The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-04-26
Sen ational Rise Fol
lows Reports of Dam
age to Crops.
ALL. OTHER NEWS
OSVERSHADOWED
Government Investigation and
Knight Yancey Failure Are
Lost Sight Of in Estimates of
Havoc Wrought by Spring
Blizzard Throughout
South.

-------
New York, April 25.-Not since the
big break of January last has the Naw
York Cotton Exchange experienced 50
much activity and excitement as to
day 1t was d time of triumph for
the bulls. whose already strengthened
position as regards the old crop was
sensationally stimulated by reports Of
disastrous weather In the South af-
fecting the coming crop. Those led to
rumors that the bull campaign was TO
be carried on throughout the end Of
the current season and possibly into
early new crop deliveries. as it was in
the season of 19o2-1s0s when, after
Sullys successful deal in May con-
tracts. Messrs. Brown and Hayne.
who are prominently mentioned In
connection with the present bull
movement, carried the bull campaign
through into July. August and Septem
ber 1t is urged in this connection
that even IL the South finds sufficient
seed to replant the entire area report
ed damaged, the cold snap has made II
look like late crop, and that mills
consequently will be dependent upon
OII cIOp EupplIG5 tOE IL
longer period
Enormous Deliveries.
Meanwhile. preparations for making
enormous deliveries in May contracts
are steadily going forward 1t is said
that the inspection bureau of the New
York Cotton Exchange had larger
force of men engaged in preparing
cotton for delivery yesterday than ever
before, and, according to the official
figures. the stock of certifcated cotton
at New York, which was reported as
$1,000 bales toward the end of March,
had mounted up to $4,000 bales by
the close OF business On Saturday, with
predictions that between 10000 ana
100000 bales would be ready for de-
livery by MAY i. Moreover. the May
shorss have grtil iA4 erd o. Tag 70
securei cotton for delivery on con-
tract.
AS far as the market learned, moth
ing further developed during the day
in respect to the Federal grand jury
proceedings against the bull clique nor
were there any further disclosures
with reference to the affairs of Knight.
Yancey & Company, the Southern spot
firm whose failure caused such wide
spread CONSERVATION last week. Ac-
cording to latest estimates, New York
firms are creditors to the extent OF
over 100000. 1t is rumored that those
firms which had sold May against
shipments expected here from The
failed Southern house, are finding lit
tie difficulty in adjusting their con-
tracts around present prices and that
they will be out little more than their
actual advances if the cotton does not
materialize.
It is reported that the three English
spot cotton men who arrived here to-
day from Liverpool, sailed before the
knight Yancey failure was announced.
with view to investigating the firms
condition. They declined to be inter-
viewed to-day.
Flood OF Damage Reports.
Seldom has such food of crop
damage reports poured into the local
trade from so wide an area as to-day,
and for the time being 1t seemed that
the excitement IN new crop months
was overshadowing the old crop situa-
ton possible legislation at Washing
ton. the government Investigation ana
even the Knight-Yancey failure.
While the Inference was that the
reports OF damage were more or less
exaggerated, they were eneCt1re IN
the market on the theory that the
sleet, snow and freezing temperature
found an unusually large amount of
cotton up for the last week In April.
while ultimate damage from a new
crop standpoint was predicted by re-
ports of an insufficient supply of seed
tor replantng.
Damage complaints from the SOUTH
We're in many instances accompanied
by Southern buying orders. and al
most all the fresh buying for the long
account was said to be for new crop
delivery. 1t was believed around the
local ring that the bull leaders were
selling the near positions at times dur
ing the delivery In order to prevent
too rapid an advance, or to reduce
their holdings, and 1t was the new
crop which chiefly reflected the broad
enng of bullish sentiment,
October cotton sold at 1924, or 5Tt
points above the closing price of last
while at the best point OF
tod day May reached 1892. or a gain Of
only 81 points from the closing price
of last week The market closed at
the best point of the day
so ia ras the new crop was concerned
and trading during the last half-hour
was probably the most active of the
entire season The opening advance
in the New York market was greatly
by the strength of Liver
pool which had the bad weather re-
ports before the trading here started |