The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-02-04
Great Grain Crop Raisehin the
Argentine Has Been Dis
counted
COTTON PRICES ON DECLINE
Continued Attacks OIL New York
Cotton Exchange Has Killed
All Speculation.

Cotton Exchange Has Killed
All Speculation.
NEW YORK. February 3..--The specu-
lative trading in domestic wheat mar
kets was fevcrlsh during the first nalc
OF last week. At the outset tile ten
dcncy was downward Temporarily. bur
! IN tho opinion Of many conservative
commission merchants there was moth
Ing In tho market news or statistics to
JUSTIFY any appreciable weakness. IN
deed, most dealers were inclined to be-
lieve that the depression was caused
chiefly by speculative influences AS a
matter OF fact, tho downward trend was
so peculiar Iii the face or SO much news
Of a timulating character as to create
suspicion. 1t seemed evident that the
early declines, both here and abroad,
had been brought about by manipula-
tive tactics on the part OF large pro.
fcsslonals, who have for some time becn
manoeuvring for break. II la true
that the initial decline was partly u.s.
cribed to me settlement of the strike
in Argentine. While this might have
been considered bearish factor mo-
mentarily. it was actually of little i'm
portance as far as international mar
kets were concerned
Floods on Foreign Markets.
Every trader has long been aware that
Argentine had raised a, large crop, and
this had long ago been fulN discounted.
Consequently, tho strike was simply
causing temporary delay. Apart from
that, advices from abroad could not be
considered particularly bearish. The
worlds shipments were light, and con-
! sequently the quantity on passage showed
n decrease. Furthermore. receipts at
Western primary points continued ex-
! ceedingy small. being hardly sufficient
for domestic wants, while experts have
been moderately liberal, and, therefore,
the visible supply statement showed
heavier reduction than anticipated.
Moreover, weather conditions throughout
the West were by no means satisfactory,
the temperature being unusually low,
while there was little If any snow pro-
lection. To make matters worse, a large
area Of bottom lands in the Ohio and
mississippi valleys had been inundated
owing to the rivers Overlooking their
banks.
Cotton Dull.
The cotton markets were dull and
declining throughout last week. The
net loss, however. has been confined
within l 5 to 20 points. as there has not
been very much selling pressure. the
absence OF buyers except on con-
tlnued descending scale, has been the
| most noteworthy feature in the option
, markets. At the same time there has
| been n calling off In the demand for
! spot cotton in the South from spinners
Land exporters. These conditions have
given the market its saEging appear
ance In connection with the continued
unprecedentedly heavy movement of the
1 hs N her nf ~, tell Ia rt1n-
| tive interest is complained OF more gem
orally a t present than a t any time dur
\ ing the past year, and prices have
| made new low records this week for the
season. with the March option going
| down to the basis of 9 is cents; May,
9 $1-4.and July, 9 IS.
Situation at New Orleans.
| There is still good demand for mid
ding cotton and all the higher grades,
but the inquiry for low grade cotton
/. has been falling off lately. The action
of the New Orleans Cotton Exchange
| late yesterday in refusing to revise its
differences al the meeting OF the revi-
sion committee is calculated to deprass
the market still further. Trade condi-
| tions are still active III all lines OF man
| ufacturcd goods. and prices for the
| manufactured article are being well
sustained. It would not be surprising,
/
booking OF new business for next win
ter and spring deliveries. on account
OF the adverse effect Of the pessimis,n
which has been sweeping over Wall
Street and the stock market during the
past fortnight.
! Why Speculation Has Declined.
There is no question that speculation
| has been killed in the Liverpool and New
Orleans markets. as we'll as here, by the
continued attacks on the integrity OF the
! New York Cotton Exchange. and the
| character of its contract at Washington.
Many large operators and important trade
I interests who had been adhering to the
! bull side Of cotton and supporting the
4 market throughout the fail and winter,
| on the strong features as presented in the
| spot situation and the requirements OF
4 the worlds spinners, have become SO
\ disguised with these Developments ,I.ey
\ have been throwing over their cotton for
1 the past fortnight. and are now leaving
4 the market to take care OF itself. This
/. pressure has in reality been the prln-
I sclpal cause Of the decline in prices lately,
MS there has not been enough buying
/, power to absorb their offerings.
Il