The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-04-29
MARKET IS ACTIVEON
BULLISH INFLUENCE
Effort to Force Prices Above II Cent Basis Fails,
and Toward End Of Week There
Is Declining Tendency.

New York, Apru 2;.-Thc marke,
was active and strong at the opening
OF the week under The buIllsh innu-
encc OF continued bad weather in the
cotton belt ana further aggressive
activity by the bun leaders But az
ter prices had been advanced b.. a
great deal Of hard work. TO 10 points.
By early Tuesday morning from last
Saturdays previous highest level since
early last October, It became Clearly
apparent to those who have been tho
closest observers OF trade conditions
and the tcchn!eal speculative position
of tho market. tina, neither spinners'
agents nor exporters were following
the advance. while tho buying power
from the shorts as well as the gen
crafty OF traders and commission
houses had about exhausted !tself.
Hence the effort 10 force prices
above the l2-cent oasis failed. At
tempts were then made 10 hold the
market. but with prices at the hign-
est level on the crop year. and the
equivalent OF cents per pound. or
sl5 per bale above the seasons low
Lowell of S IL 10 IA cents reached
on December IL. the market looked
plenty high enough Cor the existing
supply and demand conditions. and
the general trade situation and out
look From that time inside selling
on a heavy scale has been noticed.
with the market showing a weak and
declining tendency under this pres
sure.
This Weeks Reaction.
The market closed weak last night
Mt the lowest range for the past fort
night, with prices ending a; thu bot
tom and about 30 points under last
Saturdays final quotations. with May
on the basis OF IL IA cents. July and
August about 100, and October OF
the next crop at II IL o.nts. against
II SIS for December deliveries. No
tees for the delivery of about $500
bales Of cotton on May contracts We're
Issued early yesterday out of total
contract stock here OF about $4,000
bales.
These deliveries were taken up by
the leading srot interests and hedg-
ed with sales OF July against them.
Thus tho total stock here is now
owned or controlled almost entirely
very hullish on the market since the
opening of the present yrar.
The demand for spot cotton seems
to have subsidized. with middllng cot
ton marked up to IL cents on some
OF the spot markets in the South
early in the weak. 1t is believed that
most spinners' agents and exporters
have well protected thems elves for
Immediate requirements. and will not
come back into the market as addi-
tional buyers to any extent until
prices offer greater inducements to in
crease surplus stocks.
Prevailing Speculative Features.
Ono OF the most important factors
helping to excite bullish sentiment
and broaden the speculative demand
for cotton in advancing the market
throughout the last month and up to
the opening Of this week, was the bad
weather conditions prevailing through
out the South. creating general ap-
prshenson OF tn, new crop getting
such late and bad start that farm
ers would bt BADLY handicapped. Rains
OF an almost continuous character.
with unseasonablv cold temperatures.
at times preventing field work for
blowing and planting operations. have
been followed however, by clear skies
rather generally since Tuesday. This
has been drying up the fields, and