The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-07-27
Large Movement Of Winter Off
set by Big Export
Purchase.
b---------- --------
CORN FIRM II. \ BUT . DULL ~
Cotton Market Fluctuations Rim
Wide-Largc Traders Are
Very Cautious.

Very Cautious.
NEW YORK, July 2s.--Early in the
week bearish sentiment prcdominated
in domestic wheat markets. and as
result weaker feeling was noticeable,
although after ali the net loss was ull-
Important. as there were frequent raj
lies. selling was stimulated chiefly
by the fact that the Interior move
ment was much heavier than had oeeh
anticipated. and also by the improve
ment in climatic conditions in spring
wheat territory. there having been q
moderate rainfall, with normal tenn
pcratnres Bearishness was also en-
couraged by the surprising weakness
in foreign markets.
small Worlds supply.
Many traders had been expecting
greater stcadiness abroad on account
Of the big reduction in the quantity
on passage, resulting from the remark
ably small worlds shipments. They
pointed to the fact that the total
cleared from all exporting countries
was about half. as much as is needed
each week by the importing nations,
which makes It certain that supplies
of old wheat in Europe are being SCI
riously depleted to satisfy the con-
sumptive requirements. Upon this de-
duction was founded the belief that
before long Europe would be compelled
to look to us for more liberal contri-
buttons. This opinion was verified
with startling suddenness, as there
was an almost Immediate revival of
f1,a rrfI n aS,, !, Il
flour, and close to 100000 bushels Of
the former were contracted for In
three days.
Holders naturally became more con-
fident upon the receipt OF these adj
vices, and as short sellers were rem
dered somewhat timld thereby, greater
firmness speedily ensued. At the same
time an Improvement in the tone Of
cable advices also served to inpart
steadiness. All markets abroad, and
especially Budapest. became buoyant.
the latter advancing cents per bushel
In two days. on account of unfavor-
able crop advices from Hungary. In
western European markets prices adj
vanced on reports OF less brilliant
prospects in Russia, and reports OF
rains in Argentina
When the Market Turned.
! :
Late in the week greater firnness
obtained and a slight advance ensued.
Offerings showed falling off, while
demand was fairly brisk. stimulated
partly by further Improvement In
European markets, which We're evil
IDENTIFY influenced by light shipments
from Argentina, India and Australia.
making 1t clear that the total ship
ments for the week would again be
insignificant. possibly under 5000. 900
bushels. and therefore 1t is certain
that the quantity on passage will
again diminish appreciably. Buying
was also stimulated by reports OF too
much rain in Argentina. AS result.
exporters were in receipt of fairly
large orders. and at satisfactory lin
Its IN many instances. although occa-
sionally free trading was hindered by
the stronger claims of holders.
oteadlness was also caused by addi-
tonal reports that the spring wheat
crop was likely to deteriorate because
~ tnr me en- heat and lack of 1nois-
lure. There are, however, many con.
servative traders who believe that these
reports are greatly exaggerated for
speculative purposes.
Firmcr Corn Market.
49, oCrii OllIys u small business
IN the speculative corn market, ana
most OF the time the fluctuations were
SLOW and circumscribed, although a
nrmer feeling prevailed Occasionally.
Whlch was attributed largely to the
great scarcity OF ctntract grades. There
49, 1t Is alleged. almost famine Of
choice corn in many /arts OF the West.
and hence there are shrewd dealers
who declare that 1t would not sur
prise them should there be squeeze
of September shorts in Chicago A
material advance was checked, how
ever. by the exceptionally favorable
weather practically all over the corn
! telt. and 1t is 4r.aimed that in many
sections THE crop has made highly
satisfactory progress, and 1t Is there-.
fore considered probable that the yield
VIII prove abundant, provided killing
frost does not come prematurely. BUSH
ness in the cash corn market has been
extremely quiet. In fact. affairs have
been at standstill most OF the time.
which created no Wondermcnt In view
OF the remarkable scarcity and the ex-
tremcly high views OF holders
Cotton.
| The past week has shown more nc
tivity and wider range Of fluctua-
lions than at any time since the publt-
cation of the last government crop
report on July 3D. This has been, due
almost entirely to some of the large
Wall Street interests coming in and
taking a strong position on the bull
side, with orders for upwards Of 1905
900 bales. These purchase SEES We're con-
fined chiefly to the October option.
Many OF the little shorts were thus
frightened into covering. The price
was forced up from 9l5 to $50, the
highest reached in the past month.
This bullish activity came pn a.
thoroughly dead market. The actual
source OF the buying has been mys-
terry. coming as 1t did when everything
seemed SO bearish on the crop and the
trade situation. From the standpoint
of the average trader the development
OF The sudden and powerful support to
the market Just when IT. seemed on
the. verge Of breaking through the
! lol& predicted 9-cent basis, has mace
the great majority Of operators ano
trade interests much more cautious
! about increasing their already large
commitments on the short side.
From Wednesdays, high prices n tnere
has been reaction Of a bout 10 poi l.
/ In the last two days, The marker ls
y lInNar-