The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-03-23
Late Reaction Came on Account
OF Favorable Weather and
Crop Reports.
CORN STRONGER OATS ACTIVE
Decline in Cotton Sends Prices
Down Below Fall Panic
Levels.


nr,res was towards lower Levels. lherc
,ras a great mass of crop news III CIR
c,,Iation. the tenor of the reports penn
an many cases so contradictory as ~
create oNtreme uncertainty lHis 10
40 customary state of affairs, now
ever mt this time of the year, markets
beinr greatly disturbed in the spIihs
because of the numerous com lic 'is
crop advices. such as reports stat' 'is
that the winter wheat plant mas
,Trourh the winter practically I'M
,iatt,ed being quickly followed BY
,iaims of important losses in yield and
,,naifty Incredulity OF some OF these
lonorts however found expression IN
liberal offerings OF the new crop dellN-
cries which caused July to break more
randy than the May. and increased
4be premium on the latter 10
cents. compared with 4 "a cents lasl
week. 1t is too early as yet to torni
any definite opinion as to the ptooao ie
outcome of the crop, however anu =.
would be unwisc to assert Posi''Ne',
that the danger point has been passed..
IT was forcibly demonstrated only
,,oararo that unseasonably warm wea-
+bor In March may be followed by
cold spell later in the spring, and, IL
nrecedent in this case is to be tolloW-
Cd the optimistic bears who are no"
selling the scenery so freely cannot
oSpeot any better treatment than was
accorded TO the over sanguine short
sellers last year. Although 1t may APP
near reasonably safe TO sell the july
delivery on the ground that prices are
much higher than in ordinary years,
stocks of contract wheat are neverthe-
less uncommonly small, and reserves
will probably be down to an extremely
40 s
able. so there may he very little wheat
pressing on the market in July.
The Late Rejection.
There was little change reported In
the foreign situation, and little atten-
tion was paid 10 the action of Euro
pean markets. In view of the fact that
nur markets must be dominated by do
nestle factors for the balance of the
cereal year 1t is realized that little
iced need be taken of unimportant
price changes abroad. In the last half
of the week the market was somewhat
heavy and sluggish. although there
were frequent and numerous fluctua-
tions. but the range was not so wide.
Offerings were heavier. prompted part
~ by the unexpectedly large imports
from Argentina and partly by larger
receipts at Northwestern primary
Weather in the winter wheat territory
was favorable also. and crop reports
generally satisfactory. Exporters took
few loads of Durun. partly for ship
ment opening of navigation, but other
wise they were practically idle
Corn.
Early in the week buoyanoy was the
feature of the corn ring. Trading was
moderately brisk. sellers for the de-
cline displaying an anxiety to cover,
and hence fluctuations were more num-
erous and wider with a strong rls
ing trend. Buying was stimulated by
higher advices from the interior of
light stocks and meagre receipts. Late
in the week holders We're inclined to
realize, and a sharp recession occurred.
Increased selling pressure was attri
butcd mainly to reports of larger de-
liyeries by farmers at country stations.
There were fair export orders here for
corn, but business was restricted by
the great scarcity of desirable grades
and the high views of holders.
Activity In Oats.
At times speculative oats markets
especially in the West, were decidedly
strong, and particularly tho distant or
new crop deliveries. which advanced
gather sharply on reports of damage to
the crop by green bugs in Kansas and
Oklahoma There We're some samples
of Russian and Argentine oats shown,
but most dealers were of the opinion
that nothing could be accomplished in
this line, although it was alleged that
shipment had already been made
from Argentine. but nearly all traders
were decidedly skeptical, as they
thought that such deal could not be
put through profitably.
Cotton Market.
There has been irregularity and
weakness in the cotton markets the
past week. This has been duo to con
tinued poor trade conditions in the
dry goods districts and bad reports
from milling centres, and the New Eng
land and South Atlantic States keen
Ing spinncrs agents and exporters out
OF the markets and causing holders of
actual cotton in the South to offer it
more freely and at lower prices in
order to find buyers. These conditions
have necessitated a larger amount of
selling of futures in the option market
as hedge, and this in turn has
weighed SO heavily upon trade scnti-
6 ment that there has been less induce
ment for professional operators to sun
port prices. Large interests, who We're
very bearish throughout the season.
ahd VINO We're lnduceu by the recent
Improvement in the stock market and
the money situation To switch over to
1.-The bull side and load up with cotton
for turn after putting prices UP 40
(, 70 30 points last month, have become
2 tired of their position This heavy
'.liquidation has been an added weight
TO the market that 1t has been unable
TO stand
Failing prices for spots and futures
al Liverpool and New Orleans, ana
the almost complete absence of outside
investment or speculative buying. the
news OF the shutting down of mills
or shorter time schedule, the cutting of
wages at Lowell, Providence and Fall
!. River. the piling up of heavy stocks OF
.;.gprint cloths at Fail River, now estj-
mated at over 100000 pieces. with tho
price down to 3-s cents have FUR
nished little inducements for bulllsh.
ness.
4 - =. The Runge of the Weeks Prices.
.a This weeks decline In prices ranges
!. from IS TO 90 points. aud brings tho
/. 1present level down lower than was
!; REACHED in the financial panic early last
!. fall. Present prices are the loweyt
/ .reached for the crop year, and ara
.::s2,down about 900 points or 9 cents per