The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-03-06
sy GEORGE WILLIAMSON.

Higher prices IN all months. with
record hChs for some OF them. attended
the further effort 81 shorts 20 cover
during the past week. IN addition 20
their already precarious position which
seems even worse than when other
months drew toward their maturity be
cause Of the dwlndliug supply ot tender
able cotton, there was improvement ia
the International situation through
higher rates OF exchange and unlayufa-
bic wea Their throughout lht belt 10 add
TO fears that the new crop viii get or
90 a poor start. To add 10 the trouble
Of the remaining shorts In MarCl
Of those In May and June to cast aside
their lethargy aud feeling OF possible
escape from a similar fate and perhaps
forestAll some OF their punishment.
However. gains I'm the New York mar
ket were graduated from l5l points up
on March TO " off on January while
in New Orleans gains were from 3S
points on May 10 81 on December
Opinion at the close of the period was
more confused as 10 immediate dcNei-
opments In prospect, but no Indication
o. confidence OF consequence among
those who were still short or disposed
10 lean to the bear side, one OF the
features Of the week has been the in
activity among outside traders and the
disposition to stay out for the time
being.
Adding 10 the compleNlty Of the situa-
ton AZ the weeks close was the sterl-
ing exchange market which started TO
improve early Ia the period and shot up
sharply on Friday report having that
demand bills hold as high as $S.72,
which compares with an extreme low
~ SSi several weeks ago. The reM
reasons behind the rise were not fully
determined, but perhaps came from
several directions, There has been
diminutiun Of exports from this side
and an enlargement Of Imports from
Europe, with a tendency 10 discount
continuance Of this. Another factor was
the report that the allies were looking
with Increasing favor on coming to the
aid of Germany toward her rohabiltta-
ton by tightening some OF the terms
of her punishment by granting Of cred
it's so she could get needed raw ma
terials, which had psychological effect
on sentiment In that 1t encouraged
feeling that progress toward normal is
10 be expected,
Sterling Rates Jump.
The sudden bulge late Thursday aud
ON Friday was attributed TO reports.
although they were not confirmed. that
a big lot Of gold rs 10 come this way,
thereby rejecting Improvement abroad.
The price Of silver was down In Lon
dpn ara gold was reported easier
which caused sharp decline IN values In
Liverpool and tended to elevate them
in this country Tine has not been had
for the effect TO assert itself much yet
hut stimulus was given to demand AS
the basis for export business has been
hettered by the enhanced value Of for
eign money In this country. II has
been claimed that one factor IN the rise
In exchange rates was the small
amount of cotton being shipped abroad,
but clearances for the week were $4,000
bales. making "A total for the sea son 70
date OF nearly 100000 bales, Five
months OF the season are left and
transportation conditions are better,
which encourages expectations of the
outgoing movement being we'll sus-
tanned. Prospects OF shipping comps
tition and lower rates also suggest rea
sonable chances for exports being facll-
tated
Sharing In responsibility for the mar
ket's strength and che anxiety among
shorts was the weather II was bad
over nearly the entire belt all week Two
distinct cold waves having been eNpe-
fienced. with some rains. In the eN-
IRENE lower sections Of Texas, whore
some planting had been done and work
had gotten we'll under way, the cold
was severe enough to give rise to
claims 81 damage aud neceSsllatirg re-
planting Work was interfered with In
practically every direction and the late
ness OF start increased. This was a