The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-01-13
Grain for Last Week Was IT.
regular and Very
Weak.
MANIPULATED COTTON PRICES
Views OF Those i'll the Trade.
What the Next Report
Will Show.

EEw YORK, January l2.-Tllcre was
y declining tendency, in domestic wheat
s,narkets early last week. but III view
OF the lack of depressing Influences Ii
was clear that speculative operations
were the governing Influence. Most
traders had evidently become pessimis
tic, and hence the bear element wns
largely In the majority. The heaviness
had its origin to some extent In further
Syeports that various corporations were
Embarrassed Numerous observers as
serted that behind II NIL they could
see the hand of Chicago manipnlators,
ms there seemed to be no reason why
the market should decline, aside from
The fact that there was an uneSpect-
cdly big increase In the visible sup
ply. European markets showed weak
ness. This offered no excuse for our
decline, inasmuch as II was asserted
10 have been due mainly to the fact
y that the worlds exports exceeded the
estimates, resulting In an unimpor
tant reduction in the quantity on pas
sage. The folly of advancing this as q
bear argument, especially in Europe
will be realized when the total put
nfloat--less than s,oO0o00 bushels--is
compared with the estimated weekly
requirements of importing nations, Of
about IL 200 06O bushels.
Export Requirements.
The absurdity OF u "sympatllctic de-
cline here is apparent from the fact
that we have been supplying over 10
per cent. OF the total exported. last
weeks clearances of 100000 bushels
consisting Of 6,1T6,000 from North
America and 1.760.000 from all other
sources, whereas at this time last year
we contributed 3.5SS,0o0 bushels out of
9,3l2,000. The rest of the world sup
piled 5.744,000. Hence our unquestion-
able supremacy as d source of supply
for importing countries must make 1t
clear that our position is not u weak
one. AS further evidence of our leader
ship, 1t is computed that In the past
i've weeks the worlds clearances have
amounted TO approximately i20OO,0OO
bushels, of which North America sup
piled s7,OO0O60. In other words, we
have furnished more than seven times
rs ,-uch as all of our competitors.
Cnuse of Late Rnlls.
Later a steadier feeling was devei
ored and a fractional rally established,
buylng being accelerated to some eN-
tent by reports that millers had bought
n large quantity of No. red and choice
-ed In store. mainly at s 1-2gDi cents
q below the price OF May contracts. EN-
port houses We're also said to have
taken fair quantity of choice red
wheat. Furthermore IT was stated that
two steamers would soon clear for Por-
tugal with 100000 bushels of red
wheat. III WAS estimated, therefore. that
The quantity of No. . red remaining in
This market would not exceed 10000
bushels which is. of course an eS-
1reInely insignificant quantity ut this
season as there appears TO be little
probability of any important additions
before navigation is resumed on lakes
and canals.
IN the last half of the week markets
were somewhat narrow. Owing largely
to the lack OF stimulating factors,
traders We're dsinclined 10 take sides,
and therefore the dealings We're largely
of a scalpirg character, which resulted
IN narrow variations Occasionally
1lTnlness was created by unexpectedly
strong cables. and by the big export
clcarances. Nevertheless, most pro-
iessional traders seemed TO favor the
hear side on the ground that prices arc
materially higher than year ago. The
consensus OF opinion is that European
markets are counting on weekly ship
rlents of at least 100000 bushels from
Argentina. and there is good reason to
believe that they will be disappointed.
as 1t is considered n physical impossi-
ii1!ty to move such a large quantity
fiom that country with present trans
pnrtation facilities,
Iittl. Interest In Corn.
There has been only a small business
III tho local corn market. Most trad
8 crs have shown more or less apathy.
and hence the market has been some-
what sluggish, with slow and narrow
rariatioas+ although occasionally a
seaker''tendGncy was noticeable, main
IS In sympathy with lower advices
from the West The heaviness was
somewhat unexpected. in view of the
light available supplies and poor grad
ing. The downward tendency was
checked however. by reports Of poor
pre- spects In Argentina, where damage
has been feared, owing to drought and
locusts.
Cotton Market.
The cotton markets have been fairly
active, but this has been confined prin-
cipally to SPECTATORS in their efforts
to revive bull!sh sentiment and advance
/ prices. They waited until the United
States Census Bureau figures giving
tho amount of cotton ginned up to
January LIST was announced at the
opening Of the market on Thursday
before pushing these efforts. Although
the figures We're about what the trade
been carried so far during the previous
week In anticipating the bearishness
OF this report the market had beet
practically sold out by the time of its
appearance. 1t was therefore, an easy
matter for this speculative buying
movement in options to advance prices
sbout IS points during that day. Thi
carried the January options up to 1875
March. 1893; May, 1922. and July
1852. Yesterday half Of this improve
ncnt was lost on some fresh Southern
and local selling on the failure of an,
new outside investment or speculative
demand 10, appear
As to the Future.
The future course of prices continue
very uncertain. Many important in
forests are still claiming II cents pc
pound for cotton under the eXistin
conditions, If the Legitimate suppl!
s and demand situation is high enough
and that II any speculative or nlanipu
4 latiye movement should advance price
from this level, it would probabl,
Neither go far nor prove more tina