The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-01-10

HSl&top. From "Wednesday morning
nursday morning there was a
Rholcsalc liquidation brought about
G&f3g weak technical position created
lvcr free speculative buying. The
10 had been apprchcnsivc Of "a
H<s#S, and when traders saw 1T COM
Esthey ran quickly for cover TO pro-
SS Themselves Consequently no.
ncial trouble developed from, this
laimum decline. Which unprecedented
equivalent of SIS per bale. From
high Lowell of 1915. reached on
ember 81 for the May option. the
10 fell to 1927 by Thursday morn
E. At this price the general option
looked SO attractive with spots
ing failed to decline anywhere
1t dealers and s%pinners, agents
ned heavy buyers and prices were
Hilied 10 points before the close OF
/, market on Thursday. and Yesterday
points more of this loss was added
this cover
thus the market has had a maxi
i'm decline OF 40 points within a
;ek's time and a recovery In two
VS. of 10 points. Prices now are on
G basis of Is rs cents for the May
d July options. and the market ap-
ars in a healthier trading position on
70 legitimate Supply and deman con-
tions than at any time In the last
onth.
Firm Position of Holders.
Movement of cotton has continued
Gght since the beginning OF tho holt
avs. This shows that those who
Il the South are Indifferent sellers
I present prices. regardless of the
~uctnations from day to day In the
ption markets. With over two-thirds
{ the years yield already marketed.
md perhaps half of the balance sold
NJ hedged, there has been no pres
urc of offerings since the opening
q the new year. The break in the
rice this week did not cause weak
less to be displayed in the Southern
'cfused 10 follow fully the extent of
she decline in futures. Spot dealers
have reported the last few days tina,
shc basis of buying spots on the
iuoted price OF futures has been high
than previously. and holders in
many parts of the belt are 50 inde-
in their views that they have
much harder to deal with. This
denotes an evident expectation tia
they will receive ultimately much
tanned for the balance of the crop.
Southern banks have large amounts
OF money and are willing to extend
loans on cotton. 1t is considered good
collateral. and funds. can be protitubly
employed in loaning OF warehouse re-
W wv. ~ 'iiS SkE "
per cent. consequently. the movement
of the crop is expected to be lighter
during the balance of the month ratb-
err than show any increase Of inn
portance.
Movement If the Crop.
Total amount OF the crop brought
into sight tins week is about 100000
bales. against 100000 last year and
$4,000 IN the previous year. This
makes the total crop marketed to date
a IN Unn l hllaGL E fvp ngt IS ~ hp.- ma lntS
year, and l,lo0,do0 in 190T-'0S. 1t is
estimated that s%pinners' takings This
week approximated 100000 bales.
against $4,000 last year, and accord
in the visible supply for the week
of about 10000 bales OF American cot
ton. against an increase this time last
year OF about 10000 bales. From now
on the decrease in the worlds visible
supplies should continue to enlarge
as the season progresses to its close.
OiHcInl Ginning Report OF Monday.
Tho official report Of the Census Blu
reau on the amount of cotton ginned
to January Will be a%nnounced. at 10
show anything less than 1900. 900
bales ginncd. they would be construed
}pullishiS, as they will then represent
me smallest amount of cotton sinned
oetveen Deceinbcr 10 and January /.
the date to which the last rcport was
made up. This would be regarded as
indicating practically a confirmation OF
Inc governments very low estimate OF
io,osS.0OO bales. Returns doubtless
VIII show more cotton sinned to ian
uary ! in the C%arolinas. Georgia and
.aiaoama' and perhaps Tennessee, than
aiiotted Tor those States in the gov
erhhlents crop estimate. hut. on the
other hand, there is considerable to
stll be made un in the difference Tor
Mississippi, Louisiana, ,:.Oklahoma and
IeNas In the*sihhing figures TO the
section of the belt. If the crop should
,urn Out even as large as 10, $50, 900
eaies OF actual growth. with an in
alcated total commercial movement Of
lo.6oo,Ooo bales. there would still be
warrant Tor nigh prices and the pos
sibility of still higher levels for Nav
July and August deliverieS pending
me development of the new crop on
the requirements of the WORLDS snin-