The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1906-03-19
Governl1lent Report on Farm Re-
serves Had Very Good
Effect. IA,
GOOD SHOWING OF SHIPMENTS
Burdcnsotnc Volume Of Stocks 81
Oats-Wsck in Packing
Trades.
Especial 10 The Tlmes-Dlspatch.

the issuance OF tho government report
last Saturday, SHOWING farm reserves Ut
16S,WO,OO. instead OF the much higher
figures suggested by many private cnl-
cnlators. proved a turning point In the
general situation on this side OF tho At
lantic. That the report also had n good.
Influence on tho foreigners is apparent.
Both Sides OF the market have learned
90 much from experience during the last
six months that there was no tendency
TO go at things pcll-mell. There was
moro life than for weeks in various
market ceilters, but nothing like q run
away enthusiasm. The time for that has
not arrived. II 1t Is TO get hero at all
during this crop year.
Broader Market. q
+ It is true, however. and goes without
questioning, that there has been a broad
ening and Frightening OF the market djr-
Ing the past week. Especially cncouras-
Ing is the greater demand for and b,isi-
ness In cash wheat. Tho way the for
8eign markets are looking up is likewise
consoling to those; who have waited long
for Just such n situation as. now pre-
walls. When tho foreigner begins to make
serious Inquiries for American wheat and
begins to buy Manitoba grain more lib
orally. there is good cause for congratu-
Iation. These phenomena were manifest
during the days following the publica-
tion OF tho government figures.
Every trader was pretty well agreed
that when wheat here got down to "a
cents, the low point. every bearish innu-
encc had been discounted. This included
the very excellent weather conditions said
to have prevailed at that time over the
winter wheat country. There certainly
has been no Improvement over those con-
dltlons. The recent cold snap may havo
been severe strain on the fields. which,
were covered with n coating Of ice alone.
but where there was a mantle of snow:
the protection was perfect.
Stocks at Minneapolis and Duluth con-
tinuc to increase. but 1t is believed by
many that this grows out OF transfer
from country elevators rather than re-
ceipts from the farms. The visible sup
My is still large enough TO act as a
deterrent OF buIlisii enthusiasm. but the
phenomena of the last few days suggests
n breaking UP OF trade enbarRoes and
an expansion that are likely to count
toward a Strengthening OF prices.
Shipments OF wheat and flour (Inostly
nour) from the United States In Febru.
airy make n good showing. the total being
$4,000 bushels. 5647.00O OF II being -four.
For the eight months OF the rron year
the shipments aggregate T1,1b0.0O0. of
which 43.sT2.Ooo bushels were In the form
OF -four Argentine shipments for the
WCShf IGII Olt iIl0t Tue tOtttt Oel|IS
3.160,00O bushels, as compared with 4.3s2.-S
900 bushels the week before, and the.
same amount n year ago, This dimIn-5
ishcd movement was ono OF the encour-5
aging features fors9ithc local markets.
Whether 1t has a permanent Significance
Is yet to be determined.
New York advices during the week
told OF large sales of flour for both do-E
mcstic and export use. It was also said
some of the St. Louis mills had worked
a considerable amount OF flour for export.
Farmers are not expected to market
wheat freely unless prices have good
rally from the present level. those OF the
Northwest especially being disposed to-
wait and see what the prospects are for
the new crop. II the weather should
delay seeding OF spring wheat and res
ducc the acreage. such situation would
have bullish Influence. z
Corn Market.
The fundamentals OF corn market were
much stronger last week than heretofore.
One of the reasons for this was the
lightness of the receipts which have
shrunk to very small proportions. Some
traders have interpreted this as meaning
there is not so much corn In the coun-,
try us tho government report on reserves
and the visible supply fiigurees suggest
or that consumption at home was larger
than was generally believed. Along with
the lessened receipts have come higher
Ca bles aud a much stronger cash de-.
mand. Canadian and eastern buyers arc
In the market for corn and clearances are
liberal. Movement of corn 10 market
from the farms, is likely to be small for
8Scnle time to come on account Of bad
roads ifnothng else. There should also
follow a decrease In the size OF the; visit
hle,s a thing In itself. which the trade
usually intcrprets as bulllsh. Tt is im.s
possible to say what ortion OF the new
strength OF the market shollid be attri-
5buted to speculative activitH what part
to natural conditions WHICH may easily,
DO changed and what part to legitimate
laws of supply and demand.
Oats.
II There Is a very b,lrdensone vol mc OF
stocks OF oats. Coupling this with the
farm reserves OF 379,0OOeO0 bushels as
reported by the government. there Is a
weight that will require great bloyancy
to Hcrcolnc. Some OF the bullish sentt-
$lnent in the wheat llarket S was trans
#mittctl to- tho oats by q sylnpathe tic pro
cess. but when Il traders stripped the
cues ion of extraneous influences, hey ad-
plitted there was not much cause to
rllodi views OF the oats situation. Ex-
port clea RANGES are not large elloughS to
reduce stocks. a5 q iscou raging symton1
gtinue limited. Shippers are reporting a
good inquiry for Eastern shipment and
cash buyers toward the end OF tho week
We're in the ma ltct, presumably gainst
Eastern sales. 55 n
Meat Packing,
Total packing since March is OLE. 600
hogs, or 10000 loss than Tor tho like
period Of N year ago. Shipments Of pro-
duct arc liLsra with a large propor-
ton going abroad. Ont OF town packers
say the export demandd for hog products
is Immense. All cut ss OF meats nre
wanted. as vol as lard i ana full prices
arc being paid. The home dan,alld is
equally good, & 1T lis about tho best ever
known at this tin,o 81 the year, These
facts go to explain tho strengt under.
lying the speculative market for ploYI-
5slons. ssI. III VI Il u nv
n. - 90 az $500.
SOUTH PRO PEROUS,
go NJ