The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-05-01
is ACTIVE
WITH NEW RECORDS
Cotton Market Mounts Steadily With But Single
Halt Continuance Of Bush Features
Starts Buying Movement

New York. April 29-With but a
single halt. the cotton market mounted
steadily this week. establishing new
1911 record levels for all options all
most every day. From price of 1924
on Monday. May cotton rose TO 1922
yesterday. Willie July Went up from
l5o4 to 1875, and August from ii rs
To 1901. In the other months the adj
vance was more abrupt during the first
half Of the week. October options
bounding from 1895 on Monday. to
1891 on Wednesday. while December
went from 1855 TO 1882. From these
nigh figures there was n partial re-
action. which resulted in the later
months options closing below the best
levels of the week. whereas. the near
or months finished a, an absolute maxi
mum. Spot cotton closed the week at
labs. price unmatched s 'nce the 20
cent level of last September
Throughout the week the buyinr
was in large volume. with each days
news fitted to the daily fluctua tons
Business on the Cotton Exchange was
more active than at any time in three
months. being supported by the con-
tinuance of a good demand from Eng
fish and Continental spnners and ac-
tive bullish trading in futures al Liv-
erpool.
Why Prices Have Advanced.
The principal reasons for the UNI
broken strength have been simply a
continuance of the bullish fca lures
which startled the general buying
movement early in the month These
have been intens' fed lately by the
failure of 15-cenl cotton TO induce
those holding the unsoid balance of
the crop In the South u offer it TO any
extent. Moreover, the Southern mar
kets for spots have followed the rise
here and at Liverpool SO closely tina
the small stock of contract cotton here,
instead of being increased for the pro
lection of the shorts. has continued to
show steady falling off because OF
shipments to foreign spinners and New
England mills
This stock is now down to 10000
bales. against III 900 at the opening
of the week. 10000 on April $50. 900
in February. and l9l 900 year lgo
There seems to be little cotton point-
ing this way from the South, and It
is rumorcd that $4,000 bales of tho
present stock here is TO be export ed
carly next month AS middinG cotton
is now quoted on the Southern spo,
markets at prices ranging from Is ia
to o SIS, and as 1T costs lve-nuar.
tcrs of cent 10 bring cotton here, tho
| question is now being asked In thu
| trade, how arc the shorts In the NAV
July and August options TO settle?
Present Speculative Condition.
| Yesterday was the first day of no
| ticcs for deliveries on May contract
In this market. About 10000 ISSUED
at the opening were promptly snapped
! up by operators. who nave been trad.
| Ing on the bull side. Those interested
n the upward movement do not con
template ANYTHING like squeeze OIL
| corner in the summer months ever
| though they may have II in their pow
| Ell 10 engineer such an event. There is
no signed pool agreement among any
of the operators. who are said to be
working Independently though along
the same lines. The belief that we
have over exported. and will soon ex.
| pcrience shortage Of cotton. leading
to forced mill curtailment. is tho
foundation Of the hull'sh OPERA tons
Mills now appear 20 be running on the
basis of about 30 per cent. of capac
ity. as against 90 per cent. to full time
of the English and German spinners
The small amount of the crop brought
into sight this week shows how little
| cotton is moving out from the South