The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-04-20
Financial.

| been along the lines previously mapped
out in the curtailment OF production
and reimbursement of conditions follow
ing tile depression In general business
from the recent panic.
THE liquidation OF speculative ac-
counts and the forced closing out OF
| large holdings by local operators. who
had started a big bull deal In the May
| option early In March has really been
| the most potent factor. accelerating this
weeks break IN prices. There has
naturally been an absence OF substan-
tial support. About the only buying Of
prominence has come from covering of
shorts or purchases on the scale down
| by spot dealers and spinning interests
and Wall Street operators. many Of
whom have OF late regarded prices as
! being unduly depressed in following
| the present pesslmistic sentiment. The
! prices of spot cotton at the principal
interior and seaboard spot markets of
| the South. have declined less than hnif
| the extent which futures have suffered
! In the past fortnight and are now
| quoted at 10 and 1Ol4 for middling.
| Figuring on the normal PARTIES be-
| tween this market and Southern mar
ltets, and also the Liverpool market,
| this Is now the cheapest Of the worlds
cotton markets.
Surplus from Last Years Crop.
The supply and demand conditions are
peculiar. The crop OF the past season.
which, up to January LIST. was expected
to turn out 12,5oo,0oo bales. and which
the Agricultural Bureau in its annual
crop estimate OF December 10th placed
at 1l.e7s.ooo bales Of the gross weight
OF 500 pounds each. exclusive Of "lin-
tiers" and which the Census Bureaus
report Of last month showed but H.
$4,000 bales had been ginned exclu-
sive OF "llnters." does not now look
like exceeding 100000 bales OF spin
nable cotton on the most liberal cal
culations. This is 100000 bales less
than the previous seasons crop. for
! which there was a total Visible supply
| carried over in the worlds stocks OF
| only 100000 bales. against 100000
the previous season, and 100000 In
1905.
! The worlds spinners' requirements of
American cotton this year has been es-
timated before the late financial panic
| by as good An authority as Ellison. the
En- lish expert on the subject. as like
| ~ to exceed 100000 bales. We have
shipped about a million bales less cot
ton to Europe from the opening OF the
season up to this time than year
ago. but the present worlds visible
supply of 100000 bales of American
cotton IS nevertheless fully million
bales smaller than at this time last
year. What the worlds consumption
Will finally turn out cannot be guessed
at present within 100000 to 100000
bales. Estimates made in these re-
ports last fall of a probable reduction
| of million bales were then thought
extreme and impossible. OF verlfcation.
But now. with all the bearish news
out on the dry goods situation and
present position of the mills. there Is
| a tendency to exaggerate this falling
loft in consumption. Consequently there
are many estimates now being circu-
lated that it may exceed the equivalent
of 100000 bales OF American cotton
/ from last years consumption. In the
meantime over 100000 bales of the
crop have come into sight and been
marketed from plantations since the
/ opening Of the season on September
| LIST to date. The amount of cotton left
unsold in the hands of planters and
In the interior is always hard to esti-
mate at this time OF the year, but 1t Is
safe, however to say most OF 1t has
been hedged. as there has been little
actual pressure of spot cotton of the
1 good grades on the markets through
out the recent disturbance.
Trade Ever Optimistic.
J. The trade is now taking an undul,
optimistic view of the new crop situa-