The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-04-20
WHEAT MARKET ERRATIC:
COTTON DEAIORALLZED
Contradictory Reports from Many
Sources Make Grain Spccr-
lators Nervous.
CORN DULL AND UNCHANGED
Cotton Found New Low Record
Last Wccl<-Outlook for This
Seasons Crop.

~ supplied with contradictory advices
from many sources, 1t was not at All
surprising that domestic grain markets
|eShlbited symptoms Of extreme merry.
lousness early last week 1t was only
natural that the wide differences of
lopinion existing in the interior regard
ing the outlook for the crop. as indi-
Gated by the contradictory tenor of the
| reports sent from all over tile country
Should be reflected in all the leading
markets With so many authorities
dtsagreeing as to the probable out
come, the majority of traders became
pcrplex.d and uncertain as to what
Icourse to pursue. Reports from au.
| thentic. sources In some districts. and
notably In Nebraska, Kansas and Okla
homa. state that the precipitation this
| spring has been much less than the
normal: whereas other reliable att
thorities in the neighborins sections
report that the rainfall has been salts
| factory.
How the Market Acted.
After considering all the reports thai
could be regarded as trustworthy. the
conservative element has apparently
come to the conclusion that while there
has probably been some quality loss In
the winter wheat crop. the general
condition is fully up to the average at
this time OF the year. AS far as the
sections east Of the Mississippi are con-
cerned, 1t is conceded that the moisture
has been sufficient. In fact. tho other
extreme has prevailed In some parts,
and floods have caused damage In low
lying regions.
In spite Of the unsettled state OF the
market. there could be detected at
times an undertone OF greater steadi-
ness, traceable mainly to uneasiness
among short sellers. who began to fear
that there was too much company on
the short side and that the selling was
being cverdone. They were also in
f!uenced in part by the material shrink
age in the primary movement, more
particularly at spring wheat points.
where the receipts are not even half
as large as they were a year ago.
This t:iminution, taken In conjunction
with the much better milling and for.
eign inquiry. leads to the belief that
there will be big reductions in the
visible supply hereafter. and especially
after the lakes and canals are open,
large quantities of wheat being des-
tined Cor shipment to Eastern m!llers
and to exporters when navigation Is
resumed. Then. too. a much better
business has recently been done in
flour. 1t being stated on good author
ity that fully $4,000 barrels of spring
patents We're sold lately on private
terms.
News From Abrond.
Steadiness was also impaired to some
extent by more encouraging advices
from abroad. where markets were
stronger because of the light clear
ances for the week and the consequent
reduction in the quantity on passage.
Moreover. 1t Is predicted that this guam
tity will sustain further losses in the
| near future, as it is expected that
| within few weeks the Argentine
clearances will be much lighter. the
offerings for forward shipment being
| much less liberal than heretofore
Hence it is reasonable to suppose that
the Improvement in the export inquiry,
as previously noted, will be maintained,
especially with the opening of the
canals and lakes.
Market Affected by Holiday.
Late in the week the volume Of trad.
Ing in wheat was somewhat curtailed
by the closing of markets in holiday
observance; there was still a srea,
abundance of conflicting advices. how.
ever, particularly regarding the cror
situation. Reports of beneficial rains
In parts of the Southwest caused tenn.
porary weakness, but this was speedil,
offset by encouraging cable advlces
european markets being strengthened
| largely BY material decrease IN The
exports from Argentina. notwithstand
ing which the visible supply In thai
country showed noteworthy reduc
'ioh. IT seems evident that the worlds
shipments for the week will be decide
~ light. which will doubtless bring
about an important decrease In tht
quantity on passage.
4 Late In the week May contracts wcr,
anxious to cover, which widened tn,
premium over July to 3-s, against
b-s cents early in the week. Buying O
wheat was accelerated partly by tn,
continued small receipts at primar,
points and with millers and exporter:
showing fair interest, it is predicte.
that the visible supply statement OF
Monday vii! show a fairly large de
crease. Exporters acknowledge the re
celpt Of fair orders and at slightly be.
Ter limits, but they found it dlfficul
at times TO accomplish much because o
me light supply available on spot an,
the comparatively strong views o
nolders. especially OF No. 9 red, which