The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-02-17
Oiscouraging Cables Add tc
Trouble, Argentine Ex-
ports Large.
CORN GOES OFF IN SYMPATHY
Cotton Shows Increased Activity,
but Market Influenced by
Outside Conditions.


the foreign news was depressing. TIL
general heavincss in European mar
kets being mainly traceable to the bi,
worlds shipments and the consequen
large addition to the quantity on pas
sage The Liverpool market was de
pressed in part by discouraging III.
nancial conditions leading to reports
that a large firm was financially en-
barrassed. For a time the sagginc
tendency in our markets was arrested
by the light movement to primary
points. leading to fair decrease in
the visible supply. Weakness abroad
was chargeable to some extent to re-
ports of better prospects in India,
owing to an Improvement in climatic
conditions 1t has been estimated that
possibly India might have as much
as 100000 bushels to spare for ex-
port whereas earlier in the season 1t
lad been supposed that nothing would
be available for export. Naturally
much Will depend upon prices in the
near future. as continuance of pres
cnt high figures would doubtless in
duce farmers to sell virtually all they
raise,
Late Break In Prices.
There was further material break
in wheat values late in the week
Owing chiefly to further discoura ging
advices from abroad. buyers were
scarce and timid, while sellers were
numerous and bold AS a result, the
price of May contracts fell to the low.
est point on the crop, 100 as.
This was also touched on August
IL. while the highest point was lis.
which was reached on October 18th.
The conspicuous weakness was caused
primarily by additional appreclable de-
clines in European markets, which
We're depressed by the unprecedentedIy
heavy exports from Argentina, the to-
tai put afloat this week reaching the
enormous aggregate Of 7,512,000
bushels. which far exceeds the previous
high record. While this vast total
was calculated to cause timidity on
the part of the buying element, there
were many conservative traders who
felt confident that the big professionals
in the West, as well as the large ele-
vator owners were taking advantage
of the discouraging cables to hammer
the market aggressively.
II has always been considered adj
vantaseous to have the new crop be.
gin with prices at as low level as
possible. II Is easy to understand that
In filling up elevators with new wheat
there is practically no danger provided
the cost is reasonably low, and parti-
cularly If by manipulation the distant
contracts can be sold against the cash
wheat at premium. Nevertheless
there are shrewd merchants who feel
that some recovery would be warrant
cd after break of eighteen cents from
the highest point touched in October.
They contend that notwithstanding the
big Argentine shipments, which have
been discounted over and over again,
our wheat now appears to be down to
fA Low.
1y upon the theory that we have al
ready disposed OF practically all our
eNportable surplus, and therefore it
will matter little during the next
three or four months whether cur eX-
ports fall off sharply.
Corn Market Depressed.
1t was heavy and somewhat sluggish
in the corn market, prices having
gradually sagged, mainly in sympathy
with the depression in wheat Never
theless, the loss in corn was compare
lively small. partly because available
supplies are NOS large, as farmers have
not been free sellers at country points.
material decline was also arrested
by reports of continued dry weather
In Argentina. AT the decline the eX-
port demand has improved to a mod
crate extent.
,SOltUn Market.
The trailing IN cotton was much more
lctive during the week, but greatly at
the expense of values. as liquidation
has been on all extensive scale, with a
great deal of 1t of forced character.
This selling movement started early,
but was hidden by the operations of
The bull clique until Thursday, when 1t
cot beyond their control. Prices then
declined Is to 20 points. The maxi
. mum decline from Saturdays closing
UP to yesterday afternoon figures "a
to so points, with the March ontion
now selling in the neighborhood of
10 l-2 cents and May 10 SIS, against
II 3-4 cents, the high point reached
rn January GOTH during the culmina-
lion OF the aggressive bull manipula.
tioh attempted last month under the
leadership of Suly. Current prfces
compared with that high level show
3 maximum decline of 115 to 1875 points.
Or the equivalent of about "A cents
per pound. or. over Sc per bale Enor
nous lines OF speculative holdings ~
March, May and July options. accumu-
lated during the bull movement. were
thrown over on the breaks durins
Thursday and Friday. This liquidation
with the forced execution of a large
amount of stop-loss orders and the
utaNai OF buyers, made last night.
low prices.
Factors In the Market.
southern spot markets are down onl,
upput IL cent per pound for the week
put conditions at most points are nov
more in buyers favor than for SOM
Time. Therefore 1t would not be sur
prising II still lower prices than thos
now current are made next week
american spinners are still maintain
ing their Indifferent attitude, and Their,
Aas been an accumulation of lare,
hMount OF low-grade cotton at man,
OF the principal interior and seaboar(
receiving points which is being OF
Tered more freely at concessions in dit
1erences than lots of even runnint
Efsass- Moreover, the reaction in gen
eral business and its extent is now be
coming more widely appreciated anon,
Aoiders OF cotton in the south.
In fact, active preparations have
ALREADY been started. especially II
Southern Texas, and as the season ir
the ground" has been very favorahI,
this winter in all the large cotto,
States, and much new land is heir,
broken in Oklahoma ana weston
~,