The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-02-03

wheat markets were decmedlv irregt,.
liar and feverish during the first hal!
5 OF last week There wasAan abundance
OF conflicting news. One OF the main
e factors was the unexpectedly large
- Worlds shipments, including fairly
Il Large contribution by Australia. SHOWS
rs report, estimating that farm reserves
: on March lst Will be 25.0DO.J0 bushels
& against 206.0oo, 600 on March LIST last
year, 4 deficiency of 81. 100000 biishsls.
vas GENERALLY considered bullisll. There.
-srere, however, some ira lnrs WHO dtI
lot consider this difference particularly
s. important, In view Of tn, fact that
the last crop was Approximately iol.-
j 0Oo,o09 bushels less than the preceding
y che.
Where the Wheat IS HELD.
II is worthy OF note thut the bulk
4 OF the reserves is concentrated in tho
hands of comparatively few farmers,
/, Who are belived to. be financially
strong. and therefore IN no hurry 10 |
! prices n
northwestern markets were strong
on the belief that supplies Of prinie
& SPRING wheat ale decidedly mcagrc, ami /
~ many sections there is said to be /
= earcely enough &c, meet local require /
ments. This is OF unusual Importance 7
( just now. III view of tne determination
1000 law, which viii prohibit the adj
4 mixture of winter w.eat with the
sspfins unless brands are changed &C.
.tordingly. Spring whcai niiilers ore \
~ arther handicapped, 1t is said by the |
TACT that considerable quantity OF |
Z he Wheat raised in Northern Minne-
ota and North Dakota is iuniesra Bile |
much Of 1t having been frost. bitten,
and Is therefore scarcely Fl. for grinl-
8, except for feeding purposes. There
As been further talk about green bugs
and Hessan fly in the Southwest,
@here the weather is cold, with an ah-
scfce Ct snow protection. This is es-
pecially unfortunate in some sections. /
Maere the pant is said to be in need
o. moisture.
Why Prices Erokc.
Late in the week the market was
greatly depressed by the cables from
,-Earope showing unexpectedly iarge /
& exports from Argentina. Selling was |
siso prompted partly by disouietinr
news from financial circles, much un-
4 easiness being created by the closing
OF more banks Many conservatives
merchants think that the time is near
!. Mi,en u sharp recovery might reason
;toly be expected They argue that |
here was nothing particularly aston /
y ishshs IN the liberal clelrances from
-Nfsenilna, as II is we'll know that the
crop there is abundant. and conse- I
fuehtly II free movement from that
country had long been foreseen and
: discounted several times over.
was furthermore contendcd that a
rally might be brought about nv
diminishing receipts at primary points.
y being asserted confidently that
s farmers VIII In the near furturo make
decidedly smaller deliveries al country
att.lous. as they are known to be dis
satisfied with current bids.
Corn Market Inactive.
There have been only moderate deal.
sahgs In the local corn ring, most trad. |
q ers showing comparatively little In.
iterest Nevertheless. prices have
,iWeakened sharply, partly in sympathy
Win wheat, and partly owing to sea
soAaply cold weather in the West.
Z which Will, 1t is supposed. lead 70 |
6 larger deliveries at Interior points. Al
I Tue decline exporters have shown mod |
{ crate interest.
Cotton Market
q There vas an absence OF sensational |.
features from the trading In the cot
ron markets the past week Following
y the confirmation last Saturday OF the /
4 settlement OF the threatened labor dis
&1nrbance among 'Lancashirc and Man !
chester mills. there was much new
buying and rather general covering OF /
tshorts in expectation OK n more active
s;tnd general demand from spinners for [
spot cotton.
But instead Of going up. prices fell
L on The resumption OF business Monday /
and this continued the following day /
with the decline extending 10 about 7
%35 points. It was believed scattered +
liquidation and fresh hedge selling by
Espot dealers against actual cotton in
4 Inc south was responsible for this
II sudden reversal of form. At any rare /
prices were depressed to the basis of /
~ f-s cents before the selling move
Inent subsidized. This loss was gradually
8 recovered during the middle Of the
week and some renewed heavy buying.
\ chiefly byAoperators for the largest
= local interests. But after the shorts
had been driven in on this rise the
market relapsed into dulness. with.
& Prices resuning their sngging tendencyt
fFf3n renewed scattered selling The mar
ket closed last night AT lots to
lie cents for the spring aud sum-
NOR deliveries. showing a net decliSe
58of Ia to So points from last Saturday'sl
Z closing.
Denrlng of General Business on Staples. /
The active demand which so many !
had expected would develop from
spinncrs has failed to appear. This S /
4 now attributed to disappointment over
{ the failure OF general business to re-
cover to the extent SO many had eN-
Il pected with the return of normal con
Citions in the money market. Manutac- |
1u.ers and mill agents here. as veg
as in New England and the Southern
States arc reporting collections much
: improved but say new orders for goods /
~ are not coming in as fast as they lad
been led to believe. In fact, buyers are
still showing caution and conservatism
in placing any largo orders for gooda
at current prices. This is regarded as
indicating the extent OF the reaction
In general business throughout thei
cpunt.y and the policy OF retrenci- |.
ment which Is beng rather generally
I pursued from the effects OF the recent.
financial depression.
The homely expression. People are
wearing their old clothes,' covers the y
situation, and therefore, until conf Il
tdence has been restored throughout
the country and business has had
chance to pick up. rather slow market
conditions are expected to continue to I,
prevail Therefore. more attention will!
4 be paid By operators In the cotton,
Grade to the question as to the prob
- ble extent OF the reduction in con-