The sun., 1915-03-03
REVERSAL OF TONE
IN COTTON MARKET
Prices Make Sharp Rally Az
ter an Early Period Of
Hesitation.
CoLORED COTTON TYPES

There was a sharp reversal in the
,ore Of the cotton market yesterday and
the hear tendency which developed on
IN. announcement Of the blockade pro-
,o,aI against Germany by tho Allies on
'Moidsy afternoon WAS quickly checked
upon the nrst appearance Of steadiness
during the forenoon. Prices we're
trina unsettled during the nrs, half
hour. but there waA no weakness. and
after gradual advance throughout the
,ession tho close was Arm at an ad-
vance ot ~ to Is points.
The break cf Monday afternoon was
due entirely TO the heavy selling of
contracts by local traders. There was
M evidence that IL had caused any un-
settling Of spot prices In the South
AZ matter OF fact IT. does not appear
TO hc the general opinion that much
cotton remains in primary hands. The
outside calculation does not place this
Al more than 1000 00o bales out OF the
iotaI crop Of close to 1900, 900 baies
wire from Texas spot concern re-
ceived by local Arm yesterday stated
that there was very little cotton unsold
in north Texas and that advices from
Oklahoma and Arkansas reported very
small holdings in those parts.
II looks as II the trade would turn
10 the prospective acreage as the de-
terrnining factor in the making Of
prices II Is believed that develop
ments along this line will be bullish.
The actual effect of a blockade of Ger
man commerce In so far as II relates to
cotton is not believed to be as important
as might appear from first indications.
IL seems TO he foregone conclusion that
a large part of Germany's foreign com
tnerce ia going to other countries Lam
cashire, for instance, has been In the
habit Of importing large quantities OF
coarse yarns from Germany and Austria.
These yarns are now made by British
SINNERS As consequence the con-
sumption in Lancashire has Increased
greatly per spindle. and the average
count OF yarn is said to have dropped
more than ten numbers. Other coun-
,res also appear TO be sharing in the
prosperity resulting from taking over
Germany's trade. This Is particularly
,ruo of Spanish textile Manufacturers,
who are extending their operations more
,han ever into Latin America A letter
received Yesterday BY a local frm from
a Spanish correspondent said:
we are glad to say that conditions
among Spanish mills are very prosperous
INST now we fNpeCN tii'
NJ American cotton for the season o'
'sii.lj to reach very nearly 3SO.0o0
bales. although this depends entirely
upon the continuance OF conditions no"
prevailing"
The following resolution was passed
nv the board Of managers OF the Ne"
York Cotton Exchange at speciai
meeting hold Yesterday afternoon:
"Rcsoired. That it il ordered by the
board OF managers that hereafter II,
clsssiug tinged and stained cotton SUB
mitted for inspection and classihca-
tion for contract delivery that the guild
ing type furnished by the Department
Of Agriculture shall he used In class
| ins mddlnS stained and the type OF
.ov middling yellow tinged shall be
used as guide for CHASING low mid
ding tiuGcl. hut that on grades better
han low middling tinged submitted for
Inspection and classificG tion the classi-
fcstion Of such cotton shall he governed
nv the usages OF the cotton trade
which have heretofore existed. namely
| that tinged grades Of strict low mid
ding and above will carry diminish
rG amount of color with each higher
rra IT,
This rulng is based upon the beliei
| nat whore disputes arise this IL thu
procedure that will he followed in thu
'vent Of the reference of these qualltie.
- he Secretary Of Agriculture"
Futures closed firm