The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-01-27
Grain Prices Were Irregular,
(. With Downward
Tendency.
Nj --------
CORN SHOWS STRENGTH
Were Irregular,
Multitude OF Spinners Here and
Abroad Causes Cotton
I Fluctuations.

8 Jet was fererish early last week, the
l, price fluctuations We're very narrow.
8 Tie variations were numerous, but The
\ net changes were rather unimportunt.
sfTliis tendency was Inscribed lii the inail
J, 10 a scarcity. OF Influential factors.
s.thern being, as a rule, little news OF
ssIffirient Importance to warrant amy
changes In either direction.
ss1r the opinion of numerous constlya-
.@tivc merchants wneat has now reached
#aebatable ground. That is tosny. there
,sseemed TO be as many reasons WHY
there should be n rise as VIII. there
should be Il decline. Temporarily, at
the outset, there was siignt.: weaker
trend. which was cllargeable partly to
,tthe discouraging tenor of cable adj
vices, especially from Liverpool, where
prices broke sharply.
Receipts ut Primary Points.
II In some quarters the depression was
charged to fairly large receipts nc pri
mary points, but this was somewhat
misleading, for the reason that an APP
gpreciable part of the wheat moving
into Minneapolis and other Northwest
aern markets was hard inter, and
had already been counted in the re-
.ceipts st Kansas City, Omaha, etc.
Some observers inclined to the opinion
stilet the recent steady downward drift
BA:as caused by constant liquidation on
tbs part Of II few large professionals.
apparently this unloading has heen
going on for some time, and there are
dealers who feel convinced that vir-
stually all this long wheat mas been
5liuuidata6. Consequently Ike impress
Sion prevails that the market is now
in healthier conditions, The subse-
tnuent stead,ness and recovery were u t.
stributed to lighter offerings and 10 an
Improves n It in the demand. prompted
9i.i part by the lluseasonably mild
weather, which is calculated 10 foster
tile growth of insect life.
K. Icsitnnt Tonc nj the Close.
Late in the week the market con-
stinued somewhat narrow. without
further important changes. 1t was
easy to perceive that the slow action
vas mainly owing to tile scarcity Of
really important influences. In other
words. a great many scalpers and room
.Eaders were &disincllned to take sides, ]
spreferring to move cautiously until
Tire are moro dafniIn Developments.
The market seems to be dragging in
a narrow rut.i lul there is an absence
o. positive. clear cut form. Tempo
rarily. weakness was caused by alight-
" lower cables. consequent upon un-
5eSpectedly large exports from Argen-
tine. but this was speedily counter
balanced by further reports that the
crop was looking somewhat unhealthy
tgin the Southwest, where insect life
appears to be on the Increase. There
q a tIrja ,y,o, ,,.jS
cold weather, but nevertheless it was
scarcely cold enough to have much
influence in checking thu growth Of the
green bug and the Hess;an fly.
Inactive Corn Market.
There has been little animation III the
local corn market. Most of the time
the variations were slow, although oc-
&easionally firmer tendency was no.
q ticeable. Sellers were often scarce
and timid, owing partly u small stocks
and poor grading. BUYING was stlmu-
< lated somewhat by the increase, In the
export demand. and reports of drought
Z iM Argentine. Receipts at Western
points have been Disappointing.
Cotton Market.
q, This has been q rather exciting week
!. ~. the cotton markets. with prices fluc
Il tnatlng Violently and transactions m,
The New YoIk Cotton Exchang, rang
ing from..@5s;peo TO 100000 bales per
v day. -- :,
heavy bull account was created
7 during the manipulation of the market
i.aSsst week. SO strong were the predic-
lions that prices would be advanced "a
ss3 y = cents this week, that MANY ont
slders were induced to load up in RIO
prospect of realizing handsome. profits.
I,rlces were advanced sharply in this
way at the opening Of the week o5 "a
y 20 points from SATURDAYS elusive
with the March option going lin 70
81 ga cents and May 10 lou Eu1iisn
y sentiment was running so strong then
u that the average trader believe, +hn
sf1sl2 1-e-ccnt predictions for his wes as
4 would be reached on schedule ,iIi,n.
q 'iley, however. failed to reckon on the
\ refusal or sptnners to follow the adj
s vance and larger amount of the cror
se coming out
4 Fall In Prices.
So Market sentiment, which had start
fss Ell out strongly with such sanguln,
Z bullisll expectations. underwent com
piete change by the middle OF til,
ss liquidation. by yesterday mornin,
~ prices had been driven down So points
.sfss or S4,25 per bale, from Mondays high
y. est, with the March option selling ycs
isr terday as low as 1890 and May 10. 81
] against, respectively. Ills and III.
Mondays highest quotations. The los
al ses from ths closing GU, OF "long" cot
u ton during the decline were Yer
heavy, and of a general chara cte
Just when it.seemed as though heav
4S liquidation was inevitable, with st
III lower prices, cables came In from Man
chester reporting that negotiation
had been resumed between the maste
sF spinNers and the labor representative
Of the operatives and settlement {
7. the threatened strike would he reach
f} ed. On this news the market rallie
M. SHARPLY IN the closing half-hour yer
terday. recovering about % to q
~ points from the lowest, with tho Marc
option ending al HE and May 4
11.2s, after total transactions FOR til
day OF about 100000 bales
~ Labor Troubles aud Outlook,
~. Fhes course OF the market for the in,
L w mediate future Is admittedly YER
uncertain one. II present advires fro,
abroad confirm the reported settle
ment3of the labor dispute, Which In
wolves over 100000 operatives workin
10000 looms With a spindleage 4
~ 70 bout As 100000, such favorable new
1r,,,I "a, I, pi.r.,