The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-02-19
COTTON RALLIES ON
SHORTS COVERING
Early Liquidation Largely Alb
.orbed by Buying by
Trade Interests.
CHANGES IN LEVER LAW

roy.rins NJ shorts and buying BY
,..dc interests furnished enough demand
% .Ioss the market at . moderate i'd
,.,c, Yesterday. There was Q break In
n, ors, half hour. due largely to selling
,v s,,lc longs who had not liquidated
a, thursdays decline. Most OF this
,o,,d,,,ou was taken by spot firms and
the trade generally.
Aa,,ces from Southern markets showed
~ generalization AMONG holders. New
ORLEANS wired that II only cotton SELL
.rs uaa hedged cotton. There was .
.r,J teal Of conflict in the news regard.
,,y e,por, demand. Texas wires stated
I'm, m. continent, was a heavy buyer.
while Alabama reported that the demand
from Liverpool was very slack.
wire from a prominent Eastern belt
simmer said we get reports from the
marke, that the South Is showing weak.
ness in spots and selling futures on h
decline. We are not able to buy any.
xhsre IN keeping with the decline IN
su.ures. |, does not look safe to place
too much reliance In these reports. al.
though large stocks are held everywhere
and demand is only fair. The attitude
y holders as a Ehole is OF indifer.
snce to Declines
According to- the New York Cotton Ex-
.hanso the ip,osight for the week ~
s,oe9 bales. against 45s,4sS last year /:
no total for the season was 9,278, 900.
gains, 1856. 900 last year S%pinners'
,akiues Of American cotton for the week
we're $4,000 bales. against 369.s6S bales
',., wear. The total for the season 10
soss.ooo. against '.176.000 last ear
The proposed changes TO the United
states cotton futures act occupied the
,,,sn,ion of the members of the ex-
hanre. X. X. MacLea In this weeks
ssue % the Terrific World Journal makes
he following comment on the amend
rent:
Cotton erowers' worst nemiea are
t1.'r representatives in Conerees. The
ADMINISTRATIONS attempt to right the In
justice In the working OF section II Of
tie present Lever az n shown by
amendment to the new cotton futures
act tus' introduced by Chairman Lever
- tie House Agricultural Committee.
Evidently smarting under the knowi.
4lre recently gained that shortsighted.
es IN passing that feature of the
present law that has prevented Amer
An concerns, dealers or others. from
're4iy selling In any OF the worlds cot.
-;cn markets. an attempt IL now to IN
r,ie TO rect!fy a wrong by a still create,
hiunder.
n; seems incredible that ~leeisiators
ron the South, now in the saddle al
. Washington. can be guilty Of such eros.
vsrsigh, ~ to try and tax the for
guers from dealing In our future cot
ton markets. No greater blow can pos
SHY lie dealt the American cottoi
7,an'er. the South itself or the industr,
n general when its results are studied
section II is bad. But the new
Proposed section ia ~ q moro eerioul
niece Of theoretical legislative absurdity
NO doubt Chairman Lever. or his ad
.ssrs, have not understood this fact.
TN the first place II 10 now eviden
ina, politicians In the South are n
mapped M Ia their own obsolete way
Hhandling big business propositions tina
they have magnifed certain Occurrences
the past and are blaming others 10
'hslr " mistakes and Observation-Disclosures
Tho proposed bill will defeat its owl
ends"