The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-03-11
Both Wheat and Corn Improved
During the Week and
Closed Strong.
BULL MOVEMENT IN COTTON
Most of inc Crop in Hands Of
the Planters is OF Low
Grade.

NEW YORK, March 1o.--BarrIng an
unirnportSnt decline at the outset the
general tendency In the past weeks
domestic wheat market was upward, but
there were frequent reccssons and the /,
net advance was somewhat inconscquen-
tlal There were numerous conflicting
Influences Mt work. The depression Mt
the outset was chiefly attributed TO the
discournging tenor OF cable ndviccs.
notably as to the large worlds ship /
ments and the resultant heavy Increase
IN the quantity on passage. In spite :
of these. however foreign markets were /
astonishingly steady. having weakened |
to an insignificant cxtont only. In do |
nestle markets temporary weakness was
also charged to the favorable weather |
West, and abundant receipts at primary
points especially in the Northwest
Basis for the Early Selling.
There was for the time being pro-
nounced preponderancc OF bearish SEN
timent In nearly all trading centres,
both East and West most dealers mani
Testing anxiety to sell. Sellers for the
decline were pointing to the probability
OF - carly spring. They may soon begin
to Esnke estimates Of the winter wheat
crop, overlooking the fact that March Is
a decidedly tickle month. as there are
invariably frequent and Violent changes
IN temperature.
Consequently 1t is customary to eS-N
pect numerous crop scares. Allusion
was also made to the comparatively
small export movement and the secIn-
lngly light domestic consumption.
Traders have long been OF the opinion
that reserves in farmers hands were
unusually big. This was fruitful
topic carly in the week, many est,-
mates being put forth MS to farm re-
serves, which were placed ut from
lSo,00o.0o0 bushels to 2o0.0oo,00O bush
els. compared with 15s.oo0,ooo bushels
q year ago
Question Of Deterioration.
because OF the large worlds ship
mnnts the Liverpool cash market was
notably heavy, particularly Argentine
wheat which broke sharply. This
tended to cause encouragement here.
Suddenly there was Il radical change
in the temper of the market, deprcs-
zion being abruptly followed by
tuoyancy. This sudden change was
ascr!bed partly to nervousness among
sellers for the decline. who became
anxious to cover. prompted partly by
reports of less brilliant prospects In
winter wheat territory Recently the
weather has not been entirely sati1-
factory. there being alternate thaw.
ing and freezing. Furthermore. 1t ap
pears that there has been deterioration
In the Southwest, due to insects. i
IS apprehendcd that rather more thar
the normal area VIII be abandoned ant
repiowcd for other crops In the spring
1t would cause no surprise should I
be found necessary to abandon NOR
than 100000 acres. The area abar
doned last year amounted to 1.T1S,0o
acres. and in the preceding year 1.432,
600 acres whereas in 1904 1t reache
the astonishing total of 4.oa2,o00 acres
Therefore. it may be seen that In cas-
this years abandonment does not OK
coed 100000 acres, 1t would not b
surprising.
Greater Firnness in Corn.
Speculative operations in corn wer
not extensive during the week, and II,
fluctuations were glow. although at time
frmer feeling was noticeable. TIL
was in sympathy with wheat and West
ern advicos, and. owing to more deflnif
information respecting the short crop !
Argentina. where the production Is place
as low as &c. 600, 900 bushels. and as hig
as T3.0oO.0GO bushels, against ISL o.Ot
bushels last year. and 140,l0S00o In 100
1t is estimated that this will leave a
cxportable surplus of only 36,ooo,0o0 busi
els, against over 10000, 900 In the pa!
year. 1t is claimed that few lars
professional operators In the West COZ
troll an enormous line OF May In Chicag
There is still some fear Of corne
There has been comparatively HIT
doing for foreign account as offerin,
have been moderate, while exporter
limits were too low In most cases.
The hull movement, started when Il
leading cotton market interests stopp'
notices for the tender OF cotton on Mar'
contracts. was continued throughout 4
I, week, with prices 30 to 80 points up fro
the previous weeks closing quotation
Trading has been moderately active, b
the volume Of business Is still small OF
side Of that being done by the profe
slonal operators following the leadersf
Of the pool, or the trade interests q
posing the rise With this past wecl
advance, prices show maximum y
of rs to 100 points from the middle
February, when the bear movement c.
minated. Then the March option Sc
* at 9O2, May, 0.2o and July, about .,
{ March has sold as high as 9.05, May 10
and July 1915, with tho market ma
tanning most of this advance on the CT
tlnuation of strong support
Movement Towards Higher
Prices.
The bull interests are still inclll
to be aggressive. The leading ope
tor is predicting higher prices ana
very active in stimulating bullish s
I timent among traders here, us we'll
throughout the South generally.
N fact that the market has been Z
n yanced at all during the week IN
\ face Of the Generalization which