The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-12-18
NEW LOW RECORD
IN COTTON MARKET
Decline Follows Publication of Official Crop Es-
timate--Pressure Seemed to Be Entirely Spec
uative--Next Week s Rennrt

New York. December lI.-Las
Mondays official crop estimate wa
preceded by heavy selling. and thi
selling continued following the pup
lication of the figures with the markc
making new low records for the sea
son on Tuesday morning, when De
Ccmbcr contracts sold ut SIS; Januar,
q; S.ia, March at SIS, and May q S.T0
The pressure. however. seemed to b,
almost entirely speculative, and look
ed more like an effort to break III:
market TO covering basis than The
expression of any fresh sentiment ~
result of the governments crop re.
port.
on the contrary there was nothing
In the action of the market, in the
trading, or I'm the character of the
news 10 indicate that the crop state.
ment had brought about any change
i'll tho attitude either OF the foreign
Apinner--whose Willingness 10 provid.
for remote requirements has been 3
prominent sustaining factor--or In the
other sustaining factor, namely, the
Sleadiness OF the Southern holder
Once the speculative pressure had run
its course, the market developed n
steadier tone, and at the close OF bust
ness last night December was quoted
al S.l1, after having sold at 9e5
while January was quoted al S7a
March At So. and May al a,oS-thcss
prices representing Il rally OF some IS
TO 10 points from the lowest.
Governments Estimate.
The governments estimate placed
the crop ut l4.SS5,o 600 bales, OF 500
pounds gross weight, excluding lint
ers. This was about in line with the
average of local trade opinion, and,
while 1t was believed to be rather q
larger estimate than expected abroad,
It failed TO bring any increased pres
sure against tho English market. The
report, as usual. has been criticized.
Bullishly disposed operators believe
that had the government estimate
been expressed in bales of this sea
sons weight, the figure would have
been at least or s per cent smaller;
the bears believe that the government,
In line with pest experiences during
big crop years. has underestimated
the crop. and that this underestimate
VIII become evident as q result of gin
ming reports between now and the end
OF the season. AS matter of fact.
IT is as difficult to form any opinion
10 the average weight of this seasons
bales In the aggregate as it is to csti-
mate the number of bales actually
produced, and tho governments fig
urcs Will doubtless be the basis for
trade operations until they are cor
rcctcd
Next weeks ginning report OF tho
Census Bureau is due at the opening
OF the market next Wednesday,. Dur
Ing the past week there have been the
usual conflicting rumors as TO the
probable showing of this report. orig
mating. apparently. with Memphis, and
more directly concerned with the re-
turns OF tho National Ginners' Associa-
ton. According TO latest report. these
returns indicated a ginning up to De-
ccmber 10 of about 1906. 900 bales. or
OF $4,000 bales for the first period in
December. y prominent local spot firm
however, reports that Its Southern adj
vices Indicate ginning of about 49,
600 bales for the period. This latter
figure would Indicate n very consid-
crahlc falling off, white tho former
would be considered in limo with the
more bearish views OF the crop. Dur
ing the period December / to IS. this
year there are ten working days The
amount OF cotton Ginncr per working