The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-03-16
.,kct WINS Sold.

SMALLEST since LJDJ. ApN, NiS'p4N
supply is comparatively small, SO tina.
after allowing a fair quality for home
requirements for food and seed, we Will
have only meaSre surplus left for
EXPORT ~ to the end of the cereal
year.
When Prices Turned Upward.
Later the decline was arrested and
greater IrmneSs impaired by reports
of an appreciable betterment in the
milling demand all over the West, and
much better sales were reported, In
o.ludins liberal quantities for shipment
after the opening OF navigation to
Eastern millers. AT the same time,
there was a marked Improvement IN
the export inquiry. although limits
were too low generally and prevented
the accomplishment of much business.
An important advance was checked,
however, by reports that climatic con-
ditions had been generally satisfactory
in the winter wheat belt, and that up
TO date there is no indication of Sc
rious crop damage, although IT is con-
ceded that insect life has appeared in
some localities.
Is In the last half OF the week the
wheat market was still decidedly fever
fish and unsettled. with prices fluctuat-
ing rapidly; but after all the net
provement was only prevented, how
ever. by the huge exports from Ar
gentine, the total cleared from that
country being materially larger than
anticipated. The recovery late in the
week was caused partly by the poorer
outlook in India, where the acreage is
placed at only 21,00O,00o, against 60
100000 last year. Firmness was also
created by better commission house
buying, especially in the West. prompt
ed by reports of fairly active buying
by domestic millers and renewed in
terest on the part of exporters.
Corn Market Quiet.
There has been only small volume
though a stronger feeling obtained,
in keeping with advices from the
West. lt5;appears that much larger
percentage of. the last crop was caught
by frost than, generally supposed and
the grain is soft and spongy, and
therefore is not fit for delivery on con-
tracts. Buying was also prompted in
part by the Agricultural Departments
report on farm reserves, the total being
placed TT s62.o00,0OO bushels, or 81
per cent. of the crop Only twice in
the past twelve ears has the percent
age been SO small. Export trade in
corn has been dull, owing to the light
supply on offer and the higher views
of holders.
Cotton Market.
Cotton markets all week declined
under an Increased pressure of offer
ings from the South against the bal
ance Of the crop held back by planters
and liquidation from many tired hold
ers and recent bulls. These conditions
developed shortly after the opening
of the week. and continued under the
further depressing influence OF abb
sence of support and lack of incentive
from any substantial Improvement in
{, the dry goods markets. The necessity
of mills TO continue curtailment OF pro-
duction and others to cut wages, and
many holders of cotton in the South
being forced to sell on account of ma
turing bank loans, together with the
complete absence of any outside invest
ment or speculative demand, were the
contributing factors undermining the
position of the markets here as wei
as at Liverpool and New Orleans The
only support prices received here came
from covering of shorts. But for the
presence of this scattered interest act
ing as protection to prices. the de-
cline likely would have been more
severe. This is especially noteworthy
in view of the discussion in Congress
to pass the pending bills to prohibit
trading in cotton and grain futures.
The market closed yesterday at about
the lowest prices-25 to so points net
decline from last Saturdays and As
TO 60 below the quotations of March
4th when the March option sold at
1917, May 1923 and July 1870 Yes
terday March sold at 1923, May 1919
and July 1920. These are the lowest
prices reached since the late hnancia,
panic
s Regarding the Mills.
I Reports from Fail River, Lowell
= New Bedford and Providence, as well
as in the upper part of this State, and
milling centres in Pennsylvania, con-
tinue of a. disappointing character. II
B had been expected an improved demand
for all classes of manufactured goods
would have developed long before this
but orders are, however, atnl coming
In very slow 10 manufacturers ot
goods, AS a consequence of this spin,
rers OF yarns and others reauirtn.
3 large stocks Of spot cotton are still
holding aloof from the markets, ant
continuing TO place buying orders only
for such quantities as may be require
for the near future, Despite the rattle,
general short-time movement of oper
atlng the mills on schedule OF abou