The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-09-16
Markets Depressed BY Govern
ment Report OF Crop Con-
ditions.
CORN DAMAGED BY COLD
Cotton Shows Lowest Price Since
Last July Sentiment
Bcarisll.

i'Nai
NEW YORK, September 15.--The inn
aortant feature Of last weeks marke,
was the appearance on Tuesday OF
the official crop report expressing a
condition on spring wheat OF III. The
August condition was 7o4 The average
decline in the past five years from
August to September was not made,
consequently the crop indication is for
more wheat. 1t is n little confusing
TO have more wheat from poorer
condition. but that appears to be the
outlook. An equivalent in September
of an August condition of 1914 is ~,
or 81 points. This Is the difference of
the averages of the past five years Not
having declined so much by Al points,
there is practical gain of that much.
The estimate Is now for ZEE 100000
bushels spring wheat, of which perhaps
5000 900 is of the Durum variety. The
usual revision may lower LIE figures.
Tie crop is later than in past sea-
sons, and for that reason any report
made as of September 1st is not as
conclusive as usual.
,rhc News from the West.
Much information is drifting in at
variance with the official indication.
especially in North Dakota. Instead of
around twelve bushels per acre, ten
bushels is regarded a close average.
No mention was made in the report OF
winter wheat. With the latest official
statement 4o95o0.o0o bushels. the crop
Of all wheat. this season is about 65l,-
100000 measured bushels, which means
around 6O0.000,000 commercial busheis
of sixty pounds each.
Cause of Early Decline.
The week began in disappointment in
that the advance made on SATURDAY
last had no sympathetic rise abroad.
After so good an advance came the
natural reaction The decline was OPP
posed by fair export attention that
checked 1t temporarily. Action of the
market has been weak, and decline
of about four cents was made, when.
on Thursday came advices of cold
weather in the British Northwest,
where the crop is not all in security.
Most of all, however, came the increase
of apprehension regarding the corn
crop that, in good part. needs two to
-four weeks to safety. ~ frost would
prove disastrous to more than the
grain. for this is a season the farmer
out the shortage of oats.
The Outlook for Corn.
The corn crop indicated by the con-
dition figures of so.2 and 9S,oa9.Oo0
acres. is 2.540,0o0,000 bushels. That
so much will be harvested is ques-
tionable. For one reason, the stand
or stalks, per acre is defective in many
important States. This feature alone
may mean as much as l0O,000.000 bush
els less. Corn had unfavorabe wealth
er in May and June. and many fields
failed 5 TO 10 per cent. a nervous
market can he expected until promises
of "a continued hot spell have material
ized.
Cotton Market.
The cotton market had a very severe
break during last week, which can
only be explained on the ground that
for some time sentiment has been
towards lower prices; also that pre-
viously selling has been held in check
by the possibility of an increased spec
ulative demand following the publica-
tion of brllish government reports on
Monday and the action of the revision
committee on Wednesday.
This Weeks Low level.
AS soon as the last of these three
reports had been published the market
low point for the week being reached
during yesterdays trading, when Octo-
Der sold at 11.L. December at 11.70
and January at l:72. This represented
decline of S6@94 points from the high
level reached on September 5th. and
carried prices Lack to just about the
low point recorded during the middle
of July There was really nothing in
the government reports published
10 81. L.
sentiment. and the action of the revi-
sion committee actually strengthened
the position OF the local contract as
compared with middling cotton and the
Southern markets.
In reality the weather has been
fsvora BILE during the week, but the
change in this direction was not sufi-
Client 20 add much to bearish sentiment
Reports from the dry goods district
have been encouraging, rather. The
selling here has been for both ac-
counts. evenly divided between the
liquidation of long contracts and fresh
ventures on the short side. The tech
nical position OF the market is there
fore much stronger than at the close
OF last weak, although there is nothing
yet to indicate that the short interest
Is large enough to force any very sub
stantial advance.
ShhS ahe t"oNS'hiutui hcVoTtS showed
The first of the government reports
to be published was that of the Census
Bureau. giving the amount of cottor
ginned from the new crop prior tc
September lst as about $4,000 bales
/. comparing with 100000 last year ant
$4,000 two years ago.
The bulls had been talking a repor,
OF about $4,000 bales. whereas the
movement of now crop cotton reporte,
pointed to an amount ginned of 10000
bales or over, While the figures wer,
disappointing TO some of the eXtrcm,
Z bulls. they were not bearish as com
pared with last year, The decline war
ranted by their publication shoul,
have been measured by the llqudatlo,
Of some few overenthusiastic pur
chasers.
The next report was that of tn
Department of Agriculture, which mad
the average condition of the crop ~.
per cent, compared with 1913 per cent
last year, III per cent. two years age
S4.l per cent. in 1901, and a ton-yea
average of 745 per cent. Like the re
port of the Census Bureau, this shoy
Ing was disappointing To some of thos
who had based their views upon I'll
mofe bullish private reports issued jus
prior TO the official publication.