The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-05-18
WHEAT MARKET NERVOUS,
WITH DOWNWARD TENDENCY
Owing to Better Weather Con
ditions and Discouraging
Cables Grain Declines.
CORN DULL AND UNSETTLED
Sensational Jump in Cotton-Bae
Crop News from South
the Cause.

the AauSG.
NEW YORK, May lin domestic
phaa. markets there was a steady fall
In lower price levels early in the week.
and the downward trend caused no
surprise, as there appeared TO be ample
reason for the heaviness. primarily
the chief influence for depression
seemed to be the elimination of the
May deal In Chicago, prices for that
:. delivery declining sharply, thus CIV
ing conclusive confirmation of reports
that a large short interest had been
settled either publicly or privately. II
Mas been asserted that Armour actually
never had any serious intention OF
running a May corner, and that the
temporary squeeze of shorts was
brought about wholly by legitimate
influences, notably the exceedingly
small receipts at primary points and
the marked Improvement In the de-
n,and from Eastern millers and ex-
borters, thus necessitating large ship
tments from Chicago and other Western
points as soon as lake navigation
opened.
Effect of the Weather.
Naturally, after most of the specula-
tors for the decline had settled. 1t was
only reasonable that prices for the
May should fall back toward a more
normal basis, the decline from the high
point last week being over cents per
bushel. 1t was also natural that the
july and other distant contracts should
weaken in sympathy, particularly as
the weather in the West had become
far more favorable, the temperature
rising rapidly, with n cessation of rain
in many places where moisture had
been too plentiful. The advent of fine
weather in the Northwest has greatly
facilitated farm work, and 1t "as as
serted that fully 90 per cent Of the
area had been seeded. The recent snow
or rainfall had put the soil In excel
lent shape. 1t is the general irnphes-
sion that farmers Will soon become
more willing 10 part with their re-
serves; at some country stations deliv-
cries already show enlargement.
Circuit unsettlement Toward Close.
Late in the week the market was
badly unsettled prices fluctuating
sharply and often In an erratic way,
but this created no wonderment. as
there were so many conflicting influ-
ences For one thing, the weather al
most throughout the winter wheat belt
was seasonahly warm, with almost no
rainfall in places where low lands
had been flooded. This naturally served
to encourage bearishness in soVle quar-
tiers. although counterbalanced to some
extent by reports of damage by in
sects in the Southwest, and notably in
Kansas.
There was further talk about larger
deliveries by farmers at country sta
sttons. but as YET the arrivals at large
primary points show practically no en-
lerEement. Further periods of weak
ness were traceable partly to reports
that numerous millers in the North
west had conferred about closing down
their mills until the demand for flour
improved, or until wheat became more
plentiful at lower prices. Some shrewd
: traders were inclined TO think that
this was not altogether a bearish fac
tor, because IL made Al evident that
such action would not he necessary,
had theHa been a normal wheat crop.
Toward the close additional weakness
,..1ras developed, partly because of dis
coura cling cables. European markets
being influenced largely by materially
larger exports from Arsentina than
generally expected Notwithstanding
which the visible supply in that coun.
try increased.
Uncertainty In Corn.
Ii has been exceedingly quiet in the
loca. corn ring, and the fluctuations
Fave been very narrow, most traders
being inclined TO hold aloof, owing TO
the uncertainty prevailing respecting
the probable action of the big profess
sionals in Chicago. That market has
been so feverish and cratic as 10
make it extremely doubtful as 10
whether the May deal has actually
culminated Occasionally this market
was depressed by fair receipts of corn
consigned by large Chicago house,
but it was not aMered for sale, except
to exporters,
Cotton Market.
Cotton markets have encountered a
most sensational trading, with rising
prices This has been the outcome OF
the marked change in general sentl-
nent. influenced by apprehension OF
the new crop getting poor start,
simultaneously with the development
of an active demand for spot cotton
from spinners and spot dealers here
and in Europe in anticipation OF a
revival in general business.
These factors have been considered
forceful enough to entirely transform
the aspect of the situation of the mar
let's possibilities for both spot cotton
!. and futures. The recurrence OF lorna
does. accompanied by heavy rain and
1,atl-storms following similar cond!-
tions which prevailed during the clos
1ng week in April, caused great dam
age from Texas through the Missis-
isippi Valley States to Georgia, and
coming on top of the recent frost has
necessitated replanting to such an ex-
tent it is doubtful whether the acre
age Will show little if any increase
over last years estimated area of
32.060,00N acres.
Violent Price Advances.
The maximum advance in prices las,
week from the closing quotations OF
T%,.i5 No !, ;,ri, nt,aG
during the stampede of the shorts ir
Thursday mornings boom was 49,
points on May and ia on July to 81
points on August and 80 to co point,
on the new crop options, including de-
liveries from October 10 March The,
the May option sold as high as 1905
while July went TO 1907, August $40
and October and December 9.2e. Thes
prices compared with the low recort
reached In the elimination of the lat