The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-05-11
Excitement Oceasioncd by Less
Favorable Crop
Reports.
CORN FIRMER AND HIGHER
Cotton Buyers Excited Over Ri.
mors and Reports-Cause OF
the Advance.

was strongly upward, particularly In
the July contracts. which scored the
greatest advance and reached the dol
Lar mark for the frst time in two
months. having sold al 100 SIS on March
9Th. It was clear, however. that many
buyers for the rise were disappointed
at the extent of the advance. Numcr-
Gus observers were of the opinion that
developments warranted even greater
Luoyancy. On the one hand the worlds
clearances for the week again fell far
short of the estimated import require
ments, and brought about another big
reduction in the quantity on passage.
Besides this loss. amounting to AGO.
600 bushels. our visible supply de-
creased $4,000 bushels for the week,
whereas last year the decrease was
only $4,000 bushels. Hence, it was
expected that the worlds available
supply would show an important
ehrinkage, and these expectations were
fully realized on Tuesday, when Brad
streets report indicated loss of IA.
$4,000 bushels. contrasting sharply
with last years increase of $4,000.
NcuRUuS AVI AuS
The worlds total available supply
IL now about 100000 bushels less
than it was at this time In 1907
Naturally. therefore the fact that
great trength obtained in European
markets created no surprise. AS a
result of the strength abroad export
ers here received more liberal orders.
but in spite of the fact that limits
were raised in many cases they We're
unable to execute many orders for
prompt shipment, Is the supply OIL
the spot is wholly inadequate. and is
held at prohibitiyc figures. The effect
of these factors was neutralized to
some extent by an Improvement III
climatic conditions in the West, and
the more encouraging tenor of crop
advices especially the official report
from Ohio. placing the condition there
at 90 per cent, against SIS last month,
andS74 year ago. Reliable authori-
ties all over the West agree that
stocks everywhere are uncommoniy
small leading to the belief that the
supply of prime milling wheat will be
found to be seriously deficient before
the new crop is available.
Int Unsettlcmcnt.
In the last half of the week the market
was extremely irregular and unsettled,
prices fuctuating with conspicuous
rapidly, and often in an exceedingly
feverish way, although most of the time
the trend was toward higher plane.
Buying was accelerated, appreciably by
less favorable crop reports. and es-
pecially that from the Department OF
Agriculture. which made the condition
50 per cent. or fully 2 points less
than generally expected. Furthermore,
the area abandoned was 1.31S.o00 acres.
or about 100000 more than generally
estimated. On receipt of the report
conspicuous excitement prevailed,
prices advancing with great violence.
making it evident that the speculative
element had been overtrading on the
short side. The fact that exporters
took about 100000 bushels late Thurs
day and on Friday. Notwithstanding
the higher cost, naturally added to the
Chances of Corncring Corn.
There has been only moderate trad
ing in the local corn ring. and most
of the time the variations We're mar
row, although a firmer tendency was de-
vcloped. partly in sympathy with wheat,
and partly in keeping with rapid
rise in Chicago. particularly in May
contracts. which seem to be controlled
May corner" would create no aston
1shment. There is almost no contract
corn in thA localt, market, which has
created a.Arnr among short sellers, who
bid the price up 3 cents per bush ell
tn a few minutes. Exporters have
been comparatively idle. owing to the
great scarcity of desirable grades and
the high claims of holders.
Cotton Market.
The trading on the cotton markets
the past week has bden particularly
noteworthy for the renewal of strength
and activity at advancing prices.
These conditions have revived interest
broad ening the character Of the spec
ulation to such an extent that some
thing like the old-time heavy volume
of business and sharp fluctuations
have been witnessed.
The record breaking transactions In
spot cotton at Liverpool the past week
have been the most pronounced fea-
pure. These have ranged from $1,000
to 10000 bales per day, with the tota
sales from last Friday night up &c
the close OF business there yesterday
epproximating $1,000 bales, against ar
estimated total of about 10000 bales
FOR the month of April. Prices there
for spot cotton as we'll as In the Soutl
nave risen III lnS past week ABOUT ::
to SIS cents per pound. while futures
have advanced 60 to 20 points witt
daily transactions in such contracts OF
the New York Cotton Exchange, rang
Ing from 100000 to 100000 bales.
Low Levels
On Tuesday April csth, the loves
record was reached since the early
fall of 1906. Then the May option solo
at sos, July $50, August Sis, Octobe
sl7, December $40 and January S.21
At the close of business ON Thursday
the May option sold at a.o2. July all
August $50, October sos. Decembe
EOS and January at 500 This repre-
sented an extreme advance of so to 10t
points on the old crop options, and Is
points on the ne wcrop months, or TIL,
equivalent of "a TO l cent per poun,
within ten days. Prices reached abou
twenty points from the top yesterday oil
what appeared to be chiefly profit
taking sales by those who Were sucl
heavy buyers during the recent week.
Feeling Mt the south.
Holderx OF spot cotton in the soutl
have been greatly encouraged by tn
weeks developments, and there is ia
less pressure to sacrifice the good cot
Financial.