davidaulloa/AmericanStories huggingface dataset:
The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-02-21
MOVEMENT OF STREET
is TOW ARD RECOVERY

to dissolve the Union Pacific and
Southern Pacific merger was inter-
prcted in the stock market as show
the railroad companies.
The changed views thus implied
from those rampant in the stock
market circles so short a time before
must be accepted in the light Of severe
declines in prices which had occurred
since the first Of the year, the liquida-
tion completed in that period and the
attraction offered by the lower prices
as n result of these facts.
Last weeks rebound was based 10
an important extent on the needs of
the bears left uncovered on the short
side In the course of the long previous
decline. The growing abundance OF
money in foreign markets, to low
prices to which prices of securities
mad fallen and the credits to be met on
account of the small excess of mer-
~chandise exports over imports, com
bined to induce an appreciable foreign
demand for American securities. Plac-
ing of American corporation bonds
abroad is fsported to be progressing
on scale not known before for a
long period.
Tho rebound in the stock market has
brought with it more cheerful feel
ins over the trade outlook and greater
confidence that tho lull in business was
temporary and to be limited.
The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-02-21
KIN the Resident supcr,nten,,ep, MI,

l<ilI the Resident superintendent Biil
Editor of The Times-Dispatch.
Sir,--1t Is with pleasure that read
your most excellent and timely edito-
rial of this morning, entitled "a Pcrn-
cous BILL
The state Board OF Education has, in
ueed. been most scathingly and I'M
ceasingly abused body since it's now
memorable meeting In June, 1909. Af-
ter this most Intelligent, experienced and
conscientious body. composed as II Is OF
The best brain of Virginia. had elected
the division superintendent. howl
Of disappointment and Indignation
arose from every corner OF the Com
monwealth. and now, at last, the Of
Tended ca ones SEQ sweet revenge in
sight with the passage of the
bill referred to. Every Virginian is
proud Of the unprecedented progress
or education in our state during the
past four or five years especially, when
our public school system has made
such wonderful strides Mr.. Editor.
we turn our face to the rear when
we restrict the place of birth of our
superintendent to their particular
districts and to tho fact that they
vote in these districts eliminating the
most important questions of the eN-
perience and educational qualificati tons
of these men who are to supervise the
schools. Machine politics, yes. sir,
pure and simple. Let the Senate be
on the qui vive and kill this bill.
CIVIS.
February II.
The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-02-21

New York, February 20.-Financial
confidence improved last week as re-
nected in the movement towards re-
covery in the stock market. There
was monetary interruption to the
recovery, which had set in the week
before when the week opened owing
to the false reports which had been
disseminated of what President TAFT
was going to say in his New YORK
speech on the Saturday preceding FRO
fessional operators who had bought
stocks because rumor had said that the
President would say that the govern
ment,s attitude toward corporations
would be moderated, sold again has
tily after reading the speech.
The prompt rebound from the first
sharp declines thus caused demon
stra,ed that the timdity caused by
the amenability of corporations to the
law was losing its force as a specula-
tive factor. y &
More sober coHsids~ati3h of tho prob
able course OF procedure of the Su-
irene Court convinced careful obserV-
ers that the American Tobacco case
was likely to be considered along with
the Standard Oil case which is set
for argument in the middle of March,
thus leaving an indefinite postpone
ment of the decision possible.
Proposed amendments to the bill to
alter the interstate commerce law was
regarded as roassuring from the stand
point of the railroads, The progress
of the hearing in the governments suit
The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-02-21

