The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-09-23
Shorts Have Sold Out and Taken
Profit Now OH Long Side
OF Cotton,
BAD NEWS ABOUT WHEAT
Interesting Table Showing Crop
Conditions in the Corn
States.

slitf soNolSSs u
NEW YORK, September ae.--After
making new low records for the move
mont during the middle OF last week,
tile cotton market developed a reac-
tionary tendency on Wednesday after
noon, and prices since then have ruled
moro or less irregular. being about 20
to ~ points above the lowest at tho
close of the market last night Trad
ing has been a little less active since
the decline eliminated, and, as usually
happens aftera very pronounced move
ment in prices, speculative sentiment
is now confused, and smaller operators
are looking for fresh developments on
which to base further operations. Cen
orally speaking, 1t may be fair to say
that sentiment remains bcarish, but It
is felt that. after Il decline Of about
160 points, n reaction of so to- rs points
would not be surprising 1t Is figured,
also. that during this season Of the
year climatic Developments are quite
likely to favor the long side of the
market. The rallies during the week,
for instance, have been accompanied
W predictonis OF Gulf and equinoctial
storms. and II has also been reported
that the interior spot markets have re-
fused to fully respond to the decline
III IutuFeS.
As to the Future.
According to the rumors around the
Street. the real situation In the market
Is that some of the leading interests
who We're bears.h on the recent de-
cline. but Who are believed to have
taken down their profits. are now
working on the long side of the mar
kct, although retaining bear!sh opn-
ions as to tho probable ultimate course
of the market. Naturally enough.
therefore. 1t is felt that, upon any Inn
portant reaction, these people would
not only sell ont their recent pur-
chascs, but would take the short side
for turn. This idea. together with
tile impression that prices in the
South are very apt TO weapon. unless
supported by speculative gains during
the height OF the marketing season.
prevents a revival OF bullish sentiment
for the time being, at any rate. on
the other hand. selling for short ac-
count Is held in check by the support
the market seems to be receiving from
important interests, and the fear of
weather damage between now and the
end OF the month. IT appears. ccnsc-
quently, that the situation has reached
a point when speculative operators are
apt to content themselves With scalp
ing operations. while the stronger OPP
orators are building UP fresh lines.
and getting ready for the next inl-
portant movement in prices.
Grain Conditions.
The situation In wheat presents
my strong features TO warrant the
premiums now,~paid on forward de-,
liyerics II IL proverbiai that II takes
the whole world to make the price of
wheat In this view the features OF
most Importance. without entering into
detail are the greater needs OF ouy-
ing countries and the smaller crops In
the countries contributing TO the wants
OF others. -
Germany, the largest buyers, are un-
der the average. not In wheat alon n,,
but in potatoes that nave 50 IT,.
hearing on The consumption OF w ne iisa :. y
Indicated surpluses. which rcnders II
essential that good craps appear IN
the Southern Hemispheres TO nec2 snhc
available few months henes ,.,re
TO Europe from the Atlantic coast IN,
elusive of durum. cannot be lar from
100000, 900 bushels. the greater par
going out In the form OF flour.
Some Important ModifyinE Factors.
Those who figure on our f irem
usually overlook one important item;
our crops are declared in measured 9
bushels. and these measured pusnels
tverage about fifty-seven pounds. LIS 'is..
tribution is made In bushels OF. saAt =
rounds Granting our wheat crop ~
90 much as 631.000.oo0 bushels, u rs
but 600 100000 bushels commercially.
4 difference OF 3l.0oo,0o0 busheis y
quito Important Many tnink ,the Nov n.v
Vii! receive will be lowered material
~ Another feature must not pc .. ove IL
looked. Domestic consumption VIII w
larger from the failure OF irull otopJi
!, ,,rt, frenarally
FOR the masses. We can easily IN
e saw &. 900, 600 bushels. This means
much as affecting prices III the iulu'e
Position OF the Spectators,
The present free buying suggest
the future. Developments In sprinil
Wheat are not favoSable. What is sal,
OF threshings Is in appointment. an
tho quality has been lowered by tn
A better movement is to be expecte'
now that wo have arrived at tim
covering the delay in getting gu
spring wheat In winter wheat sec
lions thu plowing.ln PREPARATION 70 9
seeding has been favored With excel
lent soil conditions. Under the in
ducement OF price, a larger area tina
last year can be looked for In winte
wheat
Early in the week tho price was de
batable and made little change. Chi
cago was closed on Tuesday, and miss
cd in the trading of that day. @
Thursday, after a little pressure o
disappointing cables the market turn
ed for the better, on complaints c
dry weather III India and Australia, bt
most OF all on advices from the Bfitis
Northwest. representing a crop calan
ity in that section. Crop small an
injured greatly by frosts.s Decenlbe
wheat in Chicago passed the .dolla
and with apparently more friends tina
ut 90 cents. but a short time ago.
Outlook for Corn.
An Interpretation OF the official cor
z 1oef tcSn orIv