The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-02-11
DECLINE IN COTTON
AFTER EARLY RISE
Profit Taking and Straddle
Selling Reduce Gain
at Opening.
,ARCE VISIBLE SUPPLY
Wuch Of II. However, Consists
of Lintcrs and Extreme
Low Grades.
LARGE VISIBLE SUPP

ror few moments after the opening OF
,se market yesterday morning IL looked
=. !, cotton might work out of the mar
-or ,ut in which 1t has been moving and
,a,,nce in response to the bullish char
,c,er Of the spot news now coming from
che south Liverpool made sharp
overnight jump, and cables reported a
b.tter feeling at Manchester, with firm
,,rdertone in the contract market Open
Ing prices. however. were about the best
~ the day. and before the close most of
the early gain scored nj the opening was
lost under the weight OF profit TAX
,ng and further selling for straddle ac-
count, This selling appeared to come
chiefly from the leading firm of spot
dealers. for Liverpool, which has been
anticipating in these straddl. operations,
was buyer here. Tho close WAS at
small net gain, but at n loss of to 13
points from the top.
There was, however. less straddle
msripulat on in evidence and March lost
part u its premium over the later posi-
lions The distortion OF PARTIES be-
tween the different months has worked
more or less of hardship on = Juthern
shippers and manufacturers. The latter
quently obliged TO sell goods at the prices
quoted in the New York contract mar
ket, wh,reae they have been obliged to
buy the cotton to fll their engagements
At a Level rLnning from 1 u cents to 9
cents above the New York market, ac-
cordlug to the grade they use.
The bearsh sentiment. which is more
or less In evidence on the exchange, in
addition TO being based upon the uncer-
A.. n
b. the large visible supply. both of Amer
can cotton and all kinds. The visible
supply of American cotton Is 4.551. 1s2
bales. against 4,5l0.65S last year, while
ne visible supply Of all kinds Is 6,iO6,.
81, compared with 5.627.65S last year.
These figures look bearish on their face.
but students of the situation who dig
deeper than the surface point out that a
great deal OF the cotton now in the visible
supply consists OF llnters obtained from
.he cotton seed by the oil mills. undesir-
sble and practically unspinnable low
grades and a great many thousand bales
- hoilies, or cotton obtained by a me-
chlnical process for extracting lint from
ne frozen unopened bolls. 1t IL thought
ny a great many cotton men that II vii
take several years to get rid of the un'
desirable cotton out OF the present crop
d great deal OF which is even too poor
n character TO be delivered on contract
= any of the future markets. Conse'
clently, even If the visible supply at the
nd Of the season should prove to hC
anger than last year it probably wouic
cor.ain the smallest proportion Of desir'
s5.e cotton for a great many years wher
.ha size of the demand Is taken into con-
sideration.
Technically the market is In better con
t.on than IL has been for n long time
as most OF the weakly held lines of lons
,,tton have been shaken out and a lars,
short interest exists. especially in May
ard 1u'y.
Sro. cotton was unchanged. Niddlinl
rrllrds 1850. Spot cotton In the pr!n'
-rsl Southern markets was unchanged &
&c higher. New Orleans, IL 13-loc.
Charleston. 12%c.: Norfolk. l2&c.: Sa
-aunah. - l3-lsc.; Memphis. 1Sc. ; Au'
rltta, ls 3-16c.
Futures closed unchanged to points
t,rher