New York, February 21.--The princi-
pal features of the cotton market nave
been the renppearance of liquidation.
a falling of IN the spot demand and
speculative buying, Many think the
aggressive attitude assumed by those
in charge of the movement at WASH
ington TO frame an anti-option trad
ing bill for congressional action mas
been discouraging new buying, and
that II has also induced the former
bull leaders to abandon whatever plans
they may have had for attempting an
aggressive bull campaign in the March
and May options. Whatever has been
the real cause, there has been no.
tceablc preponderance of liquidation.
This has given the market a steadily
declining tendency. The result has
been a decline of fifty to sixty points
from the highest prices reached Just
before the close of the market last
Friday. The principal loss has been
in tho March and May options, with
the consequent narrowing of the differ
ence between those months and July
and August. The difference of nearly
twenty-five points which recently pre-
vailed in tho premium of May over
July narrowed down six points at one
time on Thursday. 1t was about four
teen points at the close of business
Friday. with March then finishing at
the lowest prices of 1d.4o, while May
closed at 1i.5o. judy .li.37 and August
1855, and next October deliveries 1852.
spot Lower with Futures.
The principal buying during the week
has como from scattering purchasers,
chiefly on the scale down, by shorts.
Wall Street operators and trade IN
forests. Spot cotton in the South has
declined, chiefly in sympathy. rather
than as the result of new conditions,
At many points the present quotations
are nominal from the arbitrary views
In the asking prices Of holders. AS
buyers have been unwilling TO meet
them. business transacted in actual
cotton at the principal interior and
seaboard spot markets has been small
er than for some time. The heavy
short interest In July and August OPP
tions in this market, put out chiefly
ms a hedge against actual cotton and
also against speculative holdings in
March and May. has helped to narrow
tho differences prevailing between
those months and the March and May
options. This interest has been one
of the principal supports of the mar
ket as Liverpool has been dull, with
n dragging tendency throughout the
week. New outside speculative or in
vestmcnt buying has been wholly lack
ing.
Talk Blamed for the I,c-
lapse.
The apparent abandonment of what
ever plans the old bull leaders may
have had for an aggressive squeeze
of the March option during its fnatur-
ity has undoubtedly. been abandoned.
They own or control about 10000 bales
of the total stock of contract cotton
here now, amounting to about $4,000
bales. With the speculative bullish
The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-02-21
wants the Primary Abolished.

Editor of The Times-Dispatch:
Sir,-Your editorial of the 1Ith on
"a Pernicious Bill, forbiddine the STATE
Board of Education to appoint any
man 10 county or district superin-
tendency Of schools unless he be
local man. is sound and logical ana Is
unanswerable, but it is the loslcal
sequence, the natural result. the con-
summate aftermath of your own arSu
nents and efforts in advocacy OF the
urinary system fastened upon the peo-
pie of Virginia. So long as You nave
this pernicious system, you VIII nave
machine politics, ring rule and DOSE
control in the cities and counties Oh
the Commonwealth.
The primary system has been az
yocated upon the false premises that
il is essential TO the good government
of the State tina, the Democratif
offices in county and state. me
primary system perpetuates the rule
Of the machine ring When the negro
was a factor in Virginia politics. THIS
system was necessary to protect our
civilization and secure us from negro
domination. but the negro has long
been RELOCATED 10 the political OBLIVION
from which he should mover have been
called. The politicians have tried 70 20
convince the people that the sood Oh
remaining in power: 1t is to their m
terest that they should remain per-
petnally in Office. The elections are
generally cut and dried affairs, hence
the lack OF interest as evidenced by
the small number OF votes polled.
The primary should be abolished;
There should be but one election, ana
that should be a general election, Men,
regardless Of their party affiliations.
measures for the good of the state at
large should be voted for regardless
of politics The contests should pc
open TO all. The more candidates the
greater would be the interest felt. and
ring rule would thus be broken. rms
is the only way 10 break II.
In national politics, where the great
principles OF free trade. tariff Tor rcve-
nuc only or protection are the issues,
party alignment should be keenly
drawn. and the battle waged with
partisan interest You cannot expect
the Republican party to continue to
act as monkeys to pull our chestnuts
out or the fire, when entirely Ignored
In the distribution OF local offices and
refused recognition in the manage
i ment or AFFAIRS In which they are as
! much interested as other citizens. They
Z VIII cease, and in many localities have
/ ceased, to put UP candidates 10 act
NJ mere scapegoats, and the result Is
4 the same old gang ride into office. It
Is well Known that any party perpet-
ually In power becomes corrupt. AL
The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-02-21
DRY GOODS REVIEW.

