The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-12-30
Grain Unsettled, and Traders
Inclined to Hold
Off.
CORN DULL. AND QUIET
Cotton Showed Tendency t,
Rally and Short Spectators
Began Covering.

Began Covering.
NEW YORK. December 2s.--Last
weeks sluggish wheat market was
covered chiefly by speculative influ-
e,ices the situation being dominated
entirely by bearish sentiment. In
word. practically all traders seemed
to believe that prices were bound to
decline. This belief seems wholly
grouDdiess save for the contention
that prices arc now higher than tne,
were at this time last year. Shrewd
observers consider this argument u
faliacious one, nasmuch as there is
absolutely no similarity between con-
d.ticns now surrounding the market
and those prevailing last December.
The main difference is that whereas
tile worlds available stock was nbun-
/, dant then. II is now extremely SMALL
It being evident that stocks all over
Europe. with the exception of France.
are unusually light. because that coun-
try and Argentine were about the only
important producing countries to har-
vest q normal crop.
What the Figures show.
Our annual requirements for food
and seed are usually placed at 565,00o.-
600 bushels, and according to the final
report OF the Department Of AEricul-
ture this years total yield amounts 10
6Sioo0,oo0 bushels. To this latter must
bt, added about 1O0ooo.0Oo bushels car
rlcd over from previous crops. making
our available supply rolindly t34.o00.0no
bushels. After taking from this guam
tih OBJ estimated requirements. Me
ind we have 4 balance of onl% 10000
600 nrIsllels for export loss what may
L,sfj r,.g |,
elevator owners. etc, and 1t is GER
tsnlr only fair to place this quantity
al - 900 bushels.
=. to the Future.
rs a matter OF fact there arc nu-
nNrors experienced traders who con
tend that W. Will have sold all that
NC can safely dispense with before
another month has passed, and there
fore II must seem clear to all that NO
arc now practicallS independent of for
eirn demand ON the other hand. i,
appears to be the general opinion that
European buyers viii require about
l".poe,epo bushels weekly for some time
IL come and hence ii seems inevitable
that nriccs in, Europe will score an
Important advance before long, unless
Argentine and other exporting nations
come 10 TIL" rescue and ship much
moro literally than now appears pos
sibic.
Tho carly weakness was ascribcd In
part to the lower cables from Europe.
markets there being Influenced by re-
ports of better weather in Argentina.
and by an unlookcd-tor increase IN the
quantity on passage. the total exported
having been considerably in excess OF
tbs estimates, although by no means
ental 10 the estimated import require
iHellts. Then. too. more than two thirds
aj thc wheat shipped came from North
america. our contribution being 6.432-
oen hush%ls. tho rcSt II the world ship
rins only 2,4os.o00: whereas at This
ilaln last year wr exported .SoS 900
aRFfele. against ,,aa6.ocn for the other
tauntrisE. Toward tho close wheat
markets were irregular and unsettled.
hut with small variations and no i'm
rortsnt changes, although there was
fractional rise temporarily, followed b.
small recession.
Condition Of the Corn Crop.
sssrroT-neSs aud slussishness were
tue principal features in the corn MAJ
hot Most traders have sllown much
aaalhy, ana hence the variations We're
SLOW and !nconscquential as n rule. A.
though there were occasionally short
periods of greater steadiness which
were attributed mainly to small stocks.
unsatisfactory grading. Advices from
the West suggest that much of the new
corn is sim too damp to ship ad.
yanta seously. and hence farmers are
holding back and feeding to hogs and
cattle, All the close there was rather
more steaIiness in December contracts.
there being. 4 small short interest UNI
covered, while.stocks OF contract grade
are insignificant.
Cotson Market.
The cotton market showed ten
nency to rally Friday for the first time
since December 10th. the date of tic
government final crop report With,
that period prices declined 10 to 100
points, or the equivalent OF nearly Sc
per bale up TO Friday morning. with
the December option going down to
about 1880: January. 10.ls: March,
va; May, lo47. and July. l0.45. At
ter such heavy decline it was per-
haps only natural some rally should
there was enough buying late Fri
day to send the market up IL to Is
points from the lowest.
Whether this is simply a temporary
: recovery preliminary TO a fresh selling
movement and sharper declines, or
whether 1t marks the development of
staadifr markets in the near future,
rests 10 u great extent upon the atti-
tude OF spinncrs and the operations of
the largest local dealers
Covering by Spectators.
1t was the support rendered from the
heavy buying by the big shorts which
closed the market so firmly on the
rally yesterday. One Wall Street house
covered line OF over $4,000 bales, and
several other large operators took in
!, between them about twice as much
: Buying power from trade interest, how
eyer, has been small. and since the pas
sage of the antioption laws in the
States of Texas. Arkansas, Alabama,
Georgia and the Carolinas, making it
practically crime for any one in those