The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-01-14
Exchange Takes Steps TO I'm
prove Conditions Sur
rounding Spot"
GRAIN TRADING INCREASES
Worlds Shipments Are Lighter
Much Wheat Injured by Ex-
posture in Northwest.

NEW YORK. January 1s.-Trading In
cotton has been moderately active
throughout, tho past week. The tone has
been unsettled. thus showing that general
Eentinent liz still mixed on the probable
course OF the market in relation to the
present and prospective supply and de-
mand features. Following last weeks bull
lsh activity. prices were carried up to the
basis OF 10 cents for the March option
and 1908 for May at the opening. This
advance had been worked up against tho
short interest on the reports of the strong
markets In the South. and the urgency OF
the spot demand from sp!nncrs and ex-
porters The response OF outside invest
mcnt and speculative buyers to these con-
ditious was SO dlsappointingly small
however that an effort to unload by some
of the larger market interests caused "a
rnarp slump OF 30 points In prices through
put the list before the end OF the fore
Moons trading on Wednesday.
Uncertain Price Movement.
Prior to the publication of the Census
Bureaus ginning report that afternoon,
the March option had sold as low as go
PM May. $50, AS soon MS the figures of
the Census Bureaus report were an
lggrcssivel2 bought and bid up. In the
sfrort OF tho bull interests TO carry prices
still higher. On this rally all the 30
points loss OF the previous two days was
recovered within half an hours time. But
here again the absence OF outside sup
port Was so plainly demonstrated that
liquidation was resumed. and yesterday
The market slumped through "Wednesday
Tow level os go by that option declining
TO 9.6s. There has been fair rally OF
about 10 to IL points since then, but the
market still lacks the snap characteristic
Df n healthy bull movement or rising
tendency.
Ginning Figures and Total Crop.
The Census Bureaus report shows that
h.15o.eA commercial bales were gnncd up
10 January 1st. This compares with
s52l,T73 to that date last year. when the
total commercial crop turned out 100000
bales Tho actual yield of last season.
however, ls estimated by experts TO have
not exceeded 100000 bales. THE differ
ence, II is contended. was swelled by the
heavy surplus carried over in the South.
Tie trade here and at Liverpool has in
terpreted this weeks report az suggesting
that the total crop Will turn out between
Twelve and three-fourths and thirteen
million bales. hut It Is conceded rather
generally that fully 10000 bales OF this
total Is Of such lew grade as To- make 1t
unsuitable for deliveries on contracts in
any OF the exchanges. II VIII have TO be
sold direct to spinuers for the manufac-
ture Of the coarsest kind OF material.
The next ginncrs report will be issued
about January sd. and will cover the
amount of the crop ginned UP TO jan
,iary 18th. This should about settle the
much-mooted question as to how much
would then be left unginned and the
actual size of the crop.
Worlds Surplus and Ginner's
Position.
The question rs to the worlds consump-
tion this year Is conceded us settled. 1t
IS agreed by all recognized experts in this
country and Europe as likely to exceed
the equivalent of 1e,500.oo0 bales OF Amer
lean cotton This would equal the pre-
Sious mountaineering total consumed
from the previous big crop produced DUR
ing the season of 1915 With such 4
heavy worlds consumption as this in
prospect. and less than 10000 bales of
American cotton shown to have been
carried over in the worlds visible sup
plies at the close of last season. there
need be little fear of any burdensome
surplus to be provided for this year.
A worlds visible supply of 100000 bales
OF American cotton is considered In the
trade as small enough amount of pro-
lection 10 the worlds spinners against
the aggregated risks In regard to the
new crop. and the question whether 1t
will be early or late in coming upon the
markets. With the prospective supply
and the demand features in this years
cotton situation so nearly balanced, 1t Is
not believed prices are likely to show
~
unless some political or financial dis
turbance should develop.
Cotton Exchange SANDERS"
Steps are being taken by the officials of
the New York Cotton Exchange to raise
1t to higher standard than any other
cotton contract market in the world. A
committee having this matter in charge
has reported several amendments to the
bylaws which are to be discussed at a
special meeting OF the members to be
held on Monday, January 2lst, after which
II date will be selected for balloting on
their adoption. These changes include the
holding of three meetings each year by
the revision committee on the quotations
of spot cotton. These meetings are to be
held on the third Wednesday Of Febru-
ary, in addition to the September and
November meetings., as provided for
under the present regulations.
The recommendations further provide
for the elimination of the three lowest
grades from those deliverable on con-
tracts. These include strict good ordinary
.tinged cotton. and also low middling
tinged. and all Quarter grades above
and below the basis of midding, which
As the standard grade. 1t Is believed that
these changes would have been recon-
.mended and adopted without the need
less clamor recently raised by certain
officials of the Southern Cotton Growers
Association.
5 Grain Market.
There was an advancing tendency in
domestic wheat markets early last week.
although, all things considered, the net
was unimportant. There
was enough news of strengthening ma
ture to have justified much greater up-
turn had the speculative operations been
sufficiently active. The volume Of busl-
ness Is not large enough to swing the
IN all Il