The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-07-20
Crop Damages Rcfntcd and
Large Export Trade
Uncovered.
Il oRN EXCITED AND HIGHER
Cotton Market Dull and in Rnt.
Crop Outlook Continues
Excellent.

Excellent.
NEW YORK, July 19.--Apart from
4 tho doubt prevailing concerning the
wheat market seems to have settled
down fairly close to a normal basis
IN other words. the confusion and un-
# settlement generally attending the
transition from the old TO the new
winter wheat season have seemingly
cniminated, and affairs have reached
s febatable ground. For the time being.
u at least, markets appear to be no
Z longer dominated by bearish sentiment
as almost Invariably the case at, or
K Just before. the new crop year. This
suggests that numerous dealers have
arrived at the conclusion that the de-
4 pressing effect OF the neW crop has
been discounted.
xyllnt slndc the Bulls Nervous.
There was a strong rising trend on
Monday, but afterwards most OF the
advance was lost The buoysncy at
\ the outset was largely attributed to-
crop advices from the
Northwest. but partly to encouraging
d cables. 1t was easy to perceive that
European markets were mainly influ-
4 and the resultant big decrease in the
quantity on passage. The upturn was
particularly striking in Minneapolis.
where September contracts advanced N
somewhat sensational manner. IT
was also plainly evident that sellers
for the decline had become exceeding
Il ~ nervous, owing to the alleged appre-
ciable damage to the crop by the pro-
4 tracted dry, hot weather, the predicted
h drop in temperature failing to mater
\ ialize. The fcverish and spasmodic
!. action CO the market was chargeablcj
to the fact that traders were per-
picked and nervous on account of the
numerous conflicting reports respect
ling the outlook in spring wheat ter
,sTitory.
a There was wide difference of opin-
Ion among the conservative clement
as to the extent OF the havoc wrought.
Tor example, advices from credible
sssources in practically the same sections
-;were often by no means in accord as
iGto the injury done by the drought and
ylieat. Some experts expressed the opin-
Ion. that the production had been re-
! duced fully 100000 bushels. while
aother equally competent judges assert
ed that damage reports We're highly
exaggerated, and that the loss would
: he less than 100000 bushels. Natura .
/, w there are conservative traders Who'll
contend that it Is too early to form
any positive opinion. Presumably the
advent of cooler weather and copious
rains might prove exceedingly bene-
Z fetal.
II What the Final Figures Will Show.
Aside from all this. traders are stead |
fly awakening to the fact that early |
estimates as to the dimensions OF the !
crop were greatly exaggerated. and
,ft oil N.Y.
be only slightly larger than last year,
which would leave much less for eX-
port as now we have almost no old
reserves, while they were fairly heavy
4 n year ago. The recession Immediately
following the buoyancy on Monday was
ascrbed mainly to speculative influ-
fences; that is, profit-taking by hold
ers for the rise prompted chiefly by
cooler weather and showers In the
Northwest. Furthermore. the weather
in winter wheat territory was almost
[perfect and therefore there was fur
Their enlargement in farmers deliveries
at country stations, although the vol
as,ime was not SO large as expected, as
many farmers were dissatisfied with
current bids.
Late in the week prices showed wide
Fluctuations. Traders had been rem
sdered nervous by the many conflict
ing reports received from the North
4 west. Temporarily, the market was
depressed slightly by the advent OF
cooler weather and rains in spring
wheat territory. but advices from some
sections suggested that the change
came too late to be especially benefit
I cial. Reports from other places as
serted that the rainfall was entirely |
inadequate. Afterwards firmness was
created by the'tencouraging tenor of
cable advices.' which resulted in brisk
buying by exporters, who took all
the old winter available on spot. be-
sides fairly large quantities OF new
TO arrive.
The late buoyancy was partly In
sympathy With higher advices from
tue West and especially from Mime
npolis, where July contracts jumped
8 cents bushel In few hours. This
led to the Impression that sellers for
the decline We're badly scared.
The Rise In the Corn Market.
In the corn market prices have ad-
vanced with conspicuous rapidity, ac-
companied by more or less excitement |
and somewhat violent variations. July |
& contracts in the local market were es-
Apecially strong, bounding up In start
@ling manner. rising 3 IL cents in a
I. Jew hours. 1t seemed evident that
short sellers had become somewhat
8demoralized, because of the remarkable |
scarcity of contract grades.
There is practically no contract corn
here, and almost none elsewhere, which
is certainly extraordinary, and par
ticularly considering the high figures |
+ Consequently it Is believed that farm
ers parted with almost all Of their
4 reserves during the May corner In
y s,licago. and therefore there are many
!. conservative commission men who |
you'd not be surprised should septem-
per. sen higher than July. This does
not sound unreasonable. since there
must be less corn in the country Nv
s5september.
Cotton Market
The market has been extremely dull
Inlfoushout the past week At one
Il 1ifne II looked as though it would 90
& aken out Of the "rWt." This was when