New York, February 2O.-There has
been some reimbursement of values on
cotton goods in the gray, conforming
more nearly with the values placed on
finished goods a few weeks ago for
fall delivery. and on the lower basis
of price some business has been done
with converters and with the manu-
featuring trades. Fall River sold but
10000 pieces of print cloths during the
week In this market about 10000
pieces of sateens and twills we're sold
on basis of 30ls cents to 81: cents
per pound. as against value of 80
cents a month ago, for the working
shirt trade. The business done on fan
nelcttes has been large for fall de-
livery.
The jobhfng markets were more sc-
tive during the week, and while re-
tailers show little desire TO anticipate
or speculate they are applying them
selves steadily whenever prices show
only moderate increase over the fig
markets values have held steady. as
they were not on a parity with the
primary market or with 15-cent cot
ton when the season opened. Printed
goods are IN moderate call.
The trade in bleached goods is light.
Colored oottons hold fairly steady, but
are inactive. Duck is quiet and ir-
regular. Some business Is passing In
seven-ounce Osnaburgs at Cit cents.
1t Is accepted in the trade that mcr-
chandizing conditions do not warrant
hopes of full distribution on basis
of lucent cotton of the next few
months and curtailment in output Is
looked for at the mills.
The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-02-21
al 4 indicates backward sea-

and that 1t Indicates paoh "'"
son.
Every scrap Of news from Southern !,
spot centres will be eagerly seized
upon during the coming ws e,s,,,s as ,,i a.
critical times the course OIL prices WI,
or spot holders. Bears predict that
the slump in futures Of last week
will have the effect of loo ,s,id IT, ,n ne
grip of spot holders, bu, pu'Is I,mro
faith In tho strength Of the spot OWL
ors. basing their belief on the REPORTS
of bankers that less money than US, Ia
has been advanced on spo. ho,u,ns ,,'
and that many lines are not o"eu''7
berod with loans at an ~, .,,I
This week practically ends the ma.
period in the Census Bureau re, reports IT
on ginning for this season i" a.. ,ed
ports from the belt VII DC ,n a,r
March i, and private bureaus pe ,,,a,
that date will pu, out estimates that
probably will affect the market one
way or another.
The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-02-21
COTTON REVIEW.

New Orleans. La. February co.
With hoth of the American cotton fu-
ture markets closed Monday and Tues
day Liverpool will be dominant in the
trend of futures during the first two
business days of the week. At New
York and New Orleans the Cotton FIX
changes viii observe Washington's
birthday, February %. In conformity
with We'll established custom, mo
American exchanges will not open for
one days trading. The ed is Tuesday.
so Monday will also be observed as a
holiday.
The cotton market was also entirely
under bear control during last week.
and values went the way of the short
side to the extent of over cent a
pound or So bale on the old crops.
while the new crops lost Y cent. FIX
cept on the closing session Saturday
the market was dull. and this helped
the bears In their campaign for fall
In prices. but their best weapon was
the report OF weakening among
Southern spot holders and the poor
showing Of statistics for the week. At
a number of points in tho Western and
Central sections Of the belt buyers re-
terial concessions. and this. together
with larger movement than ex-
pected probably directly due to In
creased spot trading and smaller mill
takings than looked for gave the
bears more courage than they have had
before this season.
Against the success of the bears at
the weekend were warnings from
bullish interests that their operations
had created an extensive and unwleldy
short interest in the market some
thing 1t has not had since the period
which preceded the Spectacular hull
campaign. Bulls also pointed out that
while the movement was larger than
last week. it was still very small com
pared with the preceding years. They
also called attention to the fact tina,
while mill takings were comparatively
small, the highest authorities esti.
mated full consumption, and thai
sales of spot cotton for the week IL
the Liverpool market were phenome
nally large. amounting to 100000 bales
against $4,000 year ago, and $4,000
two years ago.
At the weekend interest in thu
coming week was intense, for the bear
ish operations In the English marke
led to the belief that shorts would b.
very aggressive there on Monday AM
| Tuesday, owing to the fact that botl
| New Orleans and New York VIII D.
| closed. Another thing that was beln'
/ looked forward to was tho result Q
! the blizzard which crossed the cotto
belt during tho latter part OF IN
week.
Bearing climate will be of immens
! benefit to the coming crop, because tf
snow and freezing weather Will mel
low the soil and put good plaptln
season In tho ground, on the ONE
hand the bulls arc confident that In
j storm will delay planting operation
The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-02-21

