The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-04-23
BULLS AGAIN ACTIVE
IN COTTON MARKET
New Orleans and Local Inter-
csts Said to Be Operating
for Advance.
TRADE SITUATION GLOOMY
Unusual AccumuIatiOns Of I'm.
sold Yarns Held in All
Big Markets.
TRADE SITUATION GLOOMY

> Cotton showed marked strength yes
terday and under the influence Of strong
bull support and short covering, prices
were pushed sharply upward. with July
and August making new high records
while the rest OF the list showed advances
OF II to is points.
Just now there appears to be a well de-
fined movement on the part OF Southern
bulls affiliated with certain New York in
tcrests to bring about an advance in cot
ton. Last Monday morning prominent
New Orleans operator. who has been iden-
tined with several bull movements in the
las, ten or twelve years. arrived in New
York, and II Is believed that his presence
Is significant Of some concert OF action
IN the effort to advance cotton prices,
Another New Orleans operator Ia ex-
nectcd here before the end OF the week.
A great deal ~ hull done has been wired
out OF New Orleans this week and every
bull.sh feature OF the present situation
has been brought into prominence. II Is
said that several Southern mills are as
Isolated with the New orleans and GER
tain local operators In the present buying
movement. which thus far has been
largely centred on July.
The movement Is purely speculative. but
1. has considerable statistical Justification.
10 port stocks are now down to about the
level OF last year. while interior stocks
are below last year.
Some buying was encouraged by . nj
NOR. said 70 have come from Galveston.
10 the effect that certain cotton scheduled
for shlDment to New York for delivery on
contract had been unloaded from ships
IN the Galveston harbor and that these
vessels had been commandeered for trans
rorjsiion OF troops to Vera Cruz. The
runor was hardly important. even II true.
but Il served TO swell the total OF bullish
adyices.
Although the statistical position OF cot.
ton lie strong. the trade situation Is dis
coursrlng. Stocks of goods and yarns are
sccumuating and no part OF the country
appears 10 be buying except from hand to
mouth. The yard markets OF New York.
Boston and Philadelphia are congested
with stocks. In Philadelphia alone 1t is
stated that there Is an accumulation of
yarns sufficient to take care OF the mar
Ike, for ten weeks without the receipt of
another pound. This represents between
$4,000, 900 and $6.000.0u0 worth OF yarn.
Consuming manufacturers are asking that
deliveries be held up. and the burden Of
financing these accumulations is growing
heavier daily. The largest cotton yarn
concern in America passed the dividend
on its preferred stock this week, an &C.
ton which was regarded as the inevitable
outcome OF high prices for raw material
and an Improbable market for the nm.
isned product
The new crop outlook Is daily growing
more favorable. Unsettled weather pre-
wallis In the Southwest, but after a week
or ten days Of generally clear skies some
moisture is welcomed to promote germina-
ton OF the newly planted seed. Tho Texas
crop /. practically all planted az far north
y the northern part OF central Texas
and by May 5 II Is expected that the
whole State will he planted. unless work
should be interrupted by unfavorable
weather. In the eastern belt work 10 pro-
ceeding rapidly and the entire crop prob
ably will be in the ground very little II
sny behind the normal date.
Futures closed firm. IA to Is points
higher