The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-12-23
Exporters OF Grain Show Re-
ncwed Interest and Foreign
News Bullish.
COTTON PRICES DECLINE
Publication OF the Annual Crop
Estimate Has Caused Great
Unloading

Grain markets ruled strong early last
1,.ee,, At times sellers were decidedly
scarce and tinid. while demand was
more animated. especially IN western
markets, where, it is said, there was
a h,r increase in outside buying orders
r,,,n,.ri,y. the marked improvement III
the demand was attributed TO encour-
8 rins cables, particularly from Liver
nool and Berlin. 1t was the genera'
ar,nression that the advance III Eu-
ycpean markets was caused largely oS
,,,timely ruins in Argentina. where
harvesting is in full swing Buying
was accelerated also by the light
worlds shipments, and the resultant
,,ter,al reduction in the quantity on
passage.
Volume OF Exports.
study of the statement OF tle
worlds exports is especially interest,"
tur at this time, as it shows fhat more
than three quarters of the quantity en-
ported last week was from .,oaen
America, our share being o'3"s'ooo
bushels out of S,OS0.000 bushels the
i $4,000 bushels, whereas In the same
week last wear we shipped less than
one.half of the total or i.S24.0oo
bushels out of 9.T36.0oo, the rest OF
the world exporting +.912,ooo 1t VIII
sse observed that we are exporting at
an extraordinarily rapid rate In spite
AZ the fact that the last crop was
much smaller than the previous one.
and there are many experienced deal
crs who incline to the opinion that we
are letting our wheat go rather too
RAPIDLY
Apparently there has been sold to
exporters almost 90 per cent. of our
surplus. and that. too. before the cereal
year was half over. Meanwhile. other
exporting countries have been contri-
.huting only Insignificant quantities
ana as a result the quantity on passage
has been rapidly diminishing. while
available supplies at the principal Eu-
1opean ports are said to b" apprecia-
bly, smaller than usual at this season.
II Is estimated that for several weeks,
II not months. importing countries will
need approximately 12.ooO.000 bushels
per week. This cannot be secured nn-
less Argentine spares about 100000
bushels weekly after the first of Jam
nary. It is claimed that such task
would be a physical impossibility be-
cause OF the inadequate railroad and
elevator facilities and the insufficient
ocean tonnage.
Course of Prices.
The upward tendency was checked
temporarily by revised estimates re-
spectins the surplus in Argentine
which is now placed at 12S.o00,000
bushels. gain of 100000. This led
to moderate liquidation. in part on
foreign account. Afterwards the mar
Eet was extremely feverish and un-
settled. prices fluctuatinS erratically
because of the great abundance OF con-
flicting factors, and as a result there
was a materially larger volume Of
business. At first 1t was alleged that
a large short interest had been Gov.
cred in Chicago for Wall Street &C
count. but subsequently, 1t was said
that this wheat had been rcsold on
the advance. Late in the week the
market was extremely sensitive.
In the main, however, stronger
trend was noticeable, owing largely 10
more spirited buying partly on outside
orders, stimulated in part by ercour-
aging cables. European markets bein;;
strengthened BY reports of further
deterioration in Argentine owing 10
untimcly rains where harvesting is
under way.
The final crop report of the Depall-
ment OF Agriculture had little infl,i.
ence falling flat as usual. having been
generally discounted. It showed unin,-
portant changes compared with pre-
rious estimates, he total of inter
wheat being placed at 4o9,i4o, 600
bushels. against 400, 100000. according
TO the October report, while the spring
wheat crop was placed at 224,6t5, 900
bushels, against l6,o61,oo in October.
This makes a grand total OF 63A 1857, zoo
bushels, compared with 625567 600 in
October, and 7a5,a60.oOo year ago.
Dull Corn Market.
There was only small business in
the local corn market, most traders
showing Indifference. and hence the
variations were rather narrow mos.
of the time. Early in the week, how
ever. December contracts were decided
~ strong. shorts showing anxiety tc
cover as the receipts of prime grades
were insignificant. The distant de.
liverles We're irregular With 4 frac-
tional rise temporarily. mainly in SYM
patny with the strength in wheat. Thr
crop report OF the Department OF
though it showed slightly larger
yield. the total being placed at 2,592
100000 bushels, against 1853, 1890,
bushels indicated in November ant
2,a27.4l6, 900 bushels at harvest las
year
Cotton Market.
Manipulators Of the market VIII,
were active in forcing prices W
through the month of November an
during the first half Of this month o.
misleading crop estimates, have bee
forced to throw over many OF thei
heavy holdings OF options to protec
themselves against the falling tendenc
OF prices, owing 10 heavy reselling 70
local. Southern. and European opera
tors The result has been active an
feverish markets here as we'll as a
Liverpool and New Orleans. Prices ar
down so to 60 points from closin
quotations Of a week ago. and abou
90 TO 100 points from the basis @
IL 3-S to II SIS for the more activ
options established fortnight ago. A
yet the Southern spot markets hay
not given way in proportion to th
decline, but they have shown sign
Of weakening the last few days, wit
prices AT this principal interior an
seanoara receiving points now uuote
st II TO IL IL cents. against 10 3-S I
10 SIS cents for the January, Marc
and May deliveries here.
Why Prices Declined.
rhe publication of the .Agricultur;
Bureaus annual preliminary estima,
on the size of the crop on Decembs