The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-05-02
TIME TO TAKE STAND
IN COTTON MARKET

New Orleans, La, May With the
excitement over the May position, in
a great measure, gone, the cotton trade
is now in more suitable frame OF
mind for considering the situation that
confronts it. and in no small way con-
Germs nearly every one in both this
country and in Europe, and, to lesser
extent, all the people in the rest of
the civilized world. for every one has
more or less to do with cotton, This
week important interests will seek an
opening for a permanent stand on the
understanding that they could
hardly do with manipulation in May
always to contend with. In taking a
technically known as long pull
only the most carefully trained specu
lators and traders can lay aside the
influence of their immediate surround
ings Thus. there will be those who
will take the bear side permanently
because they are associated with spin
ming interests. while, on the other
hand. there will be. others, who will
join the ranks of the bulls, because
they have connections with the interior
of the cotton belt. because they live
in or have sympathy for the SOUTH
The coldly calculating speculator,
out of his considerations. and this
week this class Will once more turn
to the questions of how much of the
small supply of raw cotton left in the
are put to such and such level, what
effect the Federal investigation of cot
ton Will have on the holder of spots In
the South whether the CHANCES, are
| troubles in Manchester. and so on
| through the complexities of the old
| crop situation until he arrives at the
question of the new crop itself. for 1t
| is now time that the old and the new
crops should be swayed by the same
fortunes instead of having their sep
arate courses of values. Here 1t Is
that the stand will be taken for, as
of all things that are speculated or
traded In on a large scale, move in
swings-the long, or season, swings:
the swing that Is more or less due to
reactions and which moves within the
long swing, and the short or scalping
swing, caused by the Developments and
features of the moment
The problem now Is to determine
the long swing and to answer the quess-
ton of whether the coming season is
| to be one of advancing or declining
prices. This long swing Will, of course,
be determined by the new crop itself.
! Cold blooded spectators in the South,
traders in England who want to see
English mill hands working fun
week spinning American cotton, and
! spinners who want cheap cotton be-
cause cheap cotton goods sell faster
than dear goods, had about made UP
their minds week ago that the mar
ket was in for a long decline on what
were about the best crop prospects
ever known on materially increased
acreage. But the cold wave upset all
this and caused new start of the crop
| to be made.
During the next few days all man
ner of information will be gathered in
an attempt to find out If the damage
done can be repaired, always, however
4 with the understanding that the crqr
is now two weeks late. Here is where
the bulls will preesnt their arguments
/ they will contend that the crop because
of its lateness, will be more than ordl-
narily susceptible TO weather damage
and to the depredations of boil weevil
and they Will point to the demand fol
seed to replant with and the inferior
quality OF seed that is filling the de-
mand In the minds of the bulls the
possibilities of the total yield this sea-
son have been cut into anywhere from
100000 TO 100000 bales by the set
back the crop has received, and there
fore they claim it is impossible for the
South this season to raise az much cot
ton as the world will require, whct
will naturally lead to another season