The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-12-04
COTTON PRICES BREAK
TO NEW LOW RECORDS
liquidation at Bottom of TITS Week S Decline
Trade Waiting for Ginning Report---Es-
Inmates on final + igures

Nov York. December 3.-The market
developed weakness on liquidation anC
fresh southern selling on Wednesday
and this pressure beca inc so heavy dur
ing the session yesterday that bull
support was withdrawn and prices
th.n broke to new low records for
every option on the list. Those who
had been buying either for Investment
or a speculative turn during last week
on tho theory that cotton was low
enough at cents for March deliveries,
and Ola for May. seemed to become
discouraged yesterday. from the way
liquidation progressed. Bearish SEN
timent was intensified by tho con-
tinucd heavy movement of the crop,
with over 100000 bales coming into
sight from plantations daily. There
was not enough bull support or spec
ulative buying TO absorb the hedge
sales against the amount not taken
on the offerings to spinners. Another
factor was the continued tendency to
overcstimate the crop. as. ON the other
hand, intensified the parish senti-
ment.
Thus the week closes with the
market meeting with less support and
greater amount of fresh selling pres
sure TT lower levels than previously.
The extent of this weeks declines in
the general option list from December
10 next october relivcries ranges from
- to 20 points. The market closed at
about the lowest level last night with
December at SOS, January &.67. March
S.i3. May S.Sl, July $50, August SOB,
and october representing the next crop
at 9.0i. This is the lowest record for
the season. and the lowest raiiGe of
prices since the spring of 1908.
The LocRI Spot Market.
There were actually $1,000 bales CT
spot cotton delivered yesterday in this
market on December contracts from
tho tender of over 10000 notices for
such deliveries. which were started out
last Tuesday. This is out OF II total
stock OF contract grade here of only
$1,000 bales. against $1,000 on No
vemoer /, and about 10000 a year ago
Most of this cotton was taken up by
the largest spot interests, and was
delivered about four other firms MAX
ing speciality OF receiving cotton
here on consignments from the South.
II is supposed this cotton will be
held here by the big spot interests
referred to. as they own most of the
balance OF the stock for protection
against their straddln operations and
hedge sales in january and March
contracts.
Tho members OF tho exchange will
soon be asked to pass on the PROPOSE
'i'ti VI CilaneiHE inc bylaws as
10 provide for third meeting of the
spot cotton revision committc: so that
an extra meeting can be held In Feb
'uary in addition to the one In Sep
tember and November of each year
This additional meeting is necessary
so that the committee can correct any
mistakes made in adjusting the differ
cRces OF the various grades above and
below middling cotton fixed in the No
rember meeting. II this proposition
is not adopted. there can be no other
meeting for such purposes until Sep
iemher. the first delivery month in
the next crop year. Middltng cotton
in this market is now quoted at Oil
'nts.
lrhdc Sentiment Bcarish on the CROP
The principal interest of the trade
Is now ccntering almost entirely an
next ginning report Of the Census
bureau, which Will cover the ginning