The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-01-21
THE PAST WEEK IN GRAIN
AND COTTON MARKETS
Feverish Wheat Market. With an
Upward Tendency Toward
the Closing.
WORLDS SHIPMENTS LIGHT
Dull Trading in Cotton With
sagging Priccs-Outlook
for the Crop.


wheat markets early IN the week. The un-
settled condition and erratlc price nuctun-
tons were caused by many conflicting In
tuences. Temporarily. however, there
were few. II any. factors OF sufficient
weight TO swing the market appreclably
IN either direction. In the Judgment OF
most conservative dealers there was suf-
ncient news OF stimulating nature 10
have strengthened the market, had 1t
not been for tho somewhat aggressive OPP
position on the part OF big professional
operators In the West. Merely 10 suit
their own selfish ends these operators
appear hound to pursue rule or ruin"
policy. They seem avsrse to having prlces
advanced. and therefore pound the mar
ket ageressivey whenever opportunity
offers. For several years there has been
complaint respecting the dulness In the
speculative markets consequent upon the
virtual withdrawal OF tho general or out
side public, principally because 1t had
found trading in wheat and corn un-
profitable. which was partly charseable
to similar manipulative tactics.
Decline in Speculation.
The big elevator perpetrators are running
their elevators to mako money, but II Is
safe to say that they would find their
business gone II speculation was to cease.
This may soon come about, unless an
outside Spectator can: come into the
market feeling reasonably sure of getting
fair treatment.
There was n tiTre not many years
ago when the public specialized in p-o-
visions in Chicago, but the big packers
quickly drove them out Many traders
were somewhat amazed early In the
week to find sagging tendency. in
the face of the light worlds shipments.
the meagre arrivals at the interior
points, and the large decrease In the
worlds available supply.
Many merchants incline to the opin-
Ion that wheat values are down to a
reasonably safe basis. as bread GER
tainly looks cheap compared with other
foodstuffs. and especially fresh mea.
and provisions. while the quantity In
sight is now less than a year ago. and
prices approximately s2ten cents per
bushel lower. Toward midweek the
market became somewhat stronger as
offerings were smaller while the de-
mand showed Improvement. sellers for
the decline displaying nervousness. A
rise of Importance was arrested part
ly by discouraging cables. European
markets being influenced by private
cables estimating an sincrease In the
Argentine crop Of fifteen per cent.
which would indicate a Yield of about
1851 600 bushels against 49,. 1000
last year and 100000 bushels two
years ago. the previous high record.
This might suggest anIexportable sur
plus of about 100000 bushels,
against 100000 exported in 1906.
Cause of Late Unsettlernent.
Late in the week the speculative wheat
market was still characterized by much
feverishness and irregularlty. price varia-
tons being numerous and spasmodic be-
cause of the many conflicting factors.
There is noticeable disagreement among
traders respecting the probable effec. OF
the variable weather throughout the
West In the main, however, the general
trend was slightly upward, attended at
times by more or less excitement. The
improvement In the demand at times was
ascribed to warm weather in winter
wheat territory, where the plant has
made rapid progress, which appears I'M
fortunate at this juncture because OF
the bitterly cold weather In the North
west. # the low temperature should
spread southwark over winter wheat
fields. 1t might prove detrimental. parti-
| cularly as there is little or no snow
protection. Furthermore. receipts at pri-
mary points continue small, with no
probability OF any appreciable increase
In the Northwest. as the weather Is too
cold