The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-02-11
WHEAT MARKET FEVERISH
COTTON PRICES ADVANCE
Grain Tendency Is Upward OIL
Account Of Foreign
News.
Urn GROWS STRONGER
III Cotton Outside Speculative
Feeling Is Absent and Spin
ners Well Protected.

Feeling Is Absent and Spin b
ners Well Protected.
NEW YORK, February 10.-Neatly all
brokers and commission merchants were
manifestlng much qualification early In
the week because Of the broadening ten
dency In domfstlo wheat markets. In
many ways the, situation was regarded as
decidedly favorable to practically ell con-
cerned. Many factors appeared that were
considered likely to encourage speculative
operations, not only by regular room
traders and big professionals, but also
on the part OF the general public.
Why the Market Was Active.
At the beginning the general tendency
was downward as buyers were showing
timldity, while offerings were larger, with
more pressure to sell. This latter was
principally tracable to reports OF better
weather In the West, there having been
moderately heavy fall OF snow over
n wide area Of winter wheat territory.
Selling WAS stimulated IN part by the
d,scouraging tenor Of cable advices ELL
roncan markets were Influenced, 1t was
reported, by the unexpectedly big world
shipments and the large Increase IN the
quantity on passage, whereas many deal
ers had anticipated decrease. rms
Increase was brought about largely py
the unexpectedly heavy exports from
Russia and the Danubiaa region. me
Russian contribution was particularly
large. considering all the talk lately re-
snectins tho famine conditions In some
narts OF the empire, which had necfs-
stated purchases Of rye and wheat IN
Cermany. and even OF wheat IN 14oh-
don.
Market Affected by Rumors From
Abroad.
u Selling was also quickened Temporal
rily BY the unexpected increase III ,.ie
Visible supply, although az .. .ns
,g,aajn was at Canadian points. and con-
senuent]y Of little Importance here.
Eor a time July contracts were con-
splcuously depressed compared with
the May. which was by no means odd
IN view Of the Improved outlook Dur
ing mid-week the market showed
strength. prices advancing IN way,
largely attributed to stimulating for
9etgn advices, and particularly from
United Kingdom markets.
Despite these facts It was noted
with more or less establishment that
Berlin, Paris and other continental
markets. were little, II any, higher.
The comparative sluggishness on the
continent was considered peculiar, to
say the least and naturally created
more or less skepticisn regarding Rus
sian news. It was Maintained that
II the situation In Russia was even
half as dismal as represented 1t would
be Immediately reflected. in Berlin,
Paris. etc.
Spinners Well Protected.
There has been very little in the
cotton situation or conditions sur
rounding the market beyond these fea-
lures to influence activity. The move
ment of the crop continues on too
heavy a scale for any extensive bull
operations. Moreover, outside specu-
lative feeling Is still lacking, and it
is believed that spinners are too we'll
protected to he forced into buying to
any great extent at prices higher than
the present level. On the other hand.
with prices here so much out Of line
with spot cotton quotations in the
southern markets and prices for fn-
lures at New Orleans and LIVERPOOL.
there ID little inclination to go short
OF the market, especially when there
IS SO much talk OF manipulation in
me ar and trade conditions continue
plantations for the larger ,n+ar,nr
towns drop off In the near fltura -
any extent, It might prove soma
incentive to bull the market. rba 10.
qulrements of the worlds spInners for
the year arc generally estimated NJ ~
ABOVE 125O0o00 bales. Until a,,c,,
1all1ng or in the movement of tha
I crop Develops however, 1t is NOT he
4 4, there will be much change ron
~. present comparatively narrow ma
e...eny professional market conditions
aow Last Years Crop Grows
mo 1rst notice day for the issuance (,
Ftenaers Tor deliveries Of cotton on Nfaro y,
con 70, ntracts has not yet been fixed Nv ~
o ona.a OF the exchange. It will, however
occur about the 26th Of Fel,r,,a,.,, "o M,
total stock OF cotton here in : i,.a,, ms
Wareho uses is now about 10000 bales ~
W 1, 124,oOO are certlhcated and irrma-
ulately available for deliveries. ~ t,Is
t tota4 there Is less than $4,000 bales helou
the grade OF good ordinary, ACCORDING !,
me oH1clal count by the officials or the
exchange o. OF the balance there ia about
I =, bales OF low mlddling, $4,000 Of bare
ding nearly 1000 bales of strict owar
middling. and $4,000 baes Of strict GOOD
ordinary These represent only Ave
grades below the basis of middlinr cottnn
Tho total amount Of the crop brought
into sight for the week. according t., Iha
New York Cotton Exchange, Ia about 34o-
wv bales. against about 100000 last weeI,
and .1Ss0O0 last year, This makes a totnl
Of about 1O,250.00O bales OF this seasons
crop marketed from the opening Of the
season to date. which Is about 1000, 90
bales more than was brought into sirht
during the corresponding period last
Year and about million bales larger
than In the previous big crop year.