The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-01-05

coming here Tor further deliveries on
January contracts. Such deliveries
arc always at tho sellers option, and
consequently they can be made up to
the last day of the month. Othc.
spot houses and exporters have been
taking up these deliveries and carry
ing the cotton.
Reasons for the Slump.
Ine principal cause of the heavy
liquidation and Southern selling of tho
last few days has been the renewal of
hedge-seiling by Southern factors. and
liquidation in this market by the larS-
est New Orleans operators, who were
such rampant bulls two months ago
Tor 16-cent cotton. Their own market
narrow to iiouldate in, so New York
has again been made the dumping
ground for their selling. as well as
the general hedge selling by spot deal
ers and factors In other Southern To-
calities.
Predictions from Memphis of certain
Bureaus's report, due January. ., Will
show nearly 13.5oo,oO0 bales Of cotton
TO have been ginned up to January J..
against 12,923.606 in tho last report to
December 10, as contrasted with H.
439.036 to that date last year. and H.
a07,4o5 to January l last year. when
S a .0 @tho aHp %rnsa a e"a dsSSS
with them, has been the cause of n
great deal of this selling.
This is for the reason If such fore
casts arc confirmed by the Census
Bureaus report. it would indicate that
the governments crop estimate of
without Iinters, or tho equivalent OF
I4,277.oOO, with 60o.O lintors added.
was an underestimate of the total crop.
Iherefore. as prices are now down to
near the lowest range since about tho
middle OF last July, and the South is
getting in the dumps" again over tho
SiTmp In prieSs refemtlS and the pre-
ably not be long before the usual
TRADES will be heard against tho New
York Cotton Exchange and the alleged
wicked Wall Street bears for causing
the decline In prices from the political
demagogucs at Washington, and tho
agents of the farmers alliances and
farmers unions in the South. so de-
termincd in forcing a cotton antioption
a.rading bin through Congress.
The Speculative Position.
As a matter of fact, the South has
unloadcd two-thirds of the seasons
total crop at practically the, record
fhiS Ing average ~ price or the farm
pound, q valuation that shows the most
profitable price they have received for
the staple for such a vast portion of
Bureaus returns have shown that
- Ia cents was the average price OF
,otton on the farms on November ],
md IL Ia cents on December l. At
this timo last year cotton was selling
around IL IL cents. against . to . 1-2
cents two years ago. The total amount
% Wv 'IOp ildINcleU 10 uatc Is ABOUT
100000 bales against 100000 from
September to date last year. with
the export movement $4,000 bales.
against 5,445,000 last year.
The best support to the market since
II began it's break directly after the
last bearish Census Bureaus ginning
report to December 13 was announced
has been coming from Wall Street
traders and commission houses. While
most OF them see nothing to bull the
market on except the comparatively
cheaper price OF late than recently.
they have been moro inclined to take
the bull side. which the 10 and 16-
cent SoU,n3rn cotton bulls of late last
summer have been DESERVING, and sup
port the market with purchases on the
scale down; especially as those So
called bull leaders are now said to be
so pcssmstic they arc expecting n
break first TO II cents and then to
10 IL cents. 1t has been season OF
great surprises: and there may be Il
few more before il ends on August 81
Sold-out bulls usually mako the worst
Kind Of bears. whether they be located
here or in the South.