The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-03-02
Offerings Were Small and This
Fact Sent Prices
Sailing.
CORN RISES IN SYMPATHY
Cotton Unsettled Throughout the
Week--Lowest Prices
Since Panic
NEW york March 1-offerings

Ine uTlNOke0-lOr Improvement WIS rs
cribed to the sensational advance Il
liverpool and Berlin. There was in
creased buying of our future contract
for foreign accounts. hut there wa
little OF the actual cash grain taken
as limits were toe low. The ranidit,
of the advance abroad created the be
lief that markets there had beer
heavily oversold on the strength o
the hugo Argentine exports, and the
resultant big addition TO the quantity
on passage. Tile rush OF foreign shorts
10 cover indicates that they are begin
Ming to realize abroad the'folly of fur
Their attempting to use the big cron
in Argentine as a cudgel to break
rrices down. Argentine cannot be
relied upon to supply all the wheat
needed by importing countries without
aid from other exporting countries;
and where this help Is to come from
it is hard to say.
The Question of the Future.
II seems certain, therefore. that the
worlds clearances during March WIZ
fall far short of import needs and Will
bring about important decreases In the
quantity on passage. 1t was to have
been expected that the exports from
Argentine would start off with a rush
as there are always many needy farm
crs who must sell their grain as soon
as possible in order TO secure cash.
A reaction. however. almost invariaplV
follows as the well-to-do farmers be-
come dissatisfied with declining
prices and refuse to part with their
surnlus Hence 1t would not be sur
prisinc if there is an important shrink
age in the Argentine clearances despite
prjvate estimate published this week
TO the effect that the South American
republic had 2O0oooooo bushels to
snare for export which contrasts
sharply with the last previous estimate,
viz. $4,000
The very magnitude of these figures,
however. served to destroy any effect
the estimate might have had as the
majority of traders Immediately be-
came exceedingly skepticaL and dis
PLAYED an inclination to await more
definite particulars. This attitude is
partly in Keeping with the growing
inclination to give preference to do
nestle rather than to foreign factors.
Foreign News Affects Prices.
Later in the week there was fur
Their rise in the wheat market al
though toward the close part of the
Improvement was lost. Most OF the
time offerings We're small, while de-
partly by the continued falling off IN
receipts at primary points. the arrivals
at nearly all centres being about so
per cent. less than n year ago. SIN
most places the receipts were said TO
he less than milling requirements, and
consequently 1t is expected that the
next visible supply statement will
show large reduction. 1t is the con-
sensus of, opinion that the strength
in European markets was brought
about by material falling off in the
offerings of Argentine wheat for for
ward shipments. Since the low point
was touched February 10Th, May con-
tracts have advanced over cents per
bushel, and this has led some. early
buyers to take profits which was
mainly accountable for the recession
at the close.
Corn Market Quiet.
In the corn market the dealings
were inactive and the variations slow
and narrow, although in the main a
trmer undertone was noticeable, which
was partly in sympathy with the buoy
ancy in wheat, and partly owing to
moderate shipments from the interior.
The weather has been comparatively
mild for the season, and hence grading
HAS llbl improved 10 any .oppIcSsaDlS
extent Buying was stimulated occa-
sionally by reports of insufficient mois-
.ture in Argentina.
Cotton Markets.
The cotton markets were very un.
settled throughout the week. Trading
was more active than In previow
weeks, but this has been chiefly a
the expense Of values. While the de;
,,.t,,
was sufficient to force quotations t.
the lowest level reached since the re
cent financial panic. The decline ex
Il tended TO between so and 40 points NJ
to Wednesday morning from last Fri
days. closing quotations, bringing thu
March option down to 1921 and Ma!
i0.41. This level represented a totit
loss OF 13S to 15t points from the hgl
prices reached on January goth last
The March option then sold at lit
and May 11.79.
Last weeks low level accordingl,
shows a total decline of SS TO / L
cents per pound from those quotations
or between 81 and $7.To per bale, ]
rally started on Thursday on activ
covering OF shorts and doubling u
On the long side by leading market in
terests which had maintained a YER
pEdIlSu dtlilulE Sillet +AuSASN-
This rally carried prices up % to 9
points from the bottom, but yesterda
the market slunped again under wha
appeared 10 be further liquidation h
old bulls ana holders of cotton gen
orally tired Gus by the heavy declin
in prices and the d!scouraging con
tnuance of depression in the genera
trade situation.
What the aIIlls are Doing.
While trade conditions show som
Improvement, rats is only in spots
The New England cotton manufactur
ors who entered into an agreement t
cprtai! production of goods towar,
Tho end Of December running froi
January LIST TO March LIST, then be
lieVed that by This time condition
would permit q general resumption Q
fun time, They now, however flnd
necessary 10 coapnue this curtailfner
for an indefinite period, 1t has bee
either a case Of running the mills o
this schedule % short time or reducin
wages. Nost manufacturers have bee
anxious 20 avoid labor trouble, but i
some quarters in New England 1t
believed this subject must sooner &
later develop, FOR the margin OF prof
has been gradually disappearing.
this connection the announcement mao
during the week by one OF the large,
producers of cotton goods in thS cour
Try rnnupiur- llrippG m, tsa sta -.