The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-09-09
RAPID ADVANCE IN WHEAT; DISTINCT IMPROVEMENT
COTTON PRICES ARE HIGH IN MARKET CONDITIONS
Foreign Grain Buyers Arc
Awake to Fact That They
Must Buy.
COTTON CROP is BACKWARD
Interesting Developments Are
Promised for This Morning
and Wednesday.

NEW YORK, September S.--A rapid
advance in prices was the feature in
wheat markets last week. the chief
motive power being of foreign origin.
Advances scored in European markets.
and notably in Berlin, were accepted
as evidence that buyers all over Eu-
rope have at last awakened TO the
fact that they have task before them
In the securing of sufficient grain to
meet requirements for the next six
months. This was indicated by the
fact that local commission houses with
foreign connections had liberal orders
for both cash wheat and future. and
many exporters acknowledged each
morning that they had received ac-
ceptances of wheat offered by cable
the night bofore-that. too, in the face
pf the material and steady increase in
cost.
Extent Of Europc's Buying.
About 100000 bushels were con-
tracted for during the week, chiefly OF
No. = red winter, most of IL through
this market These liberal takings by
foreigners alarmed domestic short sell
lers. they fearing that they would have
trouble in securing enough wheat to
cover their sales. Their haste to pro-
tect themselves forced prices up in an
excited market.
Other Influences in the Advance.
Foreign factors for strength were
augmented by bulllsh domestic infu-
nnces. one of these being the deliveries
on September contracts in this market,
as we'll as in Chicago, which We're by
no means as heavy as had been antici-
pated.
1t was thought that deliveries would
be especially large in the latter mar
ket in view of the big stocks In store
I. Il, mi t,- nd hiCr,
of money. Hence, many had been look
ing for n widening of premiums on the
distant contracts over September. but
when II became known that little
wheat had been delivered, the opposite
resulted. The narrowing of December
and May premiums was due In good
part to the active cash demand, notably
from exporters. Farmers deliveries in
the Interior also are comparatively
small, which resulted in an important
reduction in the visible supply The
news from the Northwest continued to
have a steadying influence, 1t being
asserted that in many cases harvesting
and threshing returns have been far
from satisfactory, especially in Mani
toba and the Northwestern provinces.
Cotton High.
While new high records Were reached
during the week in the cotton market
ihe general undertone has conveyed the
impression oil nervousness ana unCer-
tainty. and prices at the close of the
week were some Is to 20 points down
4 from the highest of the season. The
4 advance during the middle of the week
f was due TO the relief from any probable
n pld crop pressure, as result of the
stopping of September notices by lead
Ing spot and speculative interests, and
the lateness of the new crop promis-
i ing to place the market under old crop
i control until we'll along in the .au-
I tumn.
This condition appears to have been
notably apparent in the English mar
e ket, and there We're rumors anoat that
\ owing TO the impossibility of securing
Knew crop supplies in any great VOL
s4ume until much later than the average
r. an effort is being made to run cor
Ener in the September October option
81 So far as deliveries on local contracts
Hare concerned 1t is believed that the
Tcontrol of the local stock is now in
5i(tat hands of bullish interests. and that
tenders are hardly to be looked for
ellrtil the bullish possibilities in the
situation are exhausted. These were
the main considerations in connection
lnl continued bullish crop news from
eastern as well as western sections Of
the belt. The hesitation and irregu-
llarity noted later N the week We're due
to evening UP and reducing commit
iinentS. preparatory 10 the government
reports next Monday.
Interesting Developments.
Tomorrow morning, both the first
census report of the season and the
8s.eport of the Agricultural Bureau, Civ
ms. the average condition of the crop.
Viii be issued. The first will be pub
8g ished around 10 o'clock and the sec
Bopt at II o'clock.
On Wednesday the revision commits
Zee of the exchange will meet, and
As action may make material diff
Il ,erence in the intrinsic value of the
ocal contract. and bring 1t nearer
lyr farther away from n parity with
s,1iddling cotton than the october op-
tton is selling at to-day
The Census Report.
$50 far as the census report Is con-
erned. there seems no reason for sup
osing that it should make any de-
ded impression on the trade, how
ger it may affect speculative senti-
,ent temporarily. 1t shows the amount
cotton ginned prior to September
II. and merely establishes roughly the
teraga maturity of the crop. This
us already heen evidenced by re-
.pts of new crop cotton prior to
,,ptember LIST, and therefore the CEN
IS report can hardly tell us anything
Vt already appreciated. The maturity
y the current crop is undoubtedly
Vlch later than last year, and from
81 receipts prior to September LIST
lis being estimated that between To-
. and 10000 bales were Gtnned prior
September 1st. against 100000 bales
II year.
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