The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-04-13
Foreign Adviccs and Various
Crop Reports Were in
Direct Conflict.
CORN is QUIET, BUT FIRM
Cotton Breaks Before Pcssiinistic
Future Over Trade Outlook.
Position OF Trade.

NEW YORK. April 12.--There was q
.f,arp break in prices in domestic ~hea'
markets early IN the week, OWING 10
thc fact that holders for the rise had
become discouraged and anxious TO uh'
load. They had been dsheartened by
the long period of exceptionally mn"
weather conditions, which were Inaue
even more favorable by the advent OF
heavy rains over large part OF lae
winter wheat belt. although the section
rast of the Mississippi, which needed
YNo rain least got the most OF II. Ike
Table authorities state that the drought
,3reyiorsly existing was not a cause
FOR ,inaasIness as IL is not yet time
a. worry about lack of moisture par
ticularlv as the temperature has not
been high. Still, 1t has been mild
enough for farmers to see that the
plant has gone through the winter with
little or no damage
Effect Of tho Government Report.
Small attention was paid to the crop
raport of the Department OF Agrfcul-
tire. 1t gave the same figures as the
frade had generally expected. and was,
In fact. pretty we'll discounted me
winter wheat condition was placed AT
ef3 per cent. against 500 per cen'.
Inst ADfll. WHICH,. on -iIit az HfN 81
81 ,O96, 900 acres--would suggest crop
OF Approximately 41o,11t,ooo bushels,
against 409.442.0G0 bushels harvested
last wear. The report was regarded as
favorable on the whole, particularly as
climatic conditions have been satisAac-
tory since the first of this month. when
lie figures were made up, leading to
the belief that the May report will
show an Improvement in condition.
Hence the decline was more especially
noticeable In the instance of the new
crop deliveries, so that the difference
Il, price between May and July has
widened appreciably.
Keen observers are predicting
further widening of the difference be-
tween May and July provided there is
mo change for the worse In climatic
conditions. which would naturally bring
about increased steadiness In the July.
ON the break rather more interest was
exhibited by shippers. and 1t is natural
TO suppose that they Will soon become
active again. especially in the event
6f an important shrinkage in the Ar
gentine exports AS matter of fact,
negotiated for more than 100000
bushels of Manitoba wheat for ship
ment, on the opening of navigation.
Cause of Lntc Selling.
During the last half of the week the
markets were unsettled. Prices were
exceedingly unsettled, the fluctuations
being numerous and spasmodic 1t was
evident that traders had become en-
tremely nervous because of the many
conflicting reports in circulation. Tenn
rorarily July wheat showed further
weakness, while May was stronger, and
as a result the premium on the latter
widened appreciably. This, however,
created little or no surprise, as the
market was controlled almost entirely
by speculative influences. There was
for the moment a striking preponder-
ance of bearsh sentiment, almost all
ascalpers and room traders favoring the
bear side, Inasmuch as most traders
were mainly influenced by the pro-
traoted period of favorable weather
throughout winter wheat territory, it
was natural that the selling was con-
fined largely to the distant or new
crop contracts
Patrial Recovery Towards the Close.
Offerings were suddenly reduced, and
with decided Improvement in the de-
mand greater firmness was quickly
developed, prices recovering Ill.,
cents in lew minutes. Buying was
quickened, partly by radical change
from authentic sources stating that
additional moisture was greatly need
ed in Western KANSAS and Nebraska
and that in other parts of winter
wheat territory there had been too
much rain: Furthermore, receipts at
primary points were decidedly lighter
than a year ago, while both mtllers and
exporters were manifesting greater
interest. Demand was also quickened
by encouraging cables, foreign mar
kets having reflected our early de-
preston only to a small extent.
Light stock OF Corn at West.
Trade in the speculative corn market
has been quiet. A firmer feeling was
developed mainly in sympathy with
stronger advices from the West, where
STOCKS of contract grade are light, and
large operators giving strong support.
There was further talk of May deal
In Chicago, but conservative traders
were skeptical. as they considered 1t
doubtful If the short interest was big
enough to make a corner profltahls.
Trade in cash corn has been greatly
restricted by the meagre supply of de-
srable grades, and the higher views
OF sellers.
Cotton Market.
The principal feature oil the week IN
the cotton market has heen the con
tinuance of heavy liquidation and
rather general speculative selling by
professional trade interests operating
for a further decline in prices.
The falling off in the last fortnight's
good demand for spot cotton from Eng
fish and Continental spinners and the
pressure OF offerings of the surplus
holdings OF low grades in the South,
together with the absence OF any strong
incentive for investment or speculative
buying By outsiders, have been the
predominating Influence causing heavy
pressure. Active operations by certain
large market interests and outside
speculators have played their part With
the announcement of the recent bull
leader of his retirement. Under this
combination of depressing influences
there has naturally been tendency
to exaggerate the supply over the de-
mand conditions of the actual cotton,
and also the general dry goods sltua-
tion and requirements of the worlds
spinners pending the development Of
the new crop. The start for the crop
has so far been very favorable, but
the importance OF this has been great