The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-04-15
WHEAT VERY UNSETTLED;
COTTON VERY DEPRESSED

Cotton Felt the Anti-Option
Legislation OF the
South.
NEW YORK, April 14.-Thcre was a
tendency toward higher prices in do
mostic wheat markets during tho hrst
half of last week, but as there were
numerous sctbacks, the ultimate gain
was cut down. The buoyancy at tho
beginning was ascribed to brisk buy
ing. mostly BY spectators for tho dc.
cline, trying to cover les stimu-
lated mainly by the almost unbroken
drought IN the Southwest and by fresh
reports of serious injury by insect
pests. Many places In the winter
wheat belt have had almost no rain
for several weeks. and this has natu-
rally created apprehension among
farmers. III the face of these repvcts.
however. many shrew1 traders were
decidedly incredulous, as they are
aware that those Interested in high
prices are apt to exaggerate tho loss
sustained. and they also maintain that
there Is still time for tho plant to
recover its normal state should there
DC copious rains In the near future
The outlook does, however look bad
as far as the crop in Texas Is cen.
ccrned. Until recently 1t was the gem
eral belief that 40 or 80 per cent
OF the Texas crop was dead loss.
pat later reports indicate that tho
damage had really been underesti.
mated, and that 60 per cent. would
come nearer to indicating the extent
OF the injury.
Showing in Various Sta+ee
It might have been reasonable IN
view Of the foregoing. that prices
would advance In rapid and even
sensational manner; but this outcome
was prevented to a great extent nv
the favorable State reports received
almost simultaneously. The Kentucky
report was much more encouraging
than had been expected. 1t placed the
condition at 80 per cent, against 90
Maarch lst, and % at harvest. when the
crop was 11,349,000 bushels, although
Inns season there is shortage Of 10
! per cent. In the area. The Missouri
! report also exceeded expectations the
condition being given as "a per cent.
compared with 80 on December 1st, and
| e last june with crop of. 900 900
| bushels.
Then. too, the advancing trend was
arrested by the unexpectedly big adj
dition to our visible supply and the
! big increase in the worlds available
| supply. 4,534,00o bushels, compared
| With last years decrease Of 100000
bushels. The favorable tenor of the
| Kansas State report also had a re-
/ straining Influence, the condition in
that State being placed at 100 per cent
ard the acreage at 100000, against
/ 5,131,So0 last year. AS might have
been expected. the official report OF
the Agricultural Department failed tc
Influence the market for the reason
i that it had been fully discounted. Yer,
soon after its publication, however
markets became decidedly strong, as Il
was argued that a great deal of dam.
age had been done since April LIST.
4. Feverish at the Close.
Late in the eek's markets were ex.
tremcly feverish prices fluctuatine
i with conspicuous frequency and in ar
4 cratic fashion, although on the whole
the general trend wasupward. Thi.
was more especially true OF tho dis
! tant or new crop contracts, which wer,
striktngly buoyant at times. AS re
suit the breach between May and Jul,
widened appreciably. This created lit
tie surprise a s the strength was main
~ caused by more spirited buying
prompted principally by further an,
more emphatic reports respecting crol
deterioration. The damage was large
~ attributed to the contin ed drough
in the Southwest
Because OF these facts, brokers an
81 commission men in nearly all market
have been in receipt of fairly larg
buying orders. including country deal
crs, and elevator men. which, in
sense, confirms the damage reports
8 This weeks rise has carried prices u
& to almost the highest point on til
crop, which has induced many buyer
for the advance to take in profits, a
| they anticipate q sharp break in cas-
of a heavy rain in the near future.
has been extremely busy in the cas-
wheat market, as exporters have hn
!, few orders excepting at low limits.
Early In the week tho peculativ
corn market was somewhat stagnan>
the dealings being slow and vdria
, ! tons insignificant. Later demand be
J. came more animated, and stronge
feeling was quickly developed. Buyin
was stimulated. partly by the shar
], rise in wheat. and partly by the les
favorable wea tller in the West. Th
buoyancy was also chargeable to est
mates that the Argentine eXportabl
, surplus for The year would amount t
r only 12,O00,OOO bushels. against $4,000
1
porters ware in receipts OF fairl
large orders for prompt and forwar
(. shipments, but business was retarde
by the mengre supply on offer an
Il the higher views of sellers.
. The ctoton market was quie
Y throughout the week Sentiment wa
depressed early in the week by I'll
: passage OF the Maytied anticipation bi
by both branches in the Texas l4egis
:. lature. ] had heen supposed thu
! Texas being dependent so much upo
!. the FREQ intercourse of trade in co
! ton, would not follow tho radical AZ
ton OF Arkansas, Alabama, Georg
G and the Cnrolinas in providing sue
J. restrictions. The bill passed in Texn
however, Is even more drastic than al
i of tile bills in other States, 1T max,
Stock Brokers.
Il