The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-12-16
RULLISH SENTIMENT
STILL PREDOMINATES
Early Loss in Cotton Is kec overed on Ac-
tive Buyina-How Spectators View
the Situation.
the Situation.

cessful so far in preventing the weak
enlng os any of the Southern spot
markets. Therefore it looks as though
a big speculative movement is con-
templated now in the contract markets
TO facilitate the liquidation OF these
large lines of futures and also the
marketing OF the large holdings OF spot
cotton.
The Crop Va. Consumption.
Therefore, a campaign 10 elaborate
upon the enormous requirements OF
the worlds spinners is now under way
10 broaden the speculative dema M
among local and Wall Street ana
southern spectators for cotton con-
tracts and at the same time 10
brighten spinners' agents into buying
now all the spot cotton their Mills
may require for the season. This pI"h
IS now considered necessary in order
TO further excite bullish sentiment, IN
view of the disappointment over the
fact that Thursdays government crop
report showed an indicated total ac-
tual yield of lint cotton of nearly "a
600, 900 bales with prospective totdi
commercial crop of l4.4OO, 600 bales IL
had been assumed by many of those
bulling the market that the govern
ments report would indicate total
1880. 600 bales and total commercial
rron of not over 13.9OO,00O on the out
SIDE calculation.
Therefore. the official estimate OF
.3.S9O.OOO bales. including the record
amount OF 4S500o0 bales for Texas
exclusive of linters. was in the nature
of a surprise. With 100000 bales OF
nnters added to its figures. its report
on its face officially suggests a totai
commercial crop of 14,22o0O0 pales IL
assured To Offset this bearish m
influence estimates on the woriu
spinners' requirements are now Delhs
rather generally circulated at 14,Soo,
900 bales. with some OF the more radi
cal bulls showing 4 tendency to raise
these figures to even the more eXces
sive amount OF 100000.
This Years surplus.
The total crop Of 1910 was 1920
900 commercial bales. Last years
cron furnished the record breaking
amount OF 100000 bales. This
wears total is likely to be i4.5Oo, cOo
bales. The worlds consumption OF
American cotton last season. as est
mated 10y recognized authorities. was
"a 500 600 bales. There We're about j.
zoo. 600 bales of American cotton car
RED over In the visible supply at the
end OF last season in August 81. the
invisible supplies in the way OF sur
plus mill stocks and the amount lett
in the hands of planters and cotton
factors in the South then. was also the
largest for the last three or -FOUR
Years past 1t therefore apparent 10
all unbiased observers OF experience
IN the cotton trade on the cotton crop
and the consumption and statistics
generally that there Will be more
than enough cotton 70 go around TINS
year and still leave a good surplus
AZ the end of the season over the ac-
tual takings by the worlds splnneTs-
Under these circumstances speculation
with a great deal of manipulation
would be the principal basis for fore
ing prices above the l3c level. 1t com
rares with the average price of less
than 9 1-2c.. which cotton-planters
got for the great bulk OF their crop
last wear.