The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-09-02
GRAIN is FEUERLSH
AND COTTON SOARING
Looks Like Frost Will Play
Havoc With the Wheat
Crop.
COTTON AT THE HIGH MARK
Highest Prices in New York
Since the Top Price
Of 1876

OF 1910.
NEW YORK September l.-Practi-
rally the same conditions prevailed in
domestic wheat markets during the
arst half of last week as noted for the
Jame period the week BEFORE The
operations in all pits were variable
and irregular, but In the main the ten
acncy was strongly upward. In the
face OF the inadequate telegraph ser.
vice, the volume OF trading was large.
and with buying orders often greatly
In the majority. prices bounded up
wards at times with surprising rapid
lty. still there were frequent sharp
recessions. sometimes quite as sensa-
tional as the advance. and these abrupt
turns were easily traceable to q cause
that has been especially familiar this
year. The great perplexity created by
the unusually large number OF con-
Trajectory crop adviccs.
These conflicting reports were espe-
cially numerous regarding spring
wheat. and they have caused such un-
certainty AZ to the real state of af-
fairs. both In our spring wheat States
and in Canada. as to lead to n great
deal OF liquidation for both accounts.
Strong cable adviccs were once more
largely responsible for the early
strength In our markets. The big re-
duction In the quantity on passage,
because of the small worlds shipments.
forced prices upward In the markets OF
Europe on Monday. as has been the
case on several preceding Mondays.
The Foreign Demand.
These cables were augmented to a
great extent by private advices of n
brisk Continental demand for CASH
4 e1t cta aI thfa IN
.qulry was largely for German account.
which was in some degree corroborated
by another sharp advance in Berlin
markets. 1t is becoming more and
more apparent that buyers in Europe,
and. particularly on the Continent, are
beginning to appreciate properly the
great difficulty they will probably ex-
pcriencc in obtaining enough wheat
for the next half-year at least Relia-
bic authorities in Winnipeg and other
points in Manitoba and tho North
western Provinces continue to report
n widespread feeling OF alarm in their
territory, because of the precarious
position of the crop. owing to its i'm
mature condition. 1T seems to be thu
consensus OF opinion that = great
deal of the grain will not be 1T for cut
ting before the 9th Of next month. and
some OF 1t not earlier than the 10th.
and hence IL will be seen that con-
siderable apprehension is warranted in
View of the fact that it will be moth
ing short OF miraculous II destruc-
five frost docs not come before that
time.
Cotton Markets.
The cotton markets ruled strong and
moderately active throughout the week,
but trading continued to be confined
principally to professional operators
and trade interests. The continuance
OF drought In Texas and the strong
manner with which the Southern spot
markets have been maintained. on the
basis OF 1913 /: cents. together with
the builish influence of the sensational
crop damage reports which have been
coming In from Texas. and also the
light receipts of the new crop, COM
pared with recent years. have formed
a combination OF builish features which
lave materially aided in the manipula-
ton OF higher prices throughout the
week.
The better feeling prevailing in fnan-
cial circles, and the slightly easier
conditions in the worlds money mar.
kets, have also combined to help stimu-
late the spread of bullish sentiment
among the generality OF operators.
The public, however. as vel. as Wall
Street spectators. have shown little
or no interest in the movement. The
extraordinarily high prices prevailing,
and the fine progress the crop Is max
ing In nearly all the States outside OF
Texas, the fear of the reactionary ten
dency of general business spreading
and tending to greatly curtail the
worlds consumption OF cotton during
the ensuing year. are probably the
chief reasons for this lack of outside
participation in the bullish activity OF
the professional operators.
Prices made a maximum advance OF
about 30 points during the week. The
highest quotations were reached on
Thursday morning, when September
sold at l1,73, October 1897. December
I2.4s and January 1857 This about
equaled the previous high level on Au-
gust 10Th. In tho reactionary move
mcnt, yesterday, when protit-taking
was more or less general. the market
,Iosed with nat advance from last
Saturdays final quotations Of only
,bout Ii points.
Highest Prices Since 1876.
A comparison OF present cotton values
With the prices quoted at this tine In
former years is extremely interesting.
It shows them to be abnorlnally high;
In fact, the present price OF Ii IL
cents for middling cotton at New York
ID the highest price on record in Inc
past thirty-two years. Except In tho
greatest Corners cotton has never
sold anywhere near the present prices
at this time, of year; and there is no
dearth of supplies anywhere. and no
sign OF a"corner" within the range OF
possibilities. IN fact, we are carrying
over into the new crop year (Which
begins on September lst) worlds
visible supply OF over 100000 bales,
Of which over 100000 are of American
cotton. This Is nearly $4,000 larger
than on this date last year. and only
10000 smaller than in the previous
year of plenty
CORSET HER caA1E OF MAIL