The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-07-29
Increased Pressure to Sell Ow-
ing TO Improved Crop
Reports.
SUDDEN RISE IN COTTON
Bull Pool is Short Of Next
Crop Options, and is Eight
ing the Advance.

NEW YORK. July sS.-Domestic
piecHletive wheat markets were eN-
tfcmclN feverish and irregular dur
Ing the first half Of last week. Con-
fictlng crop reports. especially from
The spring -wheat territory, both in this
country and in Canada, continued to
arrive in such numbers rs to make
dealers unusually nervous. The en-
ceedingly variable state Of the market
showed clearly that the large profess
SIGNALS were manipulating cnergetical-
~. Bearish sentiment was fostered 10
great extent by the fine weather
In the West. notably in the winter
pheet section, where farmers have
teken advantage Of the favorable
conditions to complete the harvesting
ard threshing of the crop, leading to
thu belief that the arrivals at country
pia,ions would soon show an impor-
tsnt enlargement.
Why the Market WINS Sold.
Selling was also prompted il a
measure by discouragipg cables to The
effect that European Importers were
ir,,ned to keep ont of the market
Tor the time being. Tie official prEe-
sian report also had q depressing H.
fluence. showing better crop con'ii-
tioEs there than had been expected.
The early decline was checked, how
ever to a great extent by the small
worlds shipments AMI the consequeEs
reduction in the quantity on passage;
efsc by the unexpectedly large redlc-
ton in the visible supply. Follow ng
this early period of depression thcre
.-as an abrupt and radical change in
tic market. This sudden change from,
weakness to buoyancy was ascribed in
part to reports that black rust tad
bacn discovered in spring wheat :icd;.
Si:rcwd observers war, inclined, how
ever, to attribute the sharp rise to
tn, manipulative tactics of the big
professional operators in the West,
VITO promptly took advantage Of the
fact that the bears had become an
trek too numerous and bold, and
had heavily oversold the market.
Europe ns n Factor.
Many conservative traders who are
Of the opinion that wheattis now fair
~ cheap have been somewhat dis
couraged lately BY the comparative
Texas, and this, with still slightly
theless. although they have been dis
appointed by the fact that European
importers have bought little new wheat
to arrive. they appreciate the fact thai
Europe has enough of her own ole
wheat left to meet the more urEen
needs, and this supply is augmented
by the foreign wheat that has alread:
been bought and is now en- route, ant
also by the deliveries of new nativ
wheat. Hence they firmly believe tina
the apathy of exporters cannot las
long, as they realize that in the nea
future Europe will be compelled |
depend upon US for much larger sup
plies. That she has not done so er
now need not be considered hardship
as the movement of our new wheat ha
not been heavy, because of the indif
ference shown by farmers about sell
Ing.
Cotton News.
The feature Of the trading in the cot
ton market last week was the early
sharp rise, ranging from % to 81
points through fear that serious dam
age had been done to the crop by The
recent excessive heat and dry weather
throughout the cotton belt In this ad
vance the August option was carried
UP to l1.69 by Wednesday afternoon
while October went to 1899, and De
cember to 1907. July in the meantime
had advanced 81 points from last Sat
urday's quotations up to 1890 cent.
per pound. The reaction from these
conditions first set in Thursday after
noon. when somA showers were report
ed in Georgia .and. .Northern Texas. Til,
temperatures there began to recnd,
from the extremes which had dali!
reached the maximum Of 100 to LOG de
grees early In the week in the Atlanta
States, as well as in the MISSISSIPPI
Valley and Texas Yesterday timel.
rains fell in various parts of Georgia
Alabama, South Carolina and Northern
Texas and this, with still slight.
cooler temperatures, caused consider
allie resellng. This process continue
throughout the session yesterday. TIL
market closed practically at last Sat
urday's level, With the exception o
July and the late months of the mex
crop options, which still average
little higher
VIII low Grades be Cuts
The July option is going out con-
Saratively strong, because it is rcla
lively spot cotton, and there is IL
speculative interest in it to liquidat