The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-05-26
NAY OPTION LEADS
ADVANCE IN COTTON
Related short Covering Causes
. an Excited Jump Of
Nearly 30 Points.
ACREAGE FIASCO AGAIN
Go,crnmcnt Rcvises by Adding
1886. 900 Acres to Figures
of Last Season.


ror Nor.b Carolina, South Carolina and
c,8-., fltr to-day and tomorrow; mod .
.-,fs south winds.
w.. Alabama. Mississippi, Louisiana and
,,.te-r Texas generally fair to-day and to.
morrow. moderate southeast and south
Winds
v,- western re>es and oklahoma, gener.
AL, ,.r .a-Iuy and tomorrow.
For 'r,..t-A- generally fair and con-
rnseI warm to-day and tomorrow.
There was a further resumption of bull
I,h activity in cotton yesterday and price,
made a shlrp recovery from Saturday 8
losing. although the advance was con
fined chiefly to the old crop months. The
vay option. for Instance. closed 4s points
hiENer. and July 10 points up, while Oc-
tober and December we're only to S
IoInts mp
The strength Of the May option. in par
,cular was due to belatcd covering OF
shorts I'm that position Whenever any near
month shows marked strength before the
time Of rs expiration there are always
a gopi many outside shorts who hope
against hop, that there viii be weaken
irg before the last trading day. In this
Instance IL looks as II those who were
long Of MAY took profits on the advance,
wh.le the shorts stayed in believing that
@ Anal break might give them an oppor-
'uH.'y 20 get out The result has been
an actual strengthening OF the technical
position, Tor small longs have liquidated
and small shorts have stayed In. II prob
ably would be possible for those in con
troll Of the May option TO put 1t we'll
across a cents without buying n bale.
simply refraining from selling when the
shorts attempt TO cover.
Improving weather continued over the
Southwest. where It Is now clear and hot
'U most CtiOns. This will give the farm
,rs ~ Arkansas, Louisiana, Texas and
oklahoma chance to finish planting and
70 get tho earlier planted fields free from
grass and weeds which have threatened
10 ch0k. ont the young cotton. The East
orn belt. however. Is beginning TO need
rain badly IN places where the recently
planted seed has failed to terminate.
The cotton rhat is up is doing well, for
there appears TO be plenty OF suhsoil mois-
tIre In the ground. Complaints are be-
ginning to come In from all over the
Carolinas and Georgia. but cotton men
recall that these same complaints were
numerous IN 1911, especially In North
Caro'nt, when late planted seed failed TO
terminate until the rains which came on
june lu that year. This, however. did
40; prevent North Carolina from break
Mg al! previous records.
Their, Is likely to be considerable even
.ug up before the end OF the week as the
bureau OF statistics will issue its first con-
tittu report on Monday, June !. and the
New York market will be closed Satur-
dly ON p~"ount Of VI moria' Day holiday.
The cotton trade yesterday witnessed
he usItl fasco regarding the cotton acre
&c as the area of last year was re-
ti.,d Nv the bureau of statistics, which
tdAp1 .s36 600 acres to it's estimate OF
last year making the total 37.i5s, 900
81 rss aepiust 3i.622.o0 as estimated last
July For the last several years the bu-
Icau OF statistics IN it's estimate OF the
acrcngc has been missing the planted
areg from 600 900 TO nearly 1000, 900
ores each year
w l'll Il uuderestimated the acreage
sT,,oro acres lu 1912 It's underestimate
vss 500 600 acres. Last year. as above
stated i's underestimate was i,S36, 900
acres Il Is impossible, OF course. for
'hc trade 20 figure with any degree OF
accuracy under such misrepresentation
.s the Discrepancy OF last season would
throw crop estimates based on the acre
age ou, Of line by fully 600, 900 bales. fig
Irng OIL The amount reported TO have
Teen produced per acre. The cotton trade
'ow believes, however. that tho bureau by
'Hs lts' correction has finally got its
tcreaso figures fairly well in line with the
,Nsung situation,
Futures closed steady, S to IS points