The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-01-05
PRINCIPAL FEATURE
is RENEWED SELLING
In Slump Toward Latter Part of Week Cotton Prices
GoBack Nearly to Figures Reached in Slump
of Three Weeks Ago

New York, January 3.-The prin-
cipol feature Of the market this week
has been renewed heavy Southern SELL
ing. and also further liquidation by
the local ana Wall Street bull element.
inns developed on Tuesday. and has
been steadily In evidence ever since
Prior to that time the market was
strong from continuation of the rally
which set In at the close of last week.
Ihnt rally carried prices for tho gem
ing Mondays trading from tho closing
prices OF Saturday. In this advance
January went up TO 1915. March 1874
to DO the highest prices reached since
the market had its break nearly three
M lsa fo ago S,, to liza for January, and
and July. In this slump OF tho last
four days prices were carried back to
near that low level with January SELL
l2-do for March, while May went to
l2-02 and July TO l1.09 The largest
decline Of the week for any full day
tive trading months. and the lowest
so ttie sap AGO There
rallied only slightly at the close.
Market Chnnged Aspect.
drading in the December option
cents, against the lowest price of IL 9S
that day, and 1896, the highest price
on Tuesday, as contrastcd with i2Is,
iaSt saturdays closing quotations Its
highest price for the entire season was
i4,12 Oh october 81. That was the
height of the bull movement when
October contracts = sold at 14.25; Jan
uary. 1880; March. 1890 and May,
lS.9S. when so many believed the crop
would not turn out over 13,So0.oO0
ditions the world over were consid-
cred as good enough to warrant such
eStravagant estimates on the worlds
9oo,ooo bales Since then there has
been such great cnangc that tho
trace now believes tho total crop will
linters, and the world spinners' CON
sumption will not be much, il any.
over 100000. Therefore trade SEN
tisnent has gone to the other extreme.
The feeling is now so bearish that
1l-cent cotton is freely predicted by
many of those who were so bullish
patton then that the price would be Is
cents long before this. and on the way
TO i6 cents. Therefore, while there is
still nothing IN the general situation to
warrant the development OF any real
pun movement in cotton at present
the probabilities are the price will be
carried as unduly too low In the pre-
forced too high on the bullish en-
thusiasmi of early last fall.
,,, Increasing New YorI, stocks.
now available for deliveries on Jan
u va nG contracts Is now very close TO
So,ouU oales, against II total of over
loo,0O0 in licensed warehouses; This
compares with $4,000 bales on Deccm-
Der ]. and $4,000 on November l. and
o ooo on October !, against about 49,
ooo at this time last year. The large
amount OF low grade cotton in this
seasons crop from the heavy rains i'm
some sections Of the belt during DC
tober, and the fac, that this is prac-
Ncaiiy the only market at which il
can be disposed Of freely through de-
ilNeries on contracts. account for this
henvy increase in stocks at this port
When prices We're much higher spot
dealers here and in the South made
large sales OF December and January
contracts In this market, against such
cotton held in the South The deliv-
cries on DECEMBER contracts were
comparatively small. but last Tuesday
livcries could ID issued on January
contracts. over $4,000 were aent out.
ana 10000 more were rendered yester,
day. There is still considerable cotton