The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-03-04
Wheat Advices From European
Markets Were Depressing.
Corn Was Stronger.
COTTON ACTIVITY UNEXPECTED
liverpool Operator Commenced
to Bull and Had Whole Lot
rs Followers.

NEW YORK, March 3.---Barrng
slight advance at the outset. domestic
wheat markets were somewhat heavy
and sluggish carly In the week The
initial firmncss was hcwcver, too
transitory to warrant extended com
nent. The fractional rise was so
plainly brought about by speculative
Influences as to make 1t inconsequnn
tial, although some allusion was made |
to unfavOrablc crop prospects In Rus |
sia. Virtually all conservative NOR |
chants incline toward the opinion that |
Russian news has ceased to be prom |
incnt factor. for the time being at |
least, having been overworked. While |
1T liz true that recent adviccs continues
to eorroborate former dismal reports
res. citing famine conditions in that
country, II is thought that this
feature has been discounted for the
moment at least. There is unqucston-
ably a decided lul as fur as the
foreign situation Is concerned. but 1t
can by no means be regarded as "a
closed incident, because 1t will be re-
vived later on. inter the opening OF
navigation, when large quantities
bought to arrive, prompted by the
Russian news Will begin to go out.
How Prices Were Affected.
Tho fact that Russia was fairly
liberal contributor in spite of the
famine conditions tended TO create
much skepticism The general down
ward drift was partly attributed to
reports OF better prospects In India
and Argentine. Domestic advices like
wise had n tendency TO restrict specu-
1ative interest. which accounted In
some degree for the falling off In tho
demand and the narrow variations.
For ono thing, receipts at primary
Ia
milling demand. as well as the export.
was disappointing. No doubt this IS
matter that may speedily adjust
Itself. as 1t is safe 10 say that winter
-four will be taken more freely be-
cause of It's seeming cheapnoas. 1T
appears evident that large professional
operators in the West have availed
themselves or the opportunity TO ham
MGR tire naraet.
Cause OF the Late Weakness.
Late IN the week weakness was still
tine salient feature In domestic wheat
markets. This was particularly true
OF the Chicago market. which led In
the downward movement, and AS re.
fult the price difference between May
in New York and Chicago widencd to
cents. compared with 1-2 cents q
week ago. 1t was not necessary to
GEEK far for an explanation, AS " Was
plainly evident that the unusual diff
: ference was pTOuSIl1 HDOul ny tHH ttLS
that stocks I'm Chicago are decidedly
heavy, beng over 1s.00o.00es bushels
white In this market stocks nre in.
significant. As n result, the specula'
tive element In Chicago Is quick tc
hammer the market on any signs o.
weakness.
Nevertheless, conservative merchant:
here are Inclined to the opinion thai
the difference is wider than warranted
nnd they predict that 1t Will be mate
rally less in the next month or 81
weeks. This opinion is bnsod upo'
the belief that many markets IN IN
East and West will soon begin to lool
To Chicago for future requirements
especially after the resumption OF LAX
navigation.
Cotton Active. i.
There has bsen more activity an
strength in the cotton markets tn
past week than for several months
y'he volume Of business fas range
daily from 100000 to 100000 bales ::
this market alore. Liverpool and Ne,
Orleans have shown the Same degre
cf activity, although to a lesser 'ex
tent. especially New Orleans, whic
IS more or a spot market and not one
fifth as broad as the New york marke
There mas been STEADY adVanc!n
tendency prices since tho beginntn
of the week, with the general optic
list making maximum advance 9
40 to so points, and total advanc
of 90 to 10 points from the low love
reached early On "Wednesday, feprN
airy goth, when the bear movement
md the liquidation In the March OF
ton illuminated
On that day March sold as low a
so2 while May went to $40. July an
August to 9.S5, and October to 80
Early yesterday March sold as hig
as oTs. and May to o s,s7' a wh' nct anl
to 1918. Prices reacted to
points in the late afternoon from thu
high level on profit-taking sales.
Nature Of the Speculation.
Tho strength and activity In II
market developed rather unexpectedly
1t had Its origin on the resumptic
of bullish activity by one prominel
leader, who has long oeen the large
operator in the cotton trade here, (
liverpool, or in the South. His d
cision to take in all the cotton tel
dered on his holdings of March col
tracts rather startled the large nun
her of spot dealers and New Orleai
and Liverpool operators who had so
1T heavily short, or as hedge sal
against spot cotton, OF on stradde ope
Rtions between this market and Ne
Orleans and Liverpool, AS soon as tn
heard of this new and strong suppo
to the market, the idea of makil
heavy tenders on the first notice d.
for deliveries of cotton on March co
tracts was changed abruptly. Inste
of over 100000 of such notices beil
issued out of a total stock Of 1000
bales of certificated cotton at this po
notices for only $4,000 bales were
sued, and those who put them out we
so eager soon afterwards to get thu
back that very little cotton was actu'
ly rendered. 1t was this fact viii
gave the market its sudden upwa
swing.