The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-02-28
BY GEORGE WILLIAMSON

NECFNaE HNGENfANaON.
TO tell the story Of what happened
~ the speculative department Of the
cotton market during the past week
which was abbreviated by two trading
DAYS, would be to merely relate the
troubles Of the shorts In the March
position and their efforts 20 cover That
oyershadowed all else as an influence
and IL affected the entire list more OF
less, That this position increased IFS
premium over all the rest Seemed 10
indicate less occasion for the shnTte
IN the other months 70 become alarmed
and 3 lurking hope. perhaps, thu
something would happen 90 weaken q
Enp OF spot holders. Shorts In n
We're conspicuous among those who Co.
some precaution and accepted loss
while July acted more like II was Iu
Huenced as were October and the Other
new crop months.
Trading was largely professional hon
character, with Liverpool and trade in
terests absorbing offerings aud for a
time Wall street helping Ia the up
ward swing. There was dearth Of
selling disposition all the time and eau
ton seemed the watchword with
some indication that the worst was over
for the shorts Camo g little reaction,
but IL was chiefly in the deferred pO-
sitions. The period closed with the list
IN New York from III points up 10
down, while New orleans left off at
gain OF $40 TO a loss OF Al points
March In both centers went higher than
previously this season hut at the top
was still below spot delivery basis,
even II there was sufficient certificated
stock to make such possible.
Following the triple holiday period
the market opened Tuesday with
tendency to weaken a little. Liverpool
on Monday was reactionary and wealth
er conditions over the week-e were
rather favorable In the belt No March
notices were Issued on Tuesday, yet
this failed TO awaken shorts much, pre-
sumably because nobody was willing
TO start covering. But next day saw
plenty of excitement and covering,
Liverpool was credited with dong a
lot OF 1t, while speculative traders were
impressed by the strength In spots and
signs OF reviying demand. The demand
from the shorts was less insistent
Thursday, but IL was FridaX when
March reached the highest notch, at
3I.g5c The reaction from the tonmOst
points for the entire list was mod
crate, hut sentiment was confused and
practically the entire trade disposed 10
play safe and keep in the trenches for
the time being
Low Grades Selling.
In the spot department the feature
stimulating the hope Of the bulls was
the tendency 10 buy some OF the cot
ton that for so long has been unstable
The better grades and the staples re-
NAMED firm and were grabbed when
ever available regardless OF price. il
being reported that some OF the do
mestic mills were doing all they could
60 buy certain kinds In Liverpool This
and the buying Of low grades and short
white cotton proved the best talking
features and revived confidence, even
though it was common knowledge that
prices received. for much Of the low
afr a fyFtVft HfAgA fftFtp fYtNVf
levels AT which they he'd been held
Sales at most ronters were moderate,
but in Memphis and New Orleans
showed considerable gain over recent
volume Texas points reported bust
ness slow, but holders stubborn Liv-
erpool sold but little, and there was
practically no new business for the ex-