The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-03-13
Rig BEAR STAMPEDE
PUTS COTTON HIGHER
Shorts in the May Option
Make a Quick Rush
to Cover.
low GRADE IN DEMAND
Little Cotton Of Tenderable
Quality Coming to New
York for Delivery.
LOW GRADE IN DEMAND

shor,s IN cotton had the first real shock
that has been administered TO them for at
least two months when the May option,
which has been very heavily overso,d.
took tho bit in its teeth yesterday after
noon and ran UP Is points in about A.
many minutes. There was q sharp
scramble to cover and numerous stop loss
orders were caught. The closing was
less active, but there are indications that
the bears are at last on the defensive
There was no indication Of impending
excitement during the early trading. Liv-
srpool was possibly q shade better than
due but the market hung around or .
little below Wednesdays closing levels
notwithstanding the fact that spot In
erosts were persistent buyers Of May
throughout the forenoon and midday SEES
,on. The weather in the South was
auto unfavorable. with rather heavy rains
reported throughout the central and east
ern sections. Temperatures also were
very low and the forecast for to-day
calls for freezing weather. New crop
months showed no particular snap. but
the trade has not yet made up It's mind
,ha, the time has come for q positive
sund on those options
Tue heavy selling Of May and July IN
tbs market has been based on the theory
that there would be n surplus Of low
Grades out Of this crop considerably above
,rsds requirement. II wa also assumed
that . fair proportion Of this surplus Of
low grades would be sufficiently good IN
character to pass upon contract. Recent
sdy1ces as set forth in this column earlier
In the week. are to the effect that the
cotton which is considered good enough
90 pass on contract is in demand from
spinners at a price above what il would
bring II delivered on contract. The rem
rant is so low in grade that II can hardly
Re considered a factor In the situation.
Advices which have been received this
wreck by local cotton firms Indicate that
she trade has been mistaken about the
influence OF low grades as a weight upon
the market Earlier in the season that
might have proved a depressing factor.
bN recently all cotton of good spinning
character has enhanced so much In value
that there seems TO be no likelihood Of its
heing sent TO New York on contract.
Moreover. the inspection bureau OF the
New York Cotton Exchange has been
~ rigid in excluding undesirable receipts
that the reflections during the last two
months are estimated at about $4,000
bales. An Arkansas spot firm in n letter
10 n local brokerage house says: I'VE
do not know Of any cotton In the South
vest that can he delivered on MAY con
tracts without loss OF S. to SIS per
haze. Our cotton being upland cotton
ard OF low grade II occurs to US that II
any cotton can be delivered on New York
hi. year II should be from this section.
The market shows the existence OF a
large short interest. and with tho bears
somewhat nervous II 10 believed that q
further recovery would be easily possible.
Spot cotton was 10 points higher. Mid
Alns uplands, i3.20c. Spot cotton IN the
principal Southern markets was un-
changed 20 &c. higher. New Orleans
i:isc Charleston. 12Nc.: Norfolk
Exc Savannah, l2Tsc. Memphis. 1Sc.
Augusta, 13isc. Futures closed steady
To Il points hlghcr.