The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-03-24
COTTON MARKETS
Market ReaCtiOnaFy After
March Squeeze Apparently
0YeT-RainS. Indicated.

Wednesday Afternoon, March "a
From the spectacular standpoint the
passing Of the March squeeze In New
YORK. was the feature Of the session to-
day, although IL was chiefly in the ef-
feet il had on the rest OF the list
Opening on that position was al IL 40c
. drop OF lto points from last nights
close and lIS from the extreme high
In only a few trades the option dropped
TO 4025c and later sold at 40c after
which there was nothing doing therein,
Advices Indicated that some sort OF set
Element had been effected. although Il
may have been through covering only in
open market
The entire list was made reactonary
hy this easiness although contributed
70 by weakness In Liverpool, less en-.
c0uraging advices from Germany and
because weather conditions In the belt
were regarded AS more favorable. The
feature OF the German situation giving
concern was apparent progress OF radi-
calism, although strength later in
French government securities seemed
10 Indicate that In France there was
less concern However. the trade
seemed 70 pay more attention TO the
British view.
Liverpool was quiet and finished "a
TO 30 points TO the bad, with the nears
of most; Spots were marked down 81
points, fully middling 10 sa.66d. with
sales 1000 bales, including $500 Amer
lean, Receipts for the day we're $4,000
bales, including "a, 000 American.
Opening prices were SS.50c for May,
III 20 points $500 for July, a loss Of
III and 30. i0c for October, or l2 worse
than last nights closing There was
liquidation from the start and the mar
ket sagged under Il. although caution
was generally observed. The map
showed an absence OF rain in the belt.
except for some light ones in the lower
section of Texas, while barometer lines
suggested unRettlement, except Western
Texas and Oklahoma, where rains would
be acceptable and enable planting TO
proceed. Early firmness In the stock
market also helped forestall the break
that came later In cotton, although this
before a flood OF liquidation, which
apparently was encouraged by stiffen-
Ing Of money rates, call money going to
May dipped to a7.7Oo in the afternoon.
a drop Of 100 points from previous close,
but July only dipped to 5000. off 50
points. October lost but II points GO
ing 70 SLIDE, after which pressure les
sened and slight recovery followed.
Trading was largely professional and
sentiment mixed after the shake-out,
with close observance OF weather pros
poets noted. The Issuance OF a storm
warning for the gulf coast sections,
with Its probability Of bringing some
rain where needed in the Southwest,
perhaps helped in the weakness, al
though sharp declines In the stock mar =
ket also no doubt helped as did the
feeling that the shorts win get . breath
ing spell
From the sept department came lit
tie that was new, with demand light
except for the few scattering kinds
that are so scarce and firmly held, The
sterling exchange market was higher
BY several points. but this did not at
tract much attention at the moment
There was nothing about any exports
and fresh business Is reported nil, al
though some wires frefn Texas told OF
laps already making contracts for high
grades for october delivery. New Or
leans wired that Spanish buyers were
after high grades In that market, The
wealth OF low grades, however, are still
showing little or no life,
Futures closed $50 to s. points off
tone steady.
New Orleans closed ~ to 75 points
down. tone steady. Spots were un-
changed. middllng at 40,T5c, and sales
s,SSa bales,
liverpool is due to come % 20 n
points off
In the local market sales reported
were 1000 bales, and quotations un.