The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-10-21
Southern Planters Are Holding
Their Cotton for Fifteen
e.. Cents.
CAN BANKS STAND sTRAIN2
Wheat, Which Ought to Have
Gone Up, Went Down
Eight Points.

-. b. :
little activity in the cotton marke t.
last week. The stringency in money
And the Generalization in the stocl
Z market had an overshadowiug influ
ence on tho news as affecting the cot
= ton situation. These uncertainties
have restricted trading to such an ex-
tent tina. the volume or business trans.
acted on the exchange did not aver.
aged more than 10000 bales per day
Most of this business has been con-
: fined to clique brokers and profes
eional traders. as outside interest is
. lacking. Aside from the 30-point rise
In December options on the opera
. lions of the pool against the short in
tsrest the fluctuations in the general
market have been narrow and unim-
portant Defenders advance, which
carried that month above 1l.s0 yester-
DAP, put the price OF that option at n
premium at ono time of about 20
points over october and November and
nearly 40 points over January.
Holding Back Cotton.
: December option, there has been
nothing on which to continue agrees
sive bullish operations IN the staple.
1t is true the movement of the crop
: shows up small in comparison with
last year. and also during previous
seasons. The export movement shows
corresponding falling off from last
year. and the takings of Southern and
New England spinners also show up
light in comparison. This is due to
the great difference of views in regard
to the price held by American and Eu-
ropean spinners in competition with
those of the planter and cotton factor
in the South.
Southern planters are still agrees
sively holding for l5-cent cotton and
this is causing a congestion OF STOCKS
in warehouses throughout the South
ern cotton producing States. and not
only interfering with the proper move
ment of the crop to market, but has
alsos3 been ,upsetting calculations OF
our bankers on the foreign exchange
markets.
Banks aud Cotton Borrowers.
How much longer this holding back
of the crop can be encouraged by
the Southern banks in view of the
present exigencies of the money sit
uation is the problem on which the
trade is now figuring. Spinners and
spot dealers. approaching the cause
OF tne SlTiuSeICN III lllDutN. tdi-
not be induced to load up With their
seasons supply at the present prices
under the existing conditions. This is
now bringing about something of
deadlock in the attitude of spinners
and the producer. The question is.
who can hold out the longer? Sooner
or later one or the other must give
way. Who will 1t be? is the question
4 which the SPECTATOR is anxious to
learn, for it will go a great way to-
ward determining the future course of
the option markets.
Next Weeks Govern mcnt Report.
The official figures of the New York
Cotton Exchange on the movement of
the crop show that from the opening
of the season on September 1st to
date, 1.6fa,S4l bales have been mar
keted, against 2,225,000 the same time
last year. and 2,536O0o in the cores
pondine period Of 1905. and 2,941OOo
in 1904.
Southern mill takings are estimated
this week at only $4,000 bales against
$4,000 last var and the overland
movement TO mills in Canada is esti-
mated at only 1852 bales. against
1896 last NcaT, The next report of
The United states CENSUS Bureau, show.
) ing the amount of the crop ginned to
Friday, October 25th. AS weather con-
ditions have been very favorable for
rapid picking and marketing of the
crop. this report should make much
1 more favorable showing in comparison
| with last year than the report of a
lmonth ago.
Rise In Wheat.
There was a slight advance in domes-
/ ticEwheat markets at the beginning of
+! A1st week. but thereafter prices drop
| Ded steadily. The early rise amounted
/ to about l cent per bushel. and estab-
hlished the high record price for the
tscrop. This buoyancy was chargeable
mainly TO the strength in European
Arables, notably from the Continent. and
2opore especially from Paris. where
prices We're up about cents per BUSH
.i.ci This movement was an especially
potent factor, as Paris has heretofore
i followed the advance in other markets
ITO, slight extent only, owing to the
4 fact that the French crop was the only
lone IN Europe of anything like normal
\ size Still the buoyancy abroad had
,lonly temporary influence. Many trad
II crs would not believe that the upturns
i were wholly legitimate, being OF the
lnpinion that manipulative methods had
= leen adopted.
Advance In Prices
In some quarters it was supnosed
!, that prices had been forced IN in
,Eorder to facilitate unloading in orr
4 markets 1t was clear for the first
tfine in weeks that the situation was
dominated almost entirely by spccuIa.
tive rather than by legitimate influ-
Fences. Commission men were of tho
4 oplnion that the time for more cor
servatisu had arrived, arguing that
1.-The advance had been much TOO rand
and that the preponderancc of buIIisb
Il sentiment had resulted in heavily
iover-bought market, Therefore many
lEhrewd traders who have heretofore
stbeen enthusiastic on the bull side were
y advising their customers TO take their
tprohts and await an opportunity Ia
sfload up again on lower basis. II
Icannot be doubted that shippers have
taken unusually liberal quantities ar
wheat and flour for European account
land perhaps considerably more than
3ran be readily assimElatad. In view
OF these facts, IL was MOI difcult 10
discover a reason for the subsequent
ftig break in prices. The Increased
!. selling pressure was ascribed in mart
4 20 fairly good weather In the West, and
~, r. n WITH. CELL ri SO ,rJf-yx t,,pc mo