The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-03-20
Small Effect on Spots.

Failure Of the rise IN contracts TO
bring a proportionRte betterment in de-
mand for the actual caused a lot OF
talk, but no great degree OF surprise,
for II was recognized that a peculiar
state Of affairs existed and the atten-
ton Of the trade just now is directed
toward the effort OF shorts TO protect
themselves In position made danger
Gus because Of unusual shortage OF de-
liverable grades. Demand for certain
kinds Of cotton was satisfactory, but
for the great bulk of the unsold stocks
II was very poor.
In the local market sales for the week
were 500 bales, but there was general
complaint that business was hard to
put through. except on certain kinds OF
cotton. This was also true elsewhere.
although some OF the advces from
Texas said that buying was being done
out there for German account From
siderable part Of the big stock at Hous-
ton had already been bought for ship
ment to Germany. This was encourag-
ing. as one OF the hopes OF the holders
OF the low grades lies In the direction
of Germany getting back TO work, Some
fairly large sales were made az certain
Eastern centers, indicating that hold
ers over there were disposed to accept
current prices. Most OF the business
was on old business, and new orders
are reported very scarce.
The movement for export during the
week was about 10000 bales, making
the total to date 4,S30,000. against
3,374,000 TO even date last year, and
;, t07, 900 two years age, II Is felt that
cIearances viii continue fairly free for
some time 60 come, although they will
reflect business put through some time
ago. The rise In sterling, quotations
Friday being higher than since the big
downward movement set in, Is perhaps
due to several conditions. among which
has been reduction In Europe's impor-
tation OF Injuries and their Increased
shipment OF finished products 70 other
countries. II helped bulllsh feeling on
cotton, but has not yet brough much
help in the shape OF fresh buying,
The census report on consumption in
the United States to the end OF Feb
ruary showed mills to have been busy.
but the number OF spindles fell off from
the number reported active at the close
of January and the mills had stocks
nearly 100000 bales larger than at
the same date the year previous. In
the warehouses OF the South, however,
there was a shortage OF slightly more
than 1000, 900 bales, and the worst of
the situation was the large proportion
Of very low grade stuff In this.
Spnners are stu taking their needs
at fairly rapid rate. but such Is hardly
sufficient basis Tor getting DulnAl
around current levels, The truth Is
that this has all been taken into ac
count and II II were otherwise some
body would have trouble. The visible
supply is being reduced and the rela-
tive loss in the American part Of II
during the week was $4,000 bales. The
reduction will probably continue for an
indefinite time.
Weather and planting conditions will
get more important, for the time is at
hand for the crop to be pitched II there
Is to be an even race with the boil
weevil. which many are thinking Will
be q big factor The start Is already
Ilate and the task OF overcoming this Is
going to be immense although during
the wave Of bullishness through which
the market has been passing chances
have favored laying too much emphasis
on the bad features to the neglect, per-
| haps, OF some of contrary character
| The general idea Is that there viii be
an increase In acreage and this Will
persist for long time. although the
tcontinued rise In the cost OF feed and
| foodstuffs and the disposition OF labor
to get more costly offer strong reasons
why there should be large planting to
crops OF such.