The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-02-18
RUSSIAN WIHEA T CAUSES
GREAT DLSCOURAGEMENT
Got Busy Working.
a Ring for Lower
Prices.
COTTON PROVED VERY DULL

Action in the South Against Cot
ton Exchange Tends to
Abridge Trading.
4 NEW YORK, February 17-Therc was
a decided lull In speculative wheat mar
kcts early In the week. Nevertheless
markets were fevcrsh and unsettled. The
course OF the market indicated pretty
plainly that a large short interest had
been eliminated during the recent adj
vance, while buyers for the rise showed
anxiety to tako profits. Tho consensus
OF opinion was that the depressi on was
largely. II not wholly, attributable to
speculative influences, there being little
or nothing IN the market news or sta
tistics to Justify decided break In
Short, 1t was argued that the weakness
was warranted after such quick and
apprecable rise. The downward drift
was arrested by strong cables, particular
W from Liverpool and Berlin, which
was rather unexpected in view OF much
larger worlds shipments than were an
ticipated.
Market Affected by Foreign News
The fact that Russia contributed 036,ooO
bushels, much more than generally antici-
pated, was naturally a source Of discour-
agement to those dealers who had been
influenced by the dismal reports in cir
culatlon respecting the famine conditions
In Russia
1t was. however. fair to presume that
much Of the wheat exported from Rus
sia may have been bought several weeks
ago for forward shipment and conse-
Quently 1t Is reasonable to suppose that
| next week and for some time to come,
the exports from there will be insig-
| nifcant. It was asserted that selling in
domestic markets was prompted partly
| by slightly larger shipments from the
| Northwest, but otherwise there was lit
| tie or nothing in the domestic situation
to warrant depression.
For greater part of the time weather
| conditions were about normal, although 1t
was rather too warm at times In winter.
! wheat territory. No doubt this Was not
considered important, unless It should
| suddenly become extremely cold again. It
| was noticeably Quieter In the cash mar
ket export dealings being greatly him
dered by the much higher prices Of hold
| ers. Exporters admitted the receipt of
| fairly large orders, but u; i rule their
| limits We're too low.
Professional Operators at Work.
1 Late in The week the drift was still
downward, there being a marked falls
ing Off in the demand, while sellers
| were far more numerous. The heavy
faction of the market plainly suggested
that large professional operators We're
taking advantage of the opportunity
/ to manipulate for decline. 1t was
i presumed that they were manoeuvring
to shake out small holders, and there
by break prices down, which would
enable them to load up again on safe
basis. 1t is even asserted that they
have gone SO far as to manipulate
English markets, making the larger
4 exports from Argentine an excuse
4 Great ado was also made over the
| larger shipments from the Northwest
/ although most conservative commission
men realized that the increase In the
4 movement from that quarter was mol
4 actually bearlsh factor OF impor.
lance. for the reason that q good dea
OF wheat had accumulated at country
stations. That was because the move.
ment to primary points had been So
!. Irously hndered by the scarcity u
cars and locomotives and the LONG
snow blockade.
Cotton Dull.
Trading in the cotton market during
the past week continued to show dull
and saggins conditions. The move,
ment or the crop mas been on q heavy
scale. This. together with the extreme
i dulness OF the speculation, has been
moro than the markets have been able
TO wlths tand in the effort to sustain
prices. The maximum loss this week
+ however, has been confined within {
range OF twenty-five to thirty point:
from last Saturdays closing quotations
The March option has sold as Low
as 9.1o. May sso. and July about GAS
This range represents the lowest thes
options have so.d for the season. Spo
. markets IN the South are still holding
up we'll, but 1t Is q question If value
ut many points are not being arbitra
rily maintained. They range fror
10 on the basis OF middllng, while tn
( quotations for options represent tn
: various grades.
Prospects of 1900, ooo-Bale Gro
The total amount Of the crop brough
into sight for the week approximate
100000 bales, which compared with til
receipts during the corresponding wee
: In previous years shows q. continue
} record breaking volume: This make
: about 10S50.00O bales OF the past sea
, sons crop brought into sight or mar
, keted to date. This Is over 100000
: bales in excess OF the amount markete
, during tho same time last year. an
brought into sight during the CORES
z pondlng period In the $4,000, 000-bal
crop OF tho previous year. Thus oil re
cords in connection with marketing tn
crop have been broken. It looks, there
fore. as thought the crop would certain
: ly turn out Is. 100000 bales, With specu
lation practically killed by the pro
; posed laws in Southern States to max
It crime to deal In futures. and prac
tically every mans hand and voic
. raised In the vlifcation OF the Cotto
| Exchanges. the question Is: VIII Their
!. Ebe suff1cient Legitimate trade deman
! to take care OF the balance OF the Gro
yet to come forward and sustain pres
3 emit prices7