in tho week was rather unimportans.
all things considered. which was, how
ever not surprising to conservative
dealers who We're well aware that
the crop damage reports are often ex-
aSGcrated at this season.
question of Deterioration,
1t is 500 early in the wear ~ for,,
any really definite opinion as TO wheth-
err serious deterioration has taken
place' The top of the plant may an
pear brown and unhealthy, while the
i may be strong and vigorous.
therefore II may turn out all right
aiter me advent of genuine spring
weather, Every well-informed member
of the trade understands that there /.
pound to be more or less deterioration
between seeding and harvest time.
Looking back over Series OF wears
II Is found that the deterioration aver
ages approximately per cent.
brought about by the vicissitudes OF
the weather or through the ravnees
of insect life. Consequently unbiased
traders are inclined to look upon the
present scare as somewhat premature
TO say the least Short sellers are
however, quick to become nervous, es
iNN''.'S 80 So''.iaot Slochs III CHlCaBt
are light, being only Slightly over @.
100000 bushels, or, roundly, SO pc
cent less than year ago. To mak
! matters worse, 1t Is claimed that
| rev large operators have accumulate
| hugo line Of May contracts, said t
| aggregate close to 15,O00.0O0 bushels
| As result, May contracts advance
even more rapidly than July, In viey
OF those facts, 1t was small wonde
| that most dealers were inclined 10 liz
more changes in foreign markets,
being realized that at present tn
course OF prices viii be controlled b
The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-02-21
RICHMOND MONDAY FEBRUARY 81 1910

formation, whore no principle is In
VOWED, is essential to good govern
iment. Your paper has always con
tended that 1t IL best to have Il good
balance of power party to keep the
dominant party in line, but when you
is without force or effect, and Is mega
lived in practical results II you wish
TO do away with political ncpotisn,
ing machine rule. you must do away
with tho primary. 1t Is the upas tree
under which the people arc sluniberlng
and from whence the hydra headed
evils spring which you SO forccfully
dcplore in your able editorial.
j. s. MOORE.
Richmond. February Is.
The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-02-21
,.xncnburr Tobacco Market.

TSpeCia.l 10 The Ilmes- DISIIHon III mi.
Lvnchburg, Va, February ms
sales of loose leaf tobacco on the 10
cal market for the past week az 81.
very heavy in adverse weather con-
ditions. although they were lIi,2oo
pounds lighter than the previous week.
The offerings were about as for some
time past. and the trade was quite ac-
tive, with prices strong and up to the
quotations.
The sales for the season thus far ag-
gregate o.S4o,2o0 pounds. or 5,252,5oo
pounds lighter than last year at the
same time
The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-02-21


strong advancing tendency in do
mestic wheat markets during the first
half of the week. The markets were
almost wholly dominated by specula-
thing, that there had been too much
unanimity on the bear side, and that
markets were in an over-sod cond-
ton. With large proportion of scalp
ers and room traders almost constant
yly favoring the bear side. II did not
require any great Knowledge to realize
that only moderate impulse would
be needed to stampede the shorts.
After few of them got frightened
and began TO run 10 cover great
many others We're scared
Spectators ana Crop News.
The professional operators who were
Doubtless prepared Tor such an out
come took advantage of the opportun-
|tty 10 force matters somewhat agrees
siyeiy, Even the inexpert had not
Idifhculty in perceiving that the wea-
Their had been unfavorable throughout
practically all of winter wheat terri
tory. the temperature having been so
high for several days as to crush all
the snow protection TO disappear,
This was followed by alternate thaw-
ing and freezing, one of the worst
things that can happen at this sea,
sbn, when the plant needs heavy
SNOW blanket TO protect II against
the yiclHsltudes OF the weather Eek
perienced dealers realized that alter
nate thawing anu freezing causes
cracking or upheaVal of the earth
which in many cases leaves the root
exposed.
This Is dangcrous,pas high winds arr
likely to blow the earth away from
E6s roots. sui, the advance carl.
The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-02-21
LIQUIDATION
IN COTTON MARKET
Attitude of Congress May Be Responsible fol
Price Movement, and Discouraging
to New Buying.
to New Buying.

