The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-05-22
Rangc of PRICES.

which mas IN reality been advancing
the market SO sharply the last ten
weeks. ri
Range of Prices.
From The low prices established in
the elimination OF the bear movement
at the end OF March, when MAY and
July sold at II cents and August Is IL
cents, there was an advance 10 the
hrst of May to about 10 SIS cents for
May and July and TO nearly Is cents
Tor August. Since May l, the highest
prices reached ON the upward move
ment were established yesterday morn
ing, when May sold at 16 cents,
against 1913 Tor July. while August
reached its high point of 1885 on
Thursday, when September deliveries
representing the first month of The
new crop now growing went up to
1855. against 1887 for October and
Is Ia cents for December and Jnnu-
AIRY deliveries.
Naturally. much has been said that
this high level has been due 10 the
highly theatrical demonstrations Of
one of the so-called bull leaders in
the New Orleans market from his SEN
s%ational bids at times for the whole
stock of contract cotton In that mar
ket. AS n matter of fact. however,
those who have been closely follow
ing the character Of the trading III
the New York market ami studying
the rapidity with which cotton has
been going out of sight from the Wis
ible supply points in this country, have
not regarded the market as having
been so much Influenced by m%anipula-
ton as actual scarcity. In this con-
nection, 1t is pointed out that cotton
would be coming here in large volume
II prices at this market were so much
above a parity with the Southern spot
markets. il holders there were not
meeting sufficient demand from spin.
ners and exporters at almost equally
az attractive prices as at his point.
The Nrhrket's Prospects.
Thus the claim is being made By
spot dealers here that spinners are
not likely to see much of a break in
the market, unless something trans
pires to weaker the Southern spot
markets sufficiently to force big ship
ments to this market or to cause the
large spot dealers and recent heavy
buyers among the Nal Street and
large local operators trading on the
bull Side In a speculative way to I'M
load. Therefore the idea that the spec
tacular bull operator at New Orleans,
so conspicuously reported in the press
dispatches from hat market, or his
following Is solely responsible for the
prevailing high prices is erroneous.
''S NNVN = ' lfOOl IL IuOttu
at s.4nd. per pound. which is equiva-
lent TO 1850 cents In our money,
against 16 cents for middling here,
and 1912 TO 1878 cents in most of
the Southern spot markets. The pro-
gress of the new crop Will he a more
important factor as the season pro-
crosses to enable the trade TO arrive
at conclusions as to whether prices for
the July and August options of tho
nt1-r-nt ieliI.nriee I 1,i1l ha fOr1aJ ~
a higher level from the present basis
or not.
In this connection all that is known
now is that a notwithstanding acreage
has been pr nted, and that the crop
has got n fair start on the whole.
But as the plants will not develop full
growth before July an August, moth
inr can be said with any degree OF
assurance now as to whether the
record-hreakinG yield necessary 10
make IN for the shortage of the last
two crops will he realized. M