going to be no ample sup
ply Of II anywhere. II will also cost
more than ever before. which. with
other things, viii mean that the cost Of
thi1 coming crop win exceed that Of any
previous one The next few weeks win
shed considerable light on the outlook
and the Importance Of this part Of the
news will naturally increase The big
discounts at which the new crop months
are selling naturally discourage pressure
IN them as yet hut during the past
few days there has been a slight widen
Ing between the near and distant
which by some has been regarded as
significant