The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-10-06
PRICES FOR COTTON
REACHNEW HIGHMARK
Figures for Staple Greater for This Season Than in
Many Years Speculative and
Trade Outlook

New York, October 5.-The highest
record prices for cotton for this time
OF the year for many seasons passed
were reached. when October contracts
went up to 14.16 Thursday afternoon
and December sold at 1897; January,
1888, and March at 1855. Those prices
represented maximum advance from
last Saturdays previous highest of six
points on October . on December. and
one point on January, when there was
so much excitement over sensational
crop damage reports from heavy rains
in Texas and Louisiana and other
poins in that section. following the
very heavy downpouv of the previous
week. From those high prices OF last
saturday there was a break by Tuesday
OF thirty to thirty eight points. but
another wave of excited buving' fol-
loving violent rise at Liverpool and
New Orleans on more floods in parts
western Tex. recovered all this loss.
and by Thursday morning carried prices
up 70 new high records. as stated above
The publication of the governments
crop report at noon on Thursday, while
confirming most bullish expectations OF
the .nerd past several weeks on the low
the short interest had been so well
driven in and the markets in such
heavy profit taking developed imme-
diately after its appearance. on the
belief that it marked the worst TIM
terday there was further heavy profit
taking on the, spread of this belief
rms carried the whole contract list
in Tuesdays reaction. October closed
last night II 13.S2. December. 1870;
Jansu y, 1890; March, 1888. and May.
1886. This was a reaction Of twenty
seven points on December from Thurs
days high record price, and thirty
three to thirty.six points on the rest
~ ma ,lx of s-l,
MT loss OF eighteen to thirty-four
points last night from last Saturdays
The Present Outlook.
The. price of - cents for cotton has
not prt vailed during the latter part
many years past, as that period marks
the beginning of the heaviest move
m mel, of The crop Therefore. while
tablished during the marketing of the
last half Of the crop. If the present
Indicated , total yield of less than 49,
reports, the belief now prevails in the
trade at present that 14-cent cotton
discounts about all there is in the bull
~ the moment. and also the present
legitimate supply and demand features.
q heavy pressure of profit taking late
ly. and also why spinners agents, spot
n ,o 5e,Iio,,: ana exporters have refused
cumulating supplies for the seasons
requirements
As a c9nsequence, reactionary senti-
as ven as at Liverpool and New Or
leans. at present. How far this antici-
pated setback 10 prices will be carried
depends largely on the character Of
the weather as affecting the develop
ment of the balance OF the crop and
| me disposition Of spinning and trade
interests TO buy, and also what level
would induce "a revival of speculative
buying. Should the price fall to 3
it liz believed that that level might
prove a sufficiently attractive basis
for such renewed buying However,
the action of the Liverpool markets
influeneed in turn largely BY the char ro
OF spot cotton from the South.
The Indicated Total Crop.
no rs fa 16 las the Koyernments crop re-
age condition OF Gal per cent as the
inni report from the Agricultural Blu
reau on the report for the season, it
mat there has been little criticism Of
/ us figures. The percentage compares
WIN 6S2 a month ago, coo in 1912.
age condition for September % The
h,ttnsst average condition for septem-
SsE p vas ysso 7S;s in 1903. and the lowest
port indicates "A total crop i'm Dros
rlect At present of 12.S00O6 bales OF
,,,l,, tic99, weight OF OOV pounds each
MWi,noql linters, which in crop OF
NJ ~ size would be about $4,000 bales.
me Wcuiu compare with Il total Weld
~ nolns Nnters, last year Of i4.I6O. 600
wv and lG,l00,o 600 the year before.
q, N"r'her this indicated Yield will he
inc inc crop depends entirely upon the
'"C,sr OF the weather from now
IN rnst no especially as regards killing
o,ani "ier the average date Of tho first
v WseM ~ ~, November for the past ten
S So T,;.,b ne Agricultural Bureau makes
~. ana. crop reports on cotton for
ne ne s soaa nnll its annual estimate on
me totai Yield will he announced THIS
ls' que at' noon on Decenhcr 10 In