feeling now at so low an ebb, and the
short interest having been so largely
reduced, there has been no inducement
TO continue this program and thereby
perhaps be compelled to increase their
large holdings of actual cotton merely
10 bull the general option list for the
benefit OF the crowd and the South, In
the face of such antagonism as has
been shown toward the New York Cot
ton Exchange by those back of the
proposed anticipation bill in this weeks
investigation at Washington.
So long as this sentiment continues
there will be little encouragement for
speculative or investment buying. 1t
must be remembered the Southern
planter produces cotton to sell. and
II the speculative or investment buy
ing is to be curtailcd by any restric-
tions against the legitimate functions
of the cotton exchanges he will neces-
sarily be the worst sufferer in the
| end. He would be placed more at the
I mercy of the spinner and spot dealer
/ representing the foreign buyer If lc-
! Ultimate trading in cotton futures on
the New York or the New Orleans Cot
! ton Exchange is to be in any way in
! terfered with. talk about the failure
| of the is and 20-cent cotton predic-
lions to be realized. as due TO specu-
lative selling. is ridiculous. 1t shows
| on its face the ignorance of such COM
plainants as well as those who have
made such statements before the con.
Eressional investigation at Washing.
ton this week. But for the active out.
side speculative buying and aggres.
siveness on the part of the bull ele.
ment here, 1t is doubtful If prices
would have been driven as high as the
is 1-2-cent level reached Just before
New Years.
Position of SDfnncrs.
The worlds spinners and trade in
terests have since that time been adj
justing themselves 10 the shortage OF
the crop in their consumption and re-
quiremehts for the balance of the sea-
son. Having accumulated large sup
plies, they have shown no eagerness
to buy during the past ten days. not
withstanding the inducements offered
by the decline of $3.50 per bale this
week. The policy of economizing.
which may become general throughout
the country, from the agitation over
the high cost of living. may yet be
an important factor in offsetting the
shortage of the crop the past season.
Moreover. there is every indication
that planters throughout the South are
preparing to put in the largest acre
age on record this season. Conse-
quently, the political demagogues and
Others behind the various farmers
unions have done more harm than good
in the movement to boom the price
by attacks on the cotton exchanges
and threats of antioption legislation
The amount of the crop brought Into
sight this week is about 10000 bales.
making about S,725,000 bales of the
total crop marketed from the opening
of the season on September 1 to date.
against 11,3TO.oo0 the same time last
year. and 100000 tho previous year.
The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-02-21
sEABOARD AIR LINE.

southbound trains scheduled to leave Richmond
daily: 9;l0 a. M,--Local to Norlina Raleigh
Coaches Atlanta. Birmingham. Savannah Jack.
sonyi!le and Il .orida points. 7 40 ?, M.-To Flor,
Ida, points. iol2 ?, NJ; loAs I, M;-sleeP ,Ir
mineham and Memphis, Northbound trains SEIZED
uled 10 arrive Richmond. daily; 4:20 a. nj. 700
a. NJ. 7;2S a., M. sos r. M. $40 p. M
The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-02-21
domestic rather than by foreign in
rcycrlshne.s Towards The close.

TcvcrisIincss Towards the Close,
Late In the week tho wheat market
was feverish and unsettled with nu-
mcrous erratic and somewhat violent
fluctuations, although in the final trad.
Ing the trend was slightly downward.
The reactlonary tendency was largely
attributed to n subsistence of the alarm
among the bear element. 1t was also
evident that a large short interest had
been eliminated during the advance.
Then. buyers for the rise began to
show anxiety to take profits, prompt.
ed partly by rumors that crop damage
reports had been greatly exaggerated.
Selling was also stimulated to some
extent by a beneficial snowfall over
a fairly large area, although in some
parts of the Southwest more snow was
said to be urgently needed. as the
Temperature was exceedingly low. the
mercury being Mt zero or slightly under
as far south as Missouri. Because of
the unfavorable weather, farmers have
been showing unwi1lingness to accept
current bids. and consequently receipts
at interior points continue small. To-
wards the close the pressure to sell
was partly attributed to tho discour-
aging tenor of cable advces. Euro
pean markets being influenced by the
fairly large exports from Argentina.
However, most traders realize mat IL
is almost useless to give attention to
slight changes abroad, as long as we
seem to have little or nothing to otter
for export.