The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-05-04
Action Of Primary Markets.

lousy small. This is especially so in
the instance OF Minneapolis and Duluth
where the arrivals are about 40 per
cent. OF what they were year ago
Hence. stocks at Minneapolis have been
reduced. and 1t seems certain that the
visible supply will show additional i'm
portant reductions In the next month
or two. especially II the recently re-
vived export inquiry Is maintained.
Then, too, there has been an important
shrinkage In the volume Of the Argen-
tine exports, which has naturally
brought about light worlds shipments,
and led to a decrease OF $4,000 bush.
els In the quantity on passage. as COM
pnred with an increase OF $4,000 bush
els year ago. The total clesred for
the week was, roundly, 100000 bush
els less than estimated import REQUIRE.
ments end hence It seems reasonable to
expect that European buyers will be-
come alarmed, and may soon be COM
PEELED to depend upon us Tor nucl:
larger contributions. The May was
also steadied to some extent by reports
that prominent Chicago operators were
strongly supporting that delivery.
Cause Of Late Strength.
Late in the week the wheat market
developed additional strength, and par
ticularly in the instance of May con-
tracts, which were advanced rapidly,
both here and in Western markets. but
notably In Chicago. where May touched
104, premium OF II 3-s over July and
ar advance Of Is cents from the low
price, SO, which was touched April Stf.
at which time the May premium was
only cents. The anxiety among sell
iers for the decline was attributed
largely to the fact that the deliveries
iii Chicago were astonishingly light.
about one-third Of what were expected.
Buying was also accelerated by the
continued insignificant receipts at in
terror points. notably in the Northwest,
where the arrivals arc much below mil.
ling requirements. Meanwhile there
has been decided Improvement in the
export demand, exporters having taken
larger quantities, especially of Durum,
including 100000 bushels for shipment
to st. Petersburg. Demand was also
ouickened by continued light ship.
ments from Argentina. 1t is presumed
that the worlds shipments for the
week will be approximately 100000
bushels below import requirements.
and will bring about another big de-
crease in the quantity on passage.
Temporarily the remote or new crop
contracts were slightly frmer. partly
in sympathy with wheat. and partly
because OF a. rapid drop In the temp
erature. the mercury being below the
freezing point In many parts of the
winter wheat belt. 1t was feared that
deterioration would occur, but after.
wards the weather became milder, and
practically all advices from authentic
sources stated that the crop had not
been injured to any appreciable de-
gree.
Small Business in Corn.
There has been on:H limited hush
cess in the corn market. slightly
.trongcr feeling, developed late IN The
week. partly iii sympathy with the rise
I3n wheat. and partly owing to the great
scarcity Of contract grades. There Is
practically no No. 2 corn IN this mar
ket, which serves to make short sellers
nervous. Exporters have been idle
most OF the week, mainly because OF
their ina bility to secure prime grades
There it practically no good corn avail
able 70. delivery until late In May.
Cotton Market.
This has been a somewhat exciting
week In the cotton markets. The sus-
pension of one OF the largest commits
sion houses last Friday, following the
failure Of two local cotton brokerage
concerns during the previous fortnight,
had great deal to do with disturbing
the trade. as we'll as unsettling conii-
dence. Unfortunately. the worst I'M
pressions were formed and the stun
ton was so exaggerated and trouble
rumors" were circulated to such an
extent that few were left to support
the market last Saturday. These con-
ito that time there had been much en-
tenzive liquidation and prices had been
depressed so TO IS points from Satur-
day.
This brought the option list down to
| the basis Of about cents for May
! deliveries and under IA cents for the
rest OF the list up to January, making
+ new low level. not only for the year
and season. but also since the early
1 fall of 1906. The issuance OF "noticos"
| for deliveries on about 10000 bales for
ttenders on May contracts added TO the
depression. But Just when 1t seemed
as though the whole list was likely
/ to be driven through the basis OF S
! cents on continuation OF this heavy
! selling pressure. the sharp rally in
I the stock market and the development
OF a severe cold wave in the cotton
4 belt had the effect OF bringing the
4 ttd0c 10 !tS StNses' Inc sharp EeCON-
cry which then ensued carried prices
'frp by early yesterday morning about
ss points on the day option and 40
10 55 points on the rest OF the list.
L with the price level being advanced
70 the basis OF s b-s TO 3.4 cents.
Some OF the Buying.
This rally was accelerated by heavy
purchases by the largest firms OF spot
4 denlerr and trade interests. The scrnm-
& BILE to buy back cotton sold short" by
professional traders and Southern
operators was SO great that within
two days prices were driven up SO 10
[ s6 points, or $3.50 to SO per bale. EN-
eesstvs rains In the Mississippi Valley
and Atlantic states, followed by the
sudden change to frost from the cold
wave and snow in the Central West.
were looked upon as changing the new
crop situation and outlook from an
4 indicated brilliant and early start to
! one OF much uncertainty.
I; With most of the shorts driven In,
general resellins developed shortly
after the opening Yesterday, Prices
reacted sharply under this renewed
selling movement yesterday afternoon,
had elAAAA uAak and practically at the