The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-03-17

Further Display of Strength,
Chiefly Due to Short Cover
ing-NeW Highs.

Wednesday Afternoon. March ~
fufther advances were recorded in
the speculative department Of the cot
ton market today and new highs re-
corded Tor several positions IN New
York. Another notable feature was that
practically every option in New York
went over corresponding ones in New
Orleans, the first time such has hap
pened during the season. II Is thought
20 indicate abandonment of hope Of re-
llet Tor those who were short in the
Northern speculative center and a trib-
ute 70 the domination Of the spot de-
partment. July was an exception, but
no special significance was attached
thereto. The new crop Months, how
ever. have been running ahead Of same
ones In New Orleans for some days.
The news today was largely of politi
cal character, improvement in condi-
tions in Germany being conspicuous.
This was credited with having caused
the recovery in Liverpool from the poor
showing made in early trading. Re-
ports as to the situation in Germany,
while apparently more encouraging,
were still taken with more or less re-
serve, as there is no telling how far
the reaction over there may go and
some fear is expressed over danger of
the SDartacists getting a fresh start
toward causing trouble.
Liverpool started out very poorly but
and finals were points net to the bad
to IA to the good, tone called steady.
Spots were marked off IS points, fully
mi6dling to 2917d, with sales 1000 bales,
including $500 American. Receipts for
the day were $4,000 bales, including
1890 American.
On this side there was better ex-
change prices and reports Of consid-
cradle rain in the belt but 1t proved
to be chiefly in the lower central and
upper eastern sections, with tempera :
lures all over about normal. Some fear
was expressed regarding a big low
pressure barometer In the extreme
Southwest, but the official forecast
nearly dissipated fear of this causing
trouble There were still plenty OF re-
ports about lateness Of the start and
the official summary from Washing
ton confirmed such, but the main in
fluence in the market seemed TO De
associated with the old contract posi-
ton. Lots of advices were coming re-
garding crop work conditions, some OF
them from the lower part of Texas
being favorable, while others said the
labor scarcity and lateness were 60
ing to be factors. 1t was evident that
the period was at hand for more defi-
mite information to be received, but the
sitting process promising to keep the
traders busy. outlook for the weather
was fairly favorable for the western
and central belts
2 Opening prices wereC moderately over
last nights closing, with May at 1880
and July at 34.50c. Both sagged slightly
MAY to 3724c and July 34.S4c and then
started to rise, reaching 1850 ano
34S0c respectively by midafternoon: The
distant months gained some, but failed
to keep pace with the old.
Spot advices were Of about the same
character as recently with fairly large
exports for the day Texas agar
wired that some buying was being done
out there for Germany. But in tins
belt as a whole business was poor ano
demand almost entirely for the KINDS
that are SO scarce and so firmly held
Interest in the low grades continues al
a minimum -.
Futures closed Is to So points up
tone firm. an 90 n.,,,+,
M. tone steady. Spots were unchang
ed, mddling lat 41c, with sales 5'lZ
bales.
liverpool is due to come 10 to points
up, -. .....o mn
In the local market sales were l,0O
bales and quotations were unchanged
niddling at 40,50c.,