The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-05-25
Feeling Firiller at Times, Owing
to Small Stock and Bad
Crop News.
CORN DULL AND UNSETTLED
Bull Movement Checked in Cot
ton by Better News OF the
Crops.


NEW YORK, May 24.--It was an easy
rnp,ter to account for the unsettled
state Of domestic wheat markets early
in the week Traders were greatH'
perplexed by the great number OF con-
f1icting market factors, and 1t was this
great uncertainty among the specula-
tive element which caused the wide
changes In price. For example, while
all the bullish statistical data at hand
tend to strengthen the old-crop con-
tracts, the influence OF these figures is
partly Offset by the cheerful prospect
for the newly planted spring wheat
crop, as we'll as for the growing VIM
ter wheat plant. Regarding the spring
crop. 1t is generally believed that far
laers have taken advantage of the good
condition of the soil to do as much
seeding as possible. and Furthermore,
&, - thought likely that the good PRICES
reaiized this year have induced them
to devote much more space to wheat.
Ar to the Future.
IN support of this argument they
Sallude to the light stocks and move
n.ent al, over the world, and particu-
larry to the fact that the shipments
from ali the surplus producing coun-
tries have for many weeks fallen far
short of the requirements of import
ing countries: as result of which
the worlds total available supply is
ok "a 10
than ii was a year ago.
With the exception of an excess OF
moisture in a small area near Chi
cago, causing floods in some of the
Mississippi Valley lowlands, climatic
conditions have been almost perfect all
over the West, and consequently the
bear element was extremely active
early in the week. The offerings OF
new crop contracts were liberal. AS a
matter of fact, it soon became evident
that there was too much company on
the short side. and, when some sellers
be gan to fear that the market was be-
coming congested, and tried to cover,
they brought about a rapid advance.
For a time May here was especially
buoyant. there being fair short in
,erest still uncovered, wi,l little hope
of any important enlargement OF our
1neagre supply of contract grades OF
wheat.
The Question of May Deliveries.
In the last half of the week the market
continued decidedly feverish With an
absence of POSITIVE clear cut form
There were so many influences of q
conflicting character as TO make
traders nervous and decidedly cautious
and consequently there was a dispo
sition on the part of many to confint
their trading to small scalping opera
elons.
Demand was also stimulated IN part
by less brilliant crop reports some
deteriora ton being caused in the south
west partly by Hessian fly, While IN
the low lands in the Mississippi Valley
foods have proved harmful. Otherwise
the weather has been almost perfect anc
in most sections the crop has healthy
a ppearance. Exporters have acknowl-
edged the receipt of fairly large or
ders but mainly for new hard winter
for July. August and September ship
ntents. II is extremely difficult to &C
complish anything of importance on
tie spot as stocks are exceedingly
small.
The Week in Corn.
Most of the time during the week
matters were practically at stand
still in the local corn market. EN-
pcrters have been showing great indit-
ference contending that 1t would be
useless far hem 'to attempt to do
business, as their limits We're about
Ito 5 cents a bushel too low. Trade
for local account is decidedly stag
nant, as supplies are almost exhausted.
Speculative interest is practically dead
on account of the manipulated condl-
ton of the Chicago market, Which Is
causing confusion and timidlty Inc
outlook for the new crop is represent
ed to be fairly satisfactory, as planting
has made good progress excepting IN
I low lands in the Mississippi Valley
where the excess of moisture has beer
{ u hindrance.
Cotton Market.
Uncertainty with sharp and frequent
Fluctuations in prices characterized tbs
trading In the cotton markets last
week. The more favorable weathe,
for the new crop, which set in with tho
opening OF the week. and the lull in tht
recent urgent demand for spot in ths
South and at Liverpool from spinners
and spot dealers, have had a restrain.
ing effect on operations OF this bull
interests and these Influences have a.
the same time quoted the bullish en-.
thusasm OF the trading element gen.
orally. Moreover, it has been ques
tton whether the reported improvement
In the dry goods markets and at mill,
Ing centres has not been exaggerate &
All these considerations have therefor;
upset the calculations of so importar,
trade Interests and the larger loca
r. operators that the majority appeare.
to have become mixed in their view,
regarding the probability OF prices be
,r Ing advanced much further pending tn
publication of the governments repor
on the condition of the crop, and tn,
:. EXPANSION in general business.
Some of the Price Changes.
~ Prices have in the main showed a,
advancing tendency, but this has bee,
largely under the manipulation Of In
pun deal" in the July option Fro,
9 the closing prices OF last Saturda
prices Tor the old crop options were ad