The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-09-12
WEEKEND WITNESSES
ADVANCE IN COTTON
During Early Days There Had Been Downward
Movement Weather Conditions Affect
inc PROGRESS of Crnn

view York. September 11-Scattered
liquidation and heavy short selling.
with frequent bear attacks, were the
features OF the cotton market until
the close of business on THURSDAY.
FROM Thursday week ago to wednes-
day afternoon of last week prices
showed maximum decline of 90 points
on September to II on October, and
" TO 10 points on December, January
and next March deliveries. From the
nigh level reached just before the
publlcation of the governments crop
report at noon last Friday to the low
level of Wednesday noon, the to:al
decline ranged from &c points on Sep.
TENDER to 81 on October, and an aver
age OF 81 points on the later months
Inc low prices reached when the
Dear pressure was active in the early
trading of both Wednesday and Thurs
day OF this week was 1884 for Septem-
Der, october and December 1888. Jan
uary l2.Sl. and March 1889. There
was SO much short selling INDUCED in
while those prices were being estab-
lished to force liquidation and accel-
crate offerings of spot cotton on the
first receipts Of the new crop from
planters and factors in the South, that
the general list became heavily over
+ SSNNs CIV ~ ~ AL civ A1GSu bull
support on these conditions, with the
strength at Liverpool, brought about
good recovery yesterday. This eX-
tended to IS points on September up
to the close of business Friday, and IS
to "a points on the later months; with
September closing Friday night at
10 3-4 cents, and the basis of 10 is to
13 1-16 cents for deliveries from Oc-
tober to next March.
Sentiment and Uncertainties.
While the government crop report OF
a week ago indicated a prospective
yield of no more than 1900, 900 bales
on the face of its figures and the
averages of the last five to ten years,
the old bear clique became aggressive
In operations against the market a.
rectly after its publication. and they
have been since working hard 10 de-
press prices. The principal argument
has been that the crop situation was
greatly improved by the good rains
which occurred over the Labor Day
holidays in Northeastern Texas, and
also that prices could not stand against
the anticipated movement to rush the
first receipts of the new crop to mar
ket, with the worlds spinners likely to
refrain from buying in anticipation of
lower prices. There We're, however.
during the first half of this week In
following these bearish ideas. 1t is
too early as yet for the moderate re-
ceipts of the new crop likely TO come
forward until the end of this month
to have much impression on prices on
the Southern spot markets This facI
has been demonstrated by the way all
of them have held UP this week to tho
average basis of 13 IL cents for MIL
ding cotton at the principal interior
and scaboard receiving points.
Moreover. only 10000 bales Of the
new crop have been brought into night
last week. against 100000 this week
last year, and spinners brokers have
appeared more eager in the buying Of
this cotton as 1t has been offered than
the trade had been expecting. In adj
dition to this feature, the bull clique
here and at Liverpool. which 1t had
been thought had gone out Of bust
ness. has been putting up strong
fight the last three days, and a cor-
ner in September contracts has devel-
oped on the Liverpool exchanges as a
consequence of their activity there, and
the very small stock OF cotton which
will be available for delivery by the
shorts In that market during this
mpnth. This has caused q modiheatlon