The Chattanooga news. [volume] (Chattanooga, Tenn.) 1891-1939, 1920-03-23
GREENWOOD CEMETERY
COTTON AND OTHER
COMMODITY MARKETS
Old Crop Options Made New
High Records During
Week.

New York, March 23.-(Special)-
Henry Clews. in his weekly financial
! letter says:
"Cotton-the old crop options have
scored new records during the week,
March having sold at the highest price
ever reached on the New York Cotton
! exchange. 1t is generally believed that
| there are comparatively few short con-
| tracts now open on this option; those
| lavoring higher prices confidently pre-
! dict however. that the May option will
be Just as dangerous 10 sell as March
has proven to be- Certified stocks in
| New York are now at minimum be-
ing only about 1900 bales Owing to
bad weather conditions and reported
high prices for labor, new crop options
are also very strong. The weekly
weather report states thai farm work
has been delayed by rain and unsea-
sonably low temperatures in many Sec
tions. Sales of fertilizers are, how
ever, known to he large. IL being re-
ported that 100000 tons are headed this
way from Germany, Holland and Bel
GUM. While money conditions are
better. many retailers in different sec
tons o: the country are buying goods
only for immediate needs and whole
salers are offering to sell at reduced
prices for the reason that should their
loans be called their goods would be
forced on the market. Another reason
which Is causing some nervousness is
the Expectation that importations of
nOntnS
Will become more IA feature.
Domestic consumption of cotton for
seven months amounted to 1860, 795
indicating about 1000, 600 bales for the
year. Exports for the same time aver
aged $4,000 bales per month, indicating
If this ratio continues n total for the
year of about 1000, 90 bales. One prom
incnt economist estimates that a crop
of 10000 900 bales viii be needed next
year to supply the worlds requirements
and this is probably true, although this
statement contains nothing new; esti-
antics OF this sort are not altogether
reliable Tor the reason that so much de-
Ponds on developments. and especially
so at the present time when such chao-
tic conditions prevail abroad, japanese
interests who are believed to have ac-
CURED a large stock Of cotton at low
prices are reported to have been sellers
during the week. although I'm the mar
ket for low grades. II Is also reported
that Germany has contracted for a con-
siderable quantity of oW grades placed
as high as 10000 bales.
with respect to the immediate fu-
ture of the market. IL Is realized that
prizes ore abnormally high, therefore, n
fair sized setback due to realizing sales,
" for no other reason, win soon be in
order: but until the planting season Is
further advanced the spot situation will
continue TO be the controlling factor.
Coffee,
The market has displayed n firm un-
dertone this week with prices generally
higher. This has been partly due to n
strike on the Rio Railroad which has In
terfered with receipts at that port and
which has caused tirmnoss there hut
buying OF futures here by prominent
cotton interests of upwards of $4,000
bags of July and September has been
a market feature. This buying is said
TO be due TO the fact that coffee is one
of tho few articles which have not
shared In the general advance in COM
modlties. Prominent importers also
bought 10000 bags of May.
Sugar.
Offerings OF raw sugar have been
rather light during the week and ms Il
result prices have advanced about "a
of n cent, The British ROYAL Commits
sion Ia reported TO have been steady
buyer which has forced our rofiuers to
follow their lead. Trading in futures is
still very light. quotations following the
raw market closely. Owing to the ex-
pense Of putting sugar IN store stocks
are light and until there is a change In
this direction there win be few sellers
on the Exchange notwithstanding that
the present level Is considered nigh"