The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-02-24
Corn Goes of on Account OF
BETTER Crop Conditions and
Good Weather,
COTTON QUIET AND STEADY
Trade Waiting for Developments.
Anxious to Know What Cove I
eminent Report Will Show. I

was Inscribed chiefly TO reports thAt
Ddossn had bought two rrgoes Of
that hostilities were likely to break
out In eastern Europe. Owing to re-
ports that Russian and Turkish troops
had started for the disturbed sections,
i was feared that conflict might re-
suit. and exports from the Black Sea
cut off Nevertheless, experienced
traders were fncredulous. as they expect
that matters will be amicably adjusted.
The firmneas in Europe was especially
surprising In view OF the large worlds
exports and the big increase In the
quantity on passage.
Some OF the Liquidation.
An abrupt change In the tone OF cable
advices led to a similar change here.
causing On important break and giving
the big bear operators In the West
fresh courage to raid the market Wig
orously. These TASTES resulted In the
elimination OF numerous small holders,
who had become too tired and disgust
, ed to hold on any longer. The markets
action indicated that the long period
OF depression had taken tho nerve out
OF tho majority OF speculators. There
was scarcely a trader to-be found who
had not abandoned all hope OF any Inn
provcment. and even the most ram.
pant bulls, those who had predicted
$t.25 for May contracts In New York,
went over to the bear side, and were
displaying Just as much enthusiasm re-
gard!ng lower prices as they had for
higher.
It would doubtless be difficult for
the inexpert to understand such COM
plete reversal OF sentiment. but expert
enced grain dealers have long regard
ed such hanges as Inevitable The big
professional traders are always quick
to take advantage OF such abnormal
conditions. and hence usually oppose
the general speculative public. II
traders were to accept without Ques.
tion all the claims that have been re-
gently made, they would prepare for a
further break OF S to 10 cents per
bushel. The experienced trader knows.
however. that further losses can scarce
~ be expected after such remarkable
decline as we have experienced lately.
While It cannot be denied that the
weekly exports from Argentina have
broken all that country's records and
have led to enormous increases in the
quantity on passage, 1t much be borne
in mind that this factor has been pretty
well discounted. having been put forth
AS the cause for nearly every decline
that has taken place in the past two
months OF so. Then, too. while the big
Argentina crop and exportable supplies
may be said to have been fully dis
counted traders will soon have their
attention more forcibly attracted to the
fact that arrivals at. primary points
have been shrinking gradually, but
steadily. while at the same time there
has been an appreciable Improvement
in the demand for millers.
Extent of the Latc Recovery.
Late In the week there was mora
firmness and partial recovery en-
sued. Offerings showed a material
dminution, while demand was moro
animated, prompted in part by strong
cr cables. European markets showing
greater strength, notwithstanding the
fact that the Argentine exports were
materially bigger than anticipated.
Nevertheless, It Is admitted that Com
tinental requirements are large. Hence
importers realize that with other coun-
tries shipping moderately, II not spar
ingly, they will not be able to obtain
enough wheat from Argentina to meet
their wants until the new crop In Eu-
rope Is harvested. The greater steadi-
ness In domestic markets was also at
trlbuted partly to the strength in the
domestic situation. That ia to say, the
milling demand throughout the West
has shown Improvement, while receipts
at primary points have diminished, and
further reduction is anticipated. be-
cause farmers are making only meagre
deliveries at country stations. It Is
known that most farmers are pretty
strong financially, and are dissa tisfted
with current bids. and hence are ex-
pected to hold their small reserves un-i
til prices rise, or until later IN the
season. when they can form some defl-
mite idea as to how the growing crop
has Wlthstood the yicissttudes OF the
winter weather Spectators realize
that the time Is rapidly drawing near
when crop scares will be numerous.
as ordinarily March is considered the
most precarious month. It is gem
orally the variable and unsettled wea-
growing crop, the alternate thawing
and freezing, being most likely to
create apprehension.
While the nearby deliveries have
been com paratlYely strong, the distant
or, new crop futures have weakened
slightly owing to the more hopeful
feeling regarding the growing crop.
which Is now pretty we'll protected
by snow blanket which will also af-
ford much moisture.
In the local speculative corn market
/ the volume OF business has been small
and fluctuations somewhat slow.
Most OF the week the tendency was
downward. partly in sympathy with
wheat and partly owing to more rea-
sonable weather West, which Will, 1t
Ia assumed, stimulate the. moYement
from 1.-The Interior. Selling was also
stimulated partly by reports Of bene-
6clal rains In Argentina
Cotton Market.
:I'ne cotton markets were quiet
throughout the week, with the tone
steady and trading mostly profess
sional. Prices have fluctuated with
narrow limits. There was an advance
IN the option market here Of about
I twenty points early in the week on
covering 81 shorts, and some un-
loosening Of hedg with May golng
up to 1854, hut when the stock mars
net broke so badly on Tuesday and
Wednesday prices dropped to the level
OF 1850 on rather General, resRlllng,
YESTERDAY there was renewed opera
tors. with the price rallylng to 1882
and finally closing at 1915. Thus for
the week the market showed IN ad-
vance OF about six to fifteen points,
Spot markets in the South are little
changed, The trade seems to be welt
Auo tot3 n "a