The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-02-14

After several days Of comparative in
activity and fluctuations rejecting tim
tdity on both Observation-Disclosures
idity on part OF both sides OF speCu-
lative ring the cotton market ON Friday
took on fresh life and shot skyward
without meet material resistance
This was large "a the contract de-
partment and Ia a sure reflected the
failure Of spots to B.. ON during the
dun period The oCCasl, .. .o~ the sud
len oulhurst ~ strength as largely
this very fact for 1t took hut little To
start short covering, and the recent
weeks have greatly increased the short
interest II was prediCated largely on the
Nedpmcuts IN the financial world and
expected dsflation in values The mod
rate improvement In money conditions
domestic rates easing some and for
eign exchange recovering little. &C
Gomnanlcd by some renewed buying of
the raw material supplied the spark ANA
the rest was easy.
The week closed with options In New
York from 1870 to "a points to the good,
while New Orleans }yit of 14f TO 90
M But prices were still we'll below
spot basis, and there seems small hope
OF any protection for the shorts through
deliveries Of the actual The stock
available in New York IL only a few
thousand, while in New Orleans the
sttAAtltlA ~ INl lAthtN li' AFl A.LttiliA
OF cotton In Great Britain by the mills
and absorption of contracts on this side
for Liverpool helped to disspatr the
idea that the British are going to reduce
their takings Of raw cotton despite the
recent clamor for such on the part OF
some vino want to bolster sterling
Much Of the trade $ attention was
centered In Developments affecting ex-
change, for il has been recognized for
some time that on the attitude OF Eu
rope rs 10 providing It's needs Of raw
material will depend in large meas
ure the course OF prices, Early IN the
week there came report that this
government had about concluded to fund
the debts Of Europe to this government
for period Of several years, thereby
uffording some relief at the present
Time 10 the strained money supply
abroad, Along with this came the re-
port that high circles IN England were
adopting more Couciiiatory attitude
toward Germany as TO the enormous
Indemnity she is charged with nv the
terms Of the treaty both Of which re-
ports tended to stabilize exchange and
stimulate optimism. Tho Improvement
which came later in the week In rates, |
nov ever, were attributed to natural |
causes, helped by larger exports !
Of products hy Europe and some reduc-
ton IN the volume Of their imports. II |
7f'N-F ~ NNA'NAiNNN H'TltANCiA lilul HN !
government action was contemplated |
looking toward restricting imports OF |
cotton TO Europe, but that the natural |
laws would be allowed TO work
Some reports MS 10 manufacturing AZ.
iivity In Great Britain, particularly in |
cotton yarns and fabrics showing large
increases over, corresponding periods
last year helped to emphasize the need |
~ continued flow OF cotton in that di-
rection, for profits are 40 large that the
Usual incentive to buying as cheaply az
possible does not exist However, the
Tot market advices failed to tell OF ex-
aorters doing much and there may vet
'nfne somc Of the effects OF the altered
financial situation
IdyerHool forwarded to the mills S.
700 bales Of American cotton, while tho
weeks imports were 1ll0O0 They arc
ising other kinds literally also, 90, OOO
'ales having gone TO the mills Total
,toek in Liverpool is soc bales
american, with goodly amount afloat
ut recent advices from Manchester In.