The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-12-02
Buoyancy Caused Partly by
Better Financial
y Outlook.
CORN is VERY SLUGGISH
Position of Large Spectators
Has Changed Regarding
Cotton Market.


ward tendency In the first half OF the
week. The nearby deliveries were es-
pecially strong. prices for the cash
property and FOR December ontracts
advancing more speedily titan the May
resulting in a lessening of the pre-
MUM on the latter 10 IL cents. as
against 3-4 cents the previous week
This radical change in the markets
tone proved highly pleasing to most
experienced dealers, who regarded 1T
RS big stride toward more healthy
and normal state of affairs. IT indi-
Gated for one thing. greatly improved
. feeling in the financial world. as shown
in part by the proposal by banks all
over the country TO resume cash pay
1nents. This announcement no doubt
served to drive away the cloud that
las been shadowing all our markets
recently-that is, the uncertainty as
To what could be done with the wheat
delivered on December contracts In
case banks were unable or unwilling
to grant the usual accommodations.
Rise nj the West.
The striking buoyancy in the Chi
scago December was an especially graft
flying feature. removing, as 1t did. the
,,neasiness which has existed for sew
oral days, If not weeks, because of the
sc-called excessive stocks In store in
that city. IT was clear that the bear
element had been quick to seize the
opportunity offered by the eXtraordi-
nary monetary situation to engender a
belief that the Chicago deliveries would
be thrown on the market en- bloc in
case the banks were unable to supply
the requisite cash.
That this fear was groundlcss was
proved by this weeks developments.
Indeed the available supply of con-
tract wheat in Chicago is now down to
limited proportions, and is in good
control hy leading commission houses.
The strength of the nearby contracts
and of the actual cash property was
also due in part to recent good buying
by exporters, notably of No. 2 red. in
Guiding cargo for shipment to Por-
tugsl.
The early buying was prompted in
part by the small worlds shipments,
and the resultant important reduction
in the quantity on passage. The de-
crease in the exports was especially
noteworthy in the instance of Russia.
and the Danubian region, the total
cleared last week amounting to only
/ 1876, 100000 bushels. being q decrease
of 1,Sl6.ooo bushels. contrasted with
the preceding week. and of 4,104,00n
bushels. as compared with the same
week last year. Later the strength was
ascribed partly to decrease of S,i29,-
600 bushels in the worlds available
supply in sharp contrast to an in
crease OF 3,42aoo0 at this time in 1905.
Henrlncss at the Close.
Toward the end of the week markets
were somewhat heavy and sluggish.
Demand showed a marked falling off,
while offerings We're larger prompted
mainly by discouraging cables, Euro
pean markets being influenced partly
by, rather more favorable advces from
Argentine. where harvesting, is about
to begin. with the outlook considered
bright for an unusually large export
able surplus, some authorities placing
the toll at lA0.000.000 TO l45.000.00h
bushels, against approximately 105,
100000 bushels for the current year.
Undoubtedly all this surplus will be
needed in view of the shortage in Eu
rope. as we'll as in India ana Australia.
: In the opinion of many shrewd traders,
the action of domestic markets suG-
Gested manipulation by large profess
SIGNALS The downward tendency was
checked temporarily by reports that
green bugs had Been discovered, but
most dealers We're decidedly skeptical,
as virtually all crop reports from au-
thoritatve sources state that there are
almost no signs of the existence of in
sect life.
Inactive Corn Market.
Narrowness was the conspicuous fca-
ture in the corn market. Most of the
ltime-traders were showing much
apathy. and hence the variations We're
unimportant. Early in the week there
was a rising trend. partly in sympathy
with wheat, and partly owing to un-
satisfactory husking returns. the yields
in many places proving Disappointing;
but this was partly counterbalanced by
the somewhat aggressive attitude of
large professionals in the West, who
showed an inclination to oppose the
advancing trend because of the poor
demand at lower prices for hogs and
bog products.
Cotton Market.
The cotton market has been active
Throughout the week, and in the main
strong, with prices making a MAXI
mum advance UP TO yesterday after
noon of over 80 points, December
crossing the basis of IL LII cents, and
the rest of the list. from January TO
July, ranging from 10 rs to 1 cents.
These prices are up about ! cent from
the extreme low level reached when
the financial panic WAS al its height
+ - iii'i'Nll1 q ", bai tIiCS hiG Stiii tippul
\ "a cents per pound below the sea-
sons higl, record of u - cents
reached in the elimination of the crop
scare and big bull movement at the
end of last August.
Reasons for the Rise.
AS was the case with last weeks ad-
vance, this weeks Improvement in
prices has been accelerated chiefly BY
Z scattered covering of shorts and the
heavy buying of plunglng Wall Street
operators, who UP TO week ago We're
predicting Scent cotton on alleged crop
ideas OF ls.00o,00o bales. After cover
ing Their big lines of shorts last week
they doubled up on the bull side. and
now that they are aggrcssively bullsh,
IT SUITS their purpose to foster the eX-
4 IRENE low crop estimates of under
10,50o,0Oo bales, which has been put out
this week. and they are predicting lS
! cents for the staple in the near future.
& There has been no consistency what
ever in their arguments In the recent
past and there is none in their pres
ent bullish talk. This, however does
not seem ito make any difference from
their point OF view, so long as they are
able to make their turn in the market.
! MI,