The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-02-25
Foreign Grain Markets Have
Been a Surprise on Account
Of Stcadincss.
COTTON HAS BEEN ERRATlc
On Wednesday the " Low
Record Of the Season Was
Reached.

st NEW YORK, February 24--Much IT.
regularity prevailed In domestic wheat
markets early in the past week. prices
nuctuatins automatically. Thcse con-
dltlons created little surprise, be-
cause Of the conflicting Influences that
prevailed. Temporarily at the outset
there was q downward drift. which
was caused principally by the unex-
pectediy large worlds shipments and
tho resultant heavy increase In the
quantity on passage. The fact that
there were appreciable contributions
from Russia and the Danubian region.
also added to the depression. That
RUSSIA continues to export large GUAM
titles tends to make many traders In
credulous respecting famine reports but
II should be borne in mind that part,
II not all. OF the wheat recently ex-
ported from Russia was bought sew
erai weeks ago II must be confessed
that there are many conservative ;ner-
chants who have little. II any. faith
in Russian adviccs. because they have
been found to be 30 inaccurate and
pislehding In the past.
Steadiness of Foreign Markets.
The heavy increase on passap.
quickly ceased to be factor. mainly
because European markets showed az
tonishing steadiness. Advices from
Berlin show a rise OF over lie. per
bushel, which gave much encourage
ment TO those buyers for the rise who
had been principally influenced by tho
russian famine news. 1t Is claimed
tnat stocks OF wheat and rye in Berlin
ana other German markets have been
reduced to an unusually low level.
partly because OF buring for Russian
account. II is estimated tina; German
importers will be compelled to buy
wheat more freely in this country and
also In Argentine Buying In domestic
markctn was stimulated by unsceson.
ably warm weather IN winter wheat
territory. the mercury Registering over
~ degrees In many place., and In some
Instances above so degrees
AS the temperature is taken by the
government officials early IN the morn
Ing, II is safe TO say that II was much
warmer at midday. and consequently
the light snow-blanket rapidly dIsap-
peared.
Naturally, this could easily lead to
crop scares In the event Of a sudden
drop IN the temperature Demand wa.
niso accelerated in part by reports OF
less favorable prospects in India. After
wards the market again turned weak,
and especially Iii Chicago where large
houses, supposed to represent Wan
Street traders were heavy sellers 1t
vas alleged that large professional
Western operators took advantage OF
this opportunity TO hammer the market
vigorously. Suddenly the downward
trend WAS checked by unusually active
buying by exporters. who In a few hours
took over 200 loads. or close 10 100000
bushels. which embraced not only
large amount OF nsacaroni to arrive. but
also fair quantities. OF Manitoba and No.
2 red and No. 2 hard winter the latter
in part via Gulf ports. It was claimed
that Duluth had sold a round lot OF
regular spring wheat for export, the first
In months.
Outlook for the Cotton Crop.
There was fairly active trading
In the cotton markets last week The
tone. however, was irregular and un.
settled throughout, with fluctuations
OF very errasic. Character There was
decline OF about 20 to 90 points in
prices throughout the list of options
on continuation OF liquidating sales
in the March option. and others clos.
ing out their interests and transferring
1t to May and July. There was also
considerable Southern selling on the
continued heavy movement OF the crop
and absence o any outside speculative
demand. The Liverpool markets, and
nlso New Orleans, dragged down m
similar manner undcr the same adj
verse conditions.
Covering by Shorts.
The low prices We're reached in the
early trading Wednesday. when March
sold at a.oa, May, ?.2s; July. 9.35, and
August, 9-37, all of which represents
new low record for the season. With
the establishment of these prices the
selling movement which had been in
progress the past fortnight seemed to
have run its course and prices DUR
Ing the afternoon OF that day gradu-
nlly recovered about S points.
On Thursday there was a further re-
covery of 10 to ~ points additional,
with the market finally leaving off
steady at net decline of about points
for the week. Active covering Of shorts
was the principal factor percpltating
this rally. Those who had sold March
cotton short early in the season against
purchases at Liverpool on straddle
operations for differences, have seen
prices so nearly S. per bale in their