The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-12-18

, day for this period last year was SIS.
sIS bales. and In the big crop year o,
lsoS IT was S1,i19 bales. Should tht
iorecost OF the National Ginners' AS
sociation prove correct, 1t would indi.
cate an average ginning per work daI
this year of about $4,000 bnlcs, wh.cr
would considerably strengthen the
CRITICISMS of the government estimate
as an under statement OF the proba bic
yield.
Benrs Less Aggressive.
sentiment appears to be growing u
little more favorable to the market. Ii
cannot be said that there has been any
material change in view as TO the size
OF the crop. or that estimates of prob-
aple requirements have been Increased
so far as the average trader is con-
cerned. but there appears TO have been
some moditica ton OF opinion a to the
probable minimum price to be cNpcc,-
ed as the result of the estimated sur
Plus production. There can be little
doubt as to the charac ter OF the pres
ent sustaining factors. Foreign manu-.
tacturers have been more impressed
by the shortage of foreign crops than
nave domestic spinners, and 1t has
been the NwilllnSncss of the foreign
mills to buy for remote requirement. $
around this level, in connection with
the ability of the South to hold sur
Plus supplies, that has proved an OBJ
stacle 10 bcarish speculation below the
3-i-ccnt level. The question is
whether tho South. which Is still car
rying an enormous available supply,
can maintain Its position during tho
winter and the season for new crop
preparations. and whether foreign
mills will continue TO hedge their re.
quirements for two and three seasons
hence.
1t Is reported that fully 100000 bales
Of American cotton will be shipped to
india this year, owing to tho shortage
or the Indian crop. Japan is taking
Tar more than her normal needs. and
Liverpool authorities estimate that the
China crop will DO 20 per cent short
of last year. This short supply Of
fo7eisn growths will naturally help
to absorb the present American crop
surplus. while foreign spinners seem
TO be convinced that the big yield this
year VIII DO followed by reduced pro-
duction. owing to the activities of
Southern organizations and the un
Willingness OF the Southern planter to
return to 9-cent cotton after two Years
of IA or 10 cents
December shorts Nervous.
The situation with reference to Dc
cembcr contracts has become more In
teresttng during the week, and the un-
easiness of the December short inter-
est has undoubtedly inspired part of
inc covering in the later months No
estimate OF the remaining interest in
December contracts can be conscrya-
lively attempted, and on Friday De
ccmbcr seemed relatively easy, fol-
lowing the circulation of n few no.
tees This. however. was not general
ly taken as indicating tho end of the
December deal. and whilo cotton is
arriving here rather moro freely from
the South, shipments have been dis
appointing from bcarlsh standpoint,
and 1t Is supposed that the concentrate
ed long interest Will demand further
deliveries. unless shorts bid the con-
tract up to nearer tho parity with
white cotton in the South.
Southern spot markets. which were
easier early In the month. appear to
have steadicd up again, suggesting
that the increased offerings of the past
two or three weeks have been sutn-
GENTLY we'll taken to relieve tho situa-
ton for tho time being.