The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-04-15

IL a misdemennor for any one to trade
in cotton futures In that State through
dny OF tho exchanges and consequent-
~ compcls the Abandonment OF the
present modcrn intercourse OF cotton
merchants throughout tho state with
tho cotton exchanges by tho
exceptionally rapid private wire
facilities. 1t also prevents agents
from soliciting Of handling any such
business even over the public wires
Effect Of Anticipation Legislation
This is a hard blow to the Houston
and Galveston Cotton Exchanges, but
"a more so to operators who have been
doing business With New York and
Now Orleans in perfectly legitimate
way through the wire houses, This
leaves Mississippi, Tennessee and
Louisiana the only States which havo
not yet passed such laws. It. Is now
felt that the sooner these States do
so, the better for all concerned, as 1t
viii then moro speedily show the in
| furious effects upon the cotton trade
| Of the South. The Texas law goes into
effect in ninety days from Arfi 18th.
and that of Alabama on January LIST.
The laws Of Georgia and the Caro-
linas have been In effect for some
| ti;nc.t
Tho principal result Will be to mar
row speculation and Increase the dltl-
Guilty of doing legitimate business in
tho way OF executing orders for hedge
sales by spot dealers. In tho opinion
OF the cotton trade the campaign Is
ill-advised, and has resulted mainly
from a. misconception of the attitude
| of the cotton exchange and the meth
DDS employed by spectators in de-
pressing prices for the staple. The
| folly of these arguments is considered
By the great majority OF the cotton
trade as likely to work out in due
time situation whereby the banefu
influences Of these laws will become
manifest to the Southern cotton trade
and the producer, and result In their
4 eventual abolition. In the meantime,
4 the cotton business will be conducted
A on the New Orleans, New York and
\ Liverpool cotton exchanges as usual,
as operators In the Northern States
4 and Europe are left free to trade in
futures through the exchanges as here
II tofore.
Rise and Fall Of Prices.
The depression which prevailed in
the markets early in the week on those
developments brought prices down to
about the low level reached CT sew
I oral occasions during the month of
March During the last few days,
1
development OF better trade demand,
:, principally in Europe for spot cotton
,, and renewed support from the leading
:, / bull interests here. The recovery from,
, the lowest prices approximates about
20 points, with the market closing
). yesterday at an advance of about tc
n 10 points from last Saturdays final
=. quotations. The continuance of healthy
: trade conditions In Europe and on
= the Continent, and the development
! of much easier money markets there
with the reduction in the Bank OF
!. Englands minimum rate of discount
TO 4 1-2 per cent, seems to be caus.
!. ing foreign spinrers to increase the
supplies necessary to meet their re-
j qulrements for tho season. This has
been putting up the Liverpool markets
lately, and this strength abroad has
: naturally been reflected here, and is
5 causing a much better feeling thar
n for some time.
e Failing Of in Supply.
, The movement of the crop for the
. week shows an important falling off
= The amount brought into sight thi!
:. week compares with about the same
, figures last year. AS q consequence O.
these lighter receipts and the heavier
. takings by the worlds spinners. thu
;, decrease in the worlds visible supple!
= = is netul ally larger than for some week!
: past. in comparison with last year
: Meanwhile, the dry goods markets II
= this country continue In health,
!, state, with prices firmly maintained
= most manufacturers working on order
- running we'll into the early fall de!iv
= cries.