The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-08-14


past week has been much less active
than FOR any week during the past
month. but prices have so far failed TO
maintain even the moderate rallies in
huenced BY the recent renewed acitiv-
ity of former bull leaders or the profit
taking movements among the shorts.
Fluctuations have been very cratic.
with the market showing alterna te
strength and weakness from the open
ing of the week up to the close yester-
day. The last prices showed loss of
about 50 points for August and 10 to
10 points for the later months from
last Saturdays fnal quotations. Thus
August contracts closed last night at
about ~ is cents. against Ills for
October and December deliveries, and
l1l0 for January.
This is a recovery of about 80 points
from the lowest levels reached for the
new crop months during the forced
liquidation and heavy bear pressure of
last week. when September sold as low
as II cents and October and December
1854, January 1915 and March 1880
AT this time last year August was SELL
ing at Is SIS cents, September IA s-s
The iquidated condition OF the gen
eral option list and the heavy short In
terest together with the renewed ac-
tivity OF the old bull interests for
higher prices. would have probably
caused better market for contracts
the last few days on the hot dry
weather in Texas. Oklahoma and the
Mississippi Valley but for the great
labor trouble al London, Liverpool and
Manchester from the dockmen's strike
rms mas mad such demonlizing eff
feet upon general transportat ton of
goods in the English markets that
many mills at Manchester have either
mad to shut down or run on half time.
owing TO tho failure of transportation
Facilities. The result of this has been
TO demoFalize business in the English
markets to such an extent that 1t has
caused the smallest transactions in
spot cotton there for the week for a
!ons time, and precipitated fresh iiqui-
dalton OF speculative accounts in con-
tracts as consequence
The Markets. Position.
Ihis dull and heavy condition of the
Liverpool market nullifed the strong
eTorts made to rally prices here. 1t
mas not interfered much. however. with
the disposition of important spot in
terests and cotton traders TO continue
tneir policy of accommodating septem-
per and October contracts on the scale
down for further protection against
their probable requirements of the nc
tual cotton until the new crop com
mences to move freely from planta-
lions in the cotton belt in Se1tember
and October This buying. ana the
support the market has continued to
receive on the weak days, has made
snort selling by the bear element much
more conservative and less heavy than
recently The hot. dry weather in
Texas and Oklahoma, with maximum
temperatures in both States reaching
100 to lo7 degrees al many points on
the last four days of the week, has
hrougHt in many crop-damage reports.
This. too has also had a restraining
influence 'Oon the bears. in following
the lV-cent cotton predictions so free
~ made lately in the South >nd this
market. AS a consequence of these
quieter trading conditions, the markets
have been much more rational and
more two-s!ded a speculative propos!.
ton.
Tinkering with the tariff on the cot
ton schedules by Congress and the con.
tinual general belief that the crop will
prove in excess of 1880, 900 bales at
the lowest calculation are keeping SEN
timent very bearish and the dispose
ton Is. therefore, still to avoid the
bull side. Al the same time however.
rhere is little doubt that the trade has
had TIE best crop reports it will get
the balance Of the season. and also the
largest crop estimate. In many quar-
! ters IL is believed. all the bear news
on the crop has now come out and been
largely discounted
Probable Crop Deterioration
1t is. therefore. believed many bad
crop accounts Will soon be coming in
to reflect the deterioration which is
now going on in the condition of the
I plants. Whether this deteriora ton,
which has been felt most So far in
Texas, Oklahoma and the Mississippi
Valley States. will continue depends on
how long temperatures will continue
TO reach daily the maximum OF 100 TO
loI degrees they have attained on the
last four days. Should the hot wave
continue unbroken for week or two.
there would then he real cause for
worry over serious crop damage But
If good rains and cooler weather occur
within the next few days. much of the
present apprehension would be dissi-
pa.ed and the markets might decline
again under fresh Southern and local
bear selling
Ii is we'll to remember, however tina I
August is usually g month of crop de-
terioration. and Tint the loss amounts
to about to per cent. on the avcra ge
of the last ten to fifteen years. With
| the exception of August. 1903. when
there was an Improvement of / y
points. tho conditions from July IS &c
! August % in the governments reports
of the last ten years havA all shown
declines approXimating about the aver
| a sc amount stated above