The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-05-04
EFFORTS MADE TO AROUSE
BULLlSH ENTHUSIASM
An Soon as Attempt Is Made To Liqui-
date Hollowness of Movement
Is Revealed.
MARKET LOSES EARLY ADVANCE
Outside Buyins Is Entirely Absent, aud
There Is No Incentive From Specu-
lntion or Investment Sources.

New York. May 2.-There were fire.
auent efforts made from the opening
OF tho week by the New Orleans bull
interests here. In conjunction with GER
tain local operators. TO arouse bullish
enthusiasm and advance prices.
AS long as the leaders continued to
support the market with sufficient pur-
chases to absorb the current offerings,
the advance was sustained AS soon as
an attempt was made. however, to
li0uidate, the hollowness of the bull
movement was so clearly revealed that
the market not only lost all the early
advance during the trading OF Thurs
Gay ana yesterday, but broke five
points for May and twenty Tor July
ana August from last Saturdays clos
ing:.
The high prices of tho week were:
May i2.iv; July. i2.6l: August. I2.a5,
and and October OF the new crop, llso,
for january. Just before the clocs of
the market YESTERDAY May sold At l2.5o
From the extreme high level of yes
terday's lowest a maNimum iiuctuatiou
of twenty points for May is thus shown
against thirty-thrce for July and
thrty-four for August, and eighteen
70 twenty, points tor the new-crop
which this weeks trading developed
was the refusal of the generality of
traders and commission houses to re-
spond TO the bullish efforts. Instead
of developing such support, there was
liquidation and fresh southern selling
on the scale-up during the advance
and even greater pressure to sell when
the market turned downward for the
slump. Outside buying for either
speculative or Investment purposes iii
cotton contracts has been entirely alb
sent. as there have been no Incentives
Tor such demand from such sources
The May Deal.
Notices
of 10000 bales on May contracts on
the first day. and since then over TO-
these tenders have been made by tho
largest spot interests, controlling most
of the $4,000 bales of the total contract
stock Of cotton now mt this port. About
live different firms have stopped these
notices, but most OF this cotton will
be taken up entirely for speculative
OF such acceptances is for tho account
OF certain milling interests in North
Carolina and South Carolina, and also
for some other Southern and local
operators. has been current for some
days.
If such transactions arc put through
IL Is believed they will be for manipula-
tive purposes. There Is plenty Of cot
ton in the South readily obtainable of
even better grading than is in the local
stock, and the expense of taking up
the cotton here on contracts and ship
ping any OF II back to either North
G Oain, ,o S%uih Carolina or Georga
effects in helping 10 bull the market.
At this time. May. June and July con-
gust. II SIS. and September October,
December, January and March OF tho
next crop Mt II cents. In 1912 May,
selling here at IL 10 il lis cents. and
the next crop months at IL is To
u IS cents for September to next
Position of srinncrs.
supplies OF cotton in the worlds
visible supply points are ample for the
balance of the old crop year There is
sufficient amount left Of the past
seasons crop In farmers hands In the
not being enough of the staple left
during the early months OF the next
crop season 10 go around in meeting
whatever requirements that should de-
Nelop from either present or prospec-
tive trade conditions.
There has been heavy accumulat ton
OF stocks of yarns during the last two
months and as Il result OF the very poor
demand for such material prices for, the
time past. The cloth markets have
also shown sQme accumulation. As Il
consequence. there is now more talk
Of the mills adopting period OF cur
than at any time since the previous
depression of last fall. Therefore. the
either spinners agents or exporters is
barely enough TO take care OF the daily
offerings from southern holders and
Spectators at prevailing prices.
The New Crop.
The situation as regards the new
crop has lately been depicted by some
OF the manipulative interests as most
dcplorable. one authority has gone so
far as 10 say u very serious crop scare
IS probable in the near future. Tho
facts are that The season far aver
nges on the whole only two weeks latc.
The most reliable reports arc that up
wards OF 30 per cent OF the total area
usually devoted TO cotton has been
planted, and that where the crop was
planted early in the extreme soAihcrly
.tud southwest portions o: tnt. belt =
has lately been coming up' 10 goQu
STANDS. Preparation Of the soil has
hccu in an advanced stage for some
tim, with good supply OF subsotl as
wcll as surface moisture.
There is no Indication OF any decrease
from the record breaking acreage
planted last season. The acreage then
was nearly 100000 more than cSti-
mated In the July government crop re-
port. Sucn reports as have been re-
ceiVed so far indicate an Increase ot
about per cent over last years
acreage. II is apparent. therefore. that
the situation and outlook for the new
crop iH Or the whole satisfactory, and
that farmers ia all the cotton states
have contemplated planting for another
big crop.