The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-06-22
Neeps Firmer, Held Up by
Backwardness of
the Crop.
BULL MOVEMENT IN COTTON
Trade Stirred by Development OF
Movement in Old Crop Options.
Crop Outlook.


NEW YORK, June Cit was easy
Ia see that the extremely nervous and
variable state OF domestic wheat mar
.kets early in the week was due TO
the fact that traders were greatly con-
fused by the numerous conflicting fac
Tors, prices fluctuated in All exceed
inely spasmodic fashion. rallies anu
breaks following each other in rapid
succession. BY the middle of the week,
however, the bulls had gained little.
September was the principal gamer.
Hence the premium on July was re-
duced. the difference between the
two months narrowing to l SIS cents
In Chicago. against 3-S cents last
week, and to II ga cents In Mime
apolis against l6; whereas here the
gap narrowed only L. cent In the
week going from 3 cents to u
cents. The erratic course of the mar
ket Was traceab1e in good part to the
fact that. while climatic conditions
were generally favorable all over the
West, further rains in the Southwest
gave rise to fears of important crop
damage.
Floods Cause Apprehension.
1t is not difficult to understand the
widespread flooding of bottom lands
in the Southwest, when it is known
that rainfall there in the last ten
weeks has Hen more than twice as
heavy as iy ordinary seasons. 1t is
fortunate that maDy farmers have
learned from previous experience that
Il is better to plant corn on low
lands, near rivers and streams, as
corn is benefited by great deal of
moisture. whereas wheat is likely to
suffer damage.
AS a consequence of this action on
the part OF farmers. it Is likely that
less wheat had been damaged by the
floods in Kansas and Oklahoma than
had been supposed at first, although
some shrewd observers estimate that
the crop in those States has been cut
down fully 100000 bushels.
Position Of Foreign Markets.
Early in the week demand was ac-
celebrated in part by the strength of
European markets. This was particu-
,arly the case in Budapest where Oc-
tober contracts gained 2 Is cents,
making the total advance in chat mar
ket in less than a month 20 as cents.
This was. however, offset in part by a
weaker feeling in Berlin. where re-
ports of better crop outlook in Ger
many brought shout decline of Ia
cents in the same time. AS far as the
prospects for our own crop are con-
cerned, there are many experienced
traders who believe that the bright
outlook has been overworkd by the
bears in their efforts to depress values,
and that the larger size of the 0rop
is now fully discounted
Why Price. Broke.
Late in the week there was no radi-
cal change in the general trend OF
affairs in the wheat market. although
the final outcome showed a Sigh,
loss in values. There was continued
irregularity and unsettlemcnt, Their,
being occasional rallies, followed b,
sharp breaks. The market seemed t,
be dominated mainly by bearish sen
timent. which was encouraged by tn
advent of more normal weather ron,
Iitions almost all over the country
There was an appreciable decrease If
the rainfall in the Southwest, and ad
vices from many points indicated tina
floods were subsiding.
therefore it is believed that farm
: ers will speedily be able to beri,
harvesting in low-lying fields tina,
nave heretofore been too wet to wor]
IN. On high ground harvesting i
making excellent progress. and as
rule the outturn is satisfactory.
Corn Crop Backward.
at Matters have been almost at stand
still in the corn market, and the tluc
@tuations have been slow and unim
portant, although at times a firme
undertone has obtained in sympat tn
with higher advices from the Yves
Where large houses are giving tn
market good support. prompted by tn
great scarcity of.contract grades an
The backward appearance of the Gro,
notwithstanding the so-called hir
prices, the movement fro mthe interio
has not increased as anticipated. BIZ
possibly the light movement is mar,
~ caused by the recent floods. Their
are dealers who think that Julv an
september corn can easily sell AS hir
as May did. Trade in cash corn ha
been at standstill most of the tim
owing to the insignificant supply an
the strong views OF holders.
New York Cotton Market.
The cotton trade has been stirre
+ BY the sudden development of a stron
pun movement in the old crop q,
lions which has developed all Il,
characteristics of an old. time agere
siVe effort to either severely souee;
- The shorts" or run Corner in tho,
deliveries. The first indication of tn
came from the heavy buying orde,