Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1914-04-05
LEGISLATION ON
COTTON GRADES
BOOSTS PRICES
India Becomes More Active Buyer
and Raw Material Is in De-
mand by Spinners.

MEMPHIS, April 4-With the pass
ing of the March option, there came
a surcease Of short covering in the
cotton market and some setback in
prices. 1t was regarded as due, after
rise in the near positions of a little
over S. bale from the lowest points
of the season. Profit taking by some
who bought lower helped to bring
about the reaction, while temporary
relief for some of the larger spot in
terests tempted them to try some ma
nipulative tactics in an effort to sage
as much as possible.
The adoption of regulative legisla-
ton by the Senate at Washington and
the feeling that similar action would
be taken shortly by the Lower House
helped to influence sentiment and In
duced many who were short to cover
as 1t was generally felt that contract
prices Will soon be more nearly re-
Elective Of the legitimate spot mar
kets.
India Is More Active.
Favorable trade advices from the
Manchester district in Great Britain
also helped to give tone to the mar
ket and discouraged pressure. There
has been some fear that the unsettled
state Of politics in that country would
hurt business but India has become a
more active buyer of goods, and spin
ners have increased their disposition
to buy raw material. The latter has
been stimulated by prospects of easy
money and also by the lessened out
look for an early movement in this
country. The refusal of enough of the
master spinners to sign the agree
ment to close down for a week at
Easter further indicated the improved
state OF business.
In the belt there has been nothing
but firmness in the spot department,
and quotations have risen slightly
during the week. Middling uplands
are ruling at 10 cents or better, and
advices have told of light offerings,
with good cotton becoming scarcer all
the while. This has naturally bettered
inquiry for the low grades. Move
ment has continued TO fall off. and
statistics become more bullish. There
has been some little increase In the
stock at New York. but classification
for contract delivery has been so
Strlct tndt pears nave lOSt commence
in their ability to get much protec-
ton through that source for their
short sales The story that a combi-
nation of Southern spinners using
low grade cotton had perfected plans
for taking the bulk Of the New York
stock on contract delivery has refused
to down. and It has been somewhat CT
a stimulant to covering in May and
July.
New Crop Delayed.
The week has not been a very good
one for the new crop, and complaints
of delay have increased. There have
been too many rains from the central
and eastern part of Texas to the At
lantic, and in some sections they were
heavy. Flowing was checked and
planting interfered with. In the ear
ieir sections OF the belt 1t is said the
start is two to three weeks behind
average, and some of the advices say
that there Is going to be but little in
crease in acreage. The fear OF too
much rain during the spring and ear
" summer still exists and has caused
a steady tone in the fall and winter
months. Also there has been some
selling of them by traders who were
covering sales in the old-crop months,
thus making a short interest which
would likely run quickly II there
should develop a real crop scare.