The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-02-26
COTTON CONTINUES
z DULL AND LISTLBSS
Prospect Of More Activity After
the First March No.
tice Day.
CRITICISM OF EXCHANGE
Injustice Of Some Complaints
Directed Against tho Lo-
cal Contract.
CRITICISM OF EXCHANGE

There was a maximum 6uctuation Of
points in cotton yesterday. This occurred
IN the May option. Extremes in March.
July and December were points. while
October had q range of 8 points. This
exceptional narrowness 10 significant Of
the lack of speculative feeling and uncer-
tsnty OF opinion which prevails through
out the cotton trade. Nearly always, how
ever. when the market has drifted into
such a state Of doldrums It has broken
ont OF the rut and entered upon q series
OF rather violent fluctuations. In fact a
good many veterans Of the trade regard
these periods Of stasnation as market
breeders" and while they feel suro of
early activity they are doubtful about the
turn prices will take.
The early advent Of the FIRST March
notice day. which IL set for tomorrow, In
likely 20 give some clue to the trend. The
leading SPOT interest lie long n considerable
amount OF March. while most of the COM
mission houses arc short Of this position
TO q greater or less extent. The charac-
ter OF tho local stock while not excep-
,onally good 10 by no means undesirable
for great caro- has been taken by the
was dusty, sandy. gin cut or extremely
low in srade should be kept out of the
local stock. In fact n great deal Of the
cotton that has been rejected has been
promptly sold To spinners for more than
II would have brought at delivery on con-
tract. For this reason II 10 hardly likely
that trade interests will try to dodge de.
liveries and the liquidation that occurs
will be confined chiefly to commission
house longs who never take up cotton.
great deal of attention 10 centred
now upon the criticisms that have been
made against the New York Cotton Ex-
change These are based on the conten-
ton that New York future prices are far
below parity with spots in the South
and give no reasonable idea OF the price
splnnsrs are forced to pay for their raw
material These criticisms have IT least
Q superficial basis. for a contract such
a. that OF the New York Cotton Ex
change, which In . basis contract. nat
uraily does not permit OF quotations as
high as those for selected cotton. The
charges OF manipulation, however. seen,
90 he utterly unfounded. for most of tbs
short interest throughout the local trade
IL discovered to be chiefly for the account
~ Liverpool straddlers who have sold
here because OF the belief that a gres
deal Of low grade cotton would be de
hvered on New York contracts and tina
his same cotton would not be accepted
IN the other markets. This Is a situation
that never can occur again. for the New
York Cotton Exchange has amended II,
bylaws, eliminating some of the low
GRADES. arranged for monthly differences
and ultimately the adoption Of Govern
msnt standards.
Spot cotton was unchanged. Middiinl
optands. &c Spot cotton in tho prtncl
psi Southern markets was generally un
changed. New Orleans lac; Charleston
i2Tc.; Norfolk. l2Kc.: Savannah. lsc.
Memphis l3c.; Augusta, l3hc. Futures
closed barely steady. 2 to Z points lower