The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1906-02-12
FR0STs ALARMED
WHEAT TRADERS
Many Fields Without a Covering
Of Snow, and Very
Dry.
GRAIN DANGEROUSLY EXPOSED
Careful Casting Up for Week
However, Shows That Damage
Was Small.
fspecinl to The r1mes.pisnntch.A

H Uttltuius 1OI " more sD1TIlCu JlDuT lTSus,
possibilities OF weather which would
have II damaging effect on the growing
winter wheat and livelicr spec c!at.ve
operations, wheat took on a cent or more
IN price in this market last week. The
news from abroad was far from Dis
c~ouragtng to those who think the orrssr.
price-level is quite low enough. At the
same ,ime the chances for a suceessful
bullins Of the market seemed rehibt+.
There was serious alarm IN soino parts
OF the winter wheat territory lest the
rigorous cold wave should do IGsIyidGs,
able damage TO wheat. Az II r9yfedf III
naliy there was more in the Representatives.
of the situation for injury than in the
actualities. Many fields were wilson,. !.
covering OF snow and were very dry.
giving the winds "A chance 10 blow the
surface soil away from the tender roots
and expose them to the cold. Freezing
and ~thaw'ing in come communities, es-
recially In western Kansas, had ago
left the grain in a dangerously exposed
plight A careful casting up for the wesk,
however. showed that the damage done
was small.
Argentine shipments fell or somewhat
from those of the previous week and
were SO, 100 bushels short of the showing
for the like week a year ago. There is
as vide difference AZ ever In the esti-
mates OF the exportable surplus OF the
South American republic. but opinion
seems TO come back to the point that
there lis 10o.0no.ono and possibly 100000
bushels to ALPHABETICALLY the same as
last year. Fur this crop year 10 date
the showing for Argentine on shipments
II $4,000 bushels against S,33S,06D BUSH
els a year ago.
There was little IN the wheat situation
Itself in the northwest on which to hang
bull sentiment Minneapolis stocks
showed a decrease Of over 400. 900 bush
els for the week. but at Duluth there
was an increase OF 225.oo0 bushels. A
bit OF consolation In the last quoted
figures lay in the fact that a week ago
the increase was 5000 bushels the
week before. There rs said to be some
thing like 7.ooo.0os bushels of wheat
stored away at Duluth-an item that
acts depresstngiy on the trade.
1t is a very interesting statement
bearing on the general wheat market
for the crop year that seventy-nine of
the leading mills OF the northwest have
turned out since September LIST 2,2zo.520
barrels more -four than they did for the
same period a year ago. IT was this
immense consumption OF wheat for
grinding that kept prices up to a high
level for 80 long.
The foregoing figures arc furnished by
the Northwestern Miller. which goes on
to say that stocks OF -four are not excess
sive according to the last statement.
Mills are Increasing their output slowly.
and trade is expanding persistently, but
not by great strides. About 5000 more
barrels was turned out last week than
the week before.
With no strong leadership on either
side of the market, there is quick re-
sponse to all kinds OF advices. During
the weel, this was illustrated when a
cable from Argentine said the surplus
there was forty per cent. below that OF
1905. There was absolutely no corrobo-
rative evidence OF the truth OF the state
ment, and conservative operators paid
no attention to 1t. but there was a mo-
mentary furry IN account of 1t. AS a
matter OF fact, as 1t proved later. this
cable had reference to flax.
1t is probable that the next statement OF
the Visible will be an item on the bull
side. but with Immense stocks In the
and with the probability of 4
large showing on worlds shipments. 1t
is hardly likely the figures will weigh
much in the general casting up OF the
situation.
some OF the more optimistic IRE trying
10 find cheer In tho thought that Austria
liza Will be called upon to suppiysthe de-
hciency in India; that Russiais
will be diverted to Germany. and thnt
the rest of the deficiency countries Will
be Obliged to axe from the american
surplus, seeing that Manitoba is not in
= position to do much In tho way of
Forwarding grain at this time of the
wear. 1t would require a good dear OF
courage to count seriously on this cons
tlngency, since similar arguments all sea-
son have been nullihed by a stubborn
avoidance Of American wheat, save the
cheaper grades.
Short sellers talk bravely enough Of
the general situation, but they are tilnid
about doing things SO long as the danger
OF winter killing IL k0steal as 1t has been
for the last ten days. Foreign markets
are stiffening up and primary receipts
are falling off. From the viewpoint OF
to-day, next weeks markets promise to
follow the uncertain movements witnessed
during the past week, veering sensitively
to every large and small influence. Indian
shipments have fallen practically to the
zero mark, being $4,000 bushels for tho
week, as compared with j. 2So,0oO a year
Rgo.
Prices for corn suffered a slight slump
on account OF the hardening nature OF
the weather, increasing stocks and dis
piriting ~clearances. The cold weather
has resulted In the better grading of
corn and s~timulated4the movement, which
As likely to expan considerably unless
warmer and damper weather sets in. Sev-
eral large holders We're induced to part
with a portion OF their corn on this pros
pect. The cash situation Is weak, tending
to{depress the May as well as the deferred
futures. Tho outlook in Argentine is for
about the same kind OF crop as that Of
last year. Shipping and export business,
both here and at the scaboard, Is slack.
For the week the Argentine shipments
aggregated $4,000 bushels, as against
$4,000 a year ago.. For the year to date
they nave been 2,544,OO, against 8,726.0oo
bushels in 1905. Most of the Operations
for the week were interpreted as moves
to safety. III
There are some features Of tho oats
situation which make for bullish feeling,
\ especially the Decreasing OF stocks. but
offsetting this is tho fact that stocks
are still burdensome and that clearances
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