The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-02-19

closing nj $50. May 10.ll, July 1919
I August 1914, October l0.2c and DC.
cemhe: about 1925. Much heavier Of
! ferings OF spot cotton from actual
| holders in the South. with the sharp re.
| actions In the Liverpool and New Or
leans markets, and the daily spot sales
at Liverpool dropping from $4,000 10
| e,oo0 bales, and renewed aggressive
: bear attacks against the overbought
condition OF the leading bulls, who had
oNofstayed their market helped to ac-
ceiorate this sharp break
Return of Normal Conditions.
Thiis ii may be stated that after
prices had been carried up just 100 10
ITO points for this crop options and
ninety for the next from the inaugu-
ration of the real bull movement on
Monday. January %, there has been Il
break in which about half of This max
lmum advance has been lost to date
The rise did not start until after the
market had been worked UP 10 a.4O
for March. 9.57 for May and go for
July on the above date, after steady
accumulation By splnncrs' purchases
and the speculative buying of the bull
leaders had carried the market UP from
tho extreme low level OF SIS for March
and $50 for May and SIS for July,
reached on December H.
Prices then had been forced too
much below tho cost Of production and
the legitimate trade conditions and
prospective consumption.
But on this weeks bulge speculative
buying and MANIPULATING have just as
surely carried prices quite al much
too high OF the legitimate supply and
demand conditions. The reaction.
therefore, OF the last few days has sim
ply brought the market back to where
1t properly belongs, on a rational view
of present supplies and the worlds
spnncrs' requirements for the years
consumption.
From the Spinners' Standpoint.
There is far from scarcity of cot
ton to warrant any group Of specula-
tors In spots or gamblers In futures
starting a fresh bull campaign for
anything like the 12-ccnt basis ae
present, so often heard in the predic-
lions of the bulls the past week. Cot
ton was very cheap at anything under
3 cents. and 10 cents is reasonable
price compared with the high average
prices from the short crops the last
two years. The worlds splnners there
fore will doubtless continue to buy
cotton freely or all rcccssions from
the lo-cent basis for even running
srndes of middlinR. But with crop
OF 100000 bales TO fll UP the vacuum
of the last two short crops. and the
actual consumption by the worlds spin
ncrs not likely 10 exceed $4,000. 0oG
bales from present trade conditions the
world over, local spectators and in
vcstors and factors in the South will
have a good deal TO do in taking care
OF the 100000 surplus without some
thing developing TO cause trade boom
or n disaster to the new crop.
Therefore, while renewed speculative
buying and manipulation by the
cliques of spot dealers In this market
and at Liverpool, in conjunction with
those in New Orleans, may later on
force prices zip 10 II cents, il Is the
conservative opinion OF experienced
cotton men of many years in the trade
that only heavily reduced acreage or
bad start for the new crop. which
ca nnot occur before general planting
is completed throughout the belt In
May. could sustain such price or
boom the market TO II cents.