The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-03-30
Stocks Were Light, and Dry
Weather Reports Come from
Winter Territory.
CORN STRONG, BUT LIGHT
Decline of About Thirty Points
in Cotton-European Markets
Depressed.

=
/ 1t was not at all surprising that the
afShir; and that prices fluctuated with
z great rapidtty although confined to n
4 somewhat narrow compass because Of
4 the reluctance OF traders to depend to
a great extent on crop advices so early
L in the season. Naturally most of the
news came from the Southwestern
winter wheat belt. The pessimistic
! advices stated that in many places the
+ plant was backward. owing to tho lack
{ of moisture. some sections of the belt
I having been without rain for four or
five weeks. Many dealers assert, how
ever, that 1T is not time yet to begin
worrying on this score, especially as 1t
has not been warm enough to cause
any evaporation.
Position of Farmers md Weather Con-
diticns.
There is no doubt, however that a
/ rise of ten or twenty degrees of tenn
perature in the meantime would serve
to alarm oven the most sanguine. It
cannot be expected, however. that
] farmers are going to give up any Of
their reserves while the drought re-
mains unbroken. and hence it is unlike
1Y that the primary arrivals Will be any
larger In the near future. which Will
naturally result in another big de-
crease in the visible supply, in spite
( Of the fairly liberal movement. III the
! 4A1thwest. The decrease In the spring
wheat movement has, in fact. been
much less than had been looked for
& but this fairly big movement is not eX-
pected to continue after April LIST. as
most farmers endeavor to send their
wheat before the end of March. so as
/ to avoid paying taxes. July contracts
4 were often appreciably stronger than
Z, the May. bringing about a shrinkage
OF the May premium to 4 rs cents,
a against 1-2 cents last week, and de-
noting that many short sellers of July
were being rendered nervous by lie
long dry spell.
Cause of Late Nervousness.
Late In the week there was con-
tinued nervousness, the marke: being
unsettled by further doubt respecting
as1he crop promise, but. in the main,
greater steadiness was noticeable. al
though the net changes were after all
q Inimportant. There was, in fact. fire.
quently great scarcity OF really in,
fiuential factors. there being much Of
. the time scarcity of influences cai-
culated to warrant any radical move
ment in either direction. 1t is true
that the cash situation was considered
fairly strong, as supplies are gradually
diminishing, while exporters and millers
are showing moderate interest, but
this was largely Offset by the growing
belief that the crop outcome would be
satisfactory, unless the drought should
last a week longer. There were ca
ports of scattered showers west of the
i n
precipitation was too light to afford
much If any relief. There was nothing
noteworthy in cable news to stimulate
trading.
Stronger Tendency of Corn.
Only a small business was accomp-
lished in corli, and the fluctuations
were somewhat slow. although most OF
L the time strong feeling has obtained
mainly in sympathy with higher prices
from the West, where large operators
have given good support. stocks gea-
orally are light, and grading unsatis-
factory. which may make 1t difficult
for short sellers of May to cover. There
As only a limited business in the cash
market export trade being greatly re-
z 1arded by the scarcity and high cost
of desirable grades. 1t has been iex-
4 tremely difficult to secure dry corn,
suitable for export.
Cotton Market.
The cation markets were dull and
saggirs throughout the week. This
has been due chiefly to the further
pressure of offerings of accumulated
stocks of low grade cotton in the South
+ from farmers and factors to meet
maturing loans and through the force
of necessity In preparing for the new
crop. There has been an absence OF
sufficient demand from spinners and
spot dealers or speculative support at
current prices to counteract this pres
u sure. Moreover. recent sold-out bulls
: usually make the most aggressive bears
on taking the short. side after a big
4 break.
Extent of the Decline.
& The decline last week has been about
= 30 points OH the old crop options, with
prices for deliveries during the current
month to next January ranging as low
as 3-S to 1-2 cents per pound This
a compares with 10 81 to II cents for
the March, May and July options es-
i tablished on the last attempted bull
n movement, which eliminated on March
Ii 3D.. AS compared with the highest
II prices for the season, reached at the
81 end OF August, when bullish sentiment
was running SO strong at IL IL cents,
"A prices are now down more than 300
points, or the equivalent of cents per
~,
III 1t is now the opinion among conser-
vative operators that the most bearish
features in the general situation have
been discounted, and there is quite as
much danger of prices being unduly
depressed in following the present pes
simism as there was when the mar
kets Were being unduly advanced dur
ing the bull manipulation of last sum
mer.
Foreign Selling ana Position of Spin
nera.
The European markets are depressed
Z largely on the bearlsh advices from this
side Middling cotton at Liverpool
which was quoted month ago at over
Cd. per pound and 6 lid. early in De-
cember. or the equivalent of II and "a
cents In our money, is now down to
bS-4 pence; spinners at Mancheste.
I and on the Continent have SO we'll sup.
* piled their wants for most of the pres
ent season that they are not inclined
to load un with further supplies under
the existing conditions, The worlds
apinners however, have taken over a
million bales less Of American cottor
w..