The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-03-18
WHEAT WAS FEVERISH;
COTTON HELD VERY FIRM
The Stock Panic Was the Cause
of the General De-
preston.
INSECT DAMAGE IN THE WEST
-------------- -------------
Very Little Cotton Was Carried
and The Break Was Very
Uniimportant.

NEW YORK, March 1.-THE course
OF domestic wheat markets during the
week was Influenced to great extent
by tho remarkable decentralization in
tho stock market. There was feSerish-
ness during. the first half of the week,
prices fiuctuating with frequency, and
in decidedly spasmodc way. The
numerous erratic fluctuations showed
that much LIQUIDATION was going on
for both accounts. Often sharp de-
clines occurred, which were followed
by rapid recoverics, and consequently
the net loss was unimportant. The
nervous state OF the market was due
to the numerous conflicting factors.
On the whole the general trend was
downward. which was partly attri-
butcd to the discouraging tenor of
cable advces. foreign markets be-
ing depressed by the big worlds ship
ments. and the resultant increase In
the quantity on passage.
Effect Of Agricultural Report.
1t was easy to see that the chief de-
pressing influence was the report by
the Department of Agriculture respect
ing farm reserves, which showed 2s.1
per cent. of the crop. making total
OF 2O6.G44,O00 bushels. or about g.
servative estimate. Nearly all we'll
Informed traders expected n total not
to exceed 195 100000 bushels. Not
withdrawing this, the market die. not
weaken as much as might have been
anticipated. because, on second
thought, it was decided that total
| OF 20G 100000 bushels was not es-
| pecially burdensome, taking into ac-
| count the large Increase in our popula-
| ton. and the unprecedented conditions
| in Russia.
Insect Damage in the West.
1t is the consensus of opinion that
/ the green bug has made many fields
\ virtually worthless, and furthermore
the weather during the winter was I'M
usually variable. there having beer
much alternate thawing and freezing
and in many places deficiency OF
snow protection. Consequently, II
would create no surprise should 1t turr
out that at least 100000 acres hat
! been abandoned. Should this entimatt
1 be found about correct, 1t may be seer
J that farmers would experience littl
4 difficulty in marketing their surplus
Reports that the green bug had beer
moving northward at rapid rate. an
had already made Its appearance II
Southern Kansas. after doing materia
damage in Oklahoma, tended to pre-
vent a noteworthy decline. This in
f1uence. however. was Offset to som
extent by the extraordinary weak an
panicky condition OF the stock mar
ket. which led many holders to ur
I load. itla1
Cotton Market.
It was only natural that the cotto
market should experience depressio
during the week in sympathy with tt
! panic which prevailed in Wall Stree
Fortunately, however. stock mark
operat tors and commission houses wei
l.
was no speculative long intere
among outsiders to be liquidated. 4
5 a consequences, the spectators for Il
J rise were encouraged to continue the
z support OF tho cotton market in vie
{ of the continued strength OF the SIP
I situation throughout the South and Il
steadiness at Liverpool.
3 Tho maximum decline in the ge
! eral option list was confined with
= 80 to, 40 points, or tho equivalent
Z about 50 per bale. In view OF IL
Z terrific decline in security values al