The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1906-05-07
BEARS had BEST
OF GRAIN market
But Expected commotion in
Wheat Was Scarcely Felt
at All.
GLOWING CROP REpoTRs
San Francisco Disaster Still Fac
tor on Exchange Situation
In West.
Especial to The Times Dispatch.)

motion In the wheat market which was
billed to come at tho first of tho mon tn
scarcely was felt on change here. Tho
ears Of the trade were to the ground
listening for anything sensational that
might come to pass, but tranEactions
were 80 quiet and so nicely balanced that
the general poisc in the situation was not
lost at any time.
Throughout the week. and especially
toward the end OF It. there was enough
news OF the legitimate sort to give the
bears all the best Of the argument, but
II happens occasionally that pit condl-
lions override d very strong combination
Of influences from the field, and That
was the case last week.
Glowing Reports.
II one were to assemble some OF tina
items which were against the bulls. he
would call attention first TO the glowing
crop reports OF the week. Ohio raised
herself two points in the scale Of condi-
ton since April, and now stands at the
mark OF lo3. Missouri came along with
a State report OF ST, which Is two points
better than the government gave the
y State month ago. 3.
The Price Current and the Modern
Miller added their testimony to that OF
others, and 1t was all Of the same tenor
that the outlook for the winter wheat
crop Is 1rst-class. and that the earlier
stages of tile spring wheat development
indicates there Will be an Immense crop
In tho Northwest.
The fact that there was a decrease
OF only SOoOoO In the stocks at Mnne-
apolis and Duluth was another bear Item,
TO which might be added that the vlsi-
BILE supply in the chief ports OF Argen-
tine amounted up to 3sso,oD bushels as
compared with 3,34,o0o a week ago. The
Missouri report indicates that State will
raise 100000 bushels this season. In
Ohio the condition Is thirteen points
higher than It was at the similar time
q year ago. and the harvest of 1895 aggre-
gated 32uD,too The yield this year.
based on present conditions. ought &c
be something like 100000 bushels.
Increased Premium.
In the face OF tho price depressing
news, May wheat increased Its premium
although II was hammered hard by the
bears. There are adv!ces from mSsteri-
Gus Inside" sources that May wheat ls
to be forced UP to IS cents. It might
easily 20 to that point II the big shorts
4 try to cover.
There are scattering reports OF wheat
sas. but they lose their potency against
the grand chorus OF good cheer. It Is
true that Michigan has suffered severely
IN the lower tiers Of counties, and there
seems to have been some damage IN
Kansas. the banner winter wheat pro-
drcer. but estimates Of the crop In that
state run all the way from 15,0O0,000 to
90, o0o,0oo bushels, Neither group of fig
ares could we'll be considered bullish.
.tr1,, A xcoy, ft,,o-
900 bushels-were Just about what was
expected. There was a sharp picking up
OF the primary receipts in comparison
with those OF a year ago, but the In
crease was not extensive enough to stand
for much in itself
There Is still some seeding to do in
the Northwest but in Southern Minne-
sofa and Southern Dakota the work Is
finished and many fields are making
brave showing Of Brcerery. Even tho
late seeding is reported making fine pro-
gress.
The grain markets felt the effect OF
the denlora,za ton OF stocks In Wall
Street, and there is still bit Of In
f1uence coming from the San Francisco
disaster and its financial problems.
Corn.
Corn manifested less independence Of
wheat during the week, but there were
other causes contributing to a dull mar
ket. Primary receipts began to pick UP
materially and the shipments from Ar
gentne were 2.s3.000 bushels against u
All 900 bushels tho week before. The Sea-
board ciearances were unimportant al q
trife over 100000 bushels. This Is Just
about half those Of q year. ago. The
vesselmen's strike has interfered with
lake shipments. although eastern and
southern buyers are still In the market,
rs is evidenced by the prevailing prem
iums that are attracting moderate con-
signments, but not resulting In any May
deliveries. All the moving grain cargoes
have arrived East, and the real fight will
now come. Farmers are not expected
10 do much hauling for fortnight at
least Stocks are decreasing sharply
This fact, together with short supplies
and brisk ca stern demand for cash grain,
suggests the absence OF any great "eak'
ness for the present,
Oats.
Advices coming In regarding the new
oat crop indicate that that there may ne
a consIderab BILE falling off In the acreage
this year The Missouri area Is reported
of1cially 16 per cent, less and the ONO
area. $1,000 acres loss For the CROWNS.
crop the wea Their Is about all that conln
be asked. Northwestern holders are left
. HlBll hAil w " VIZ ~ INV " 49, $500
which means that eastern buyers now
favor the Chicago market, Speculatiyely
speaking. Patten Is in control of the
situation. There Is much hesitancy about
selling oats on account of the impor-
tance OF his position and the uncertainty
as to what he ia likely to do.
Packing,
The supply Of hogs Is larger than
hitherto, and the total packing for the
season is 10S.o0 head In excess OF a
year ago. Shipments of product are
heavy, hut the trade was somewhat sur
prised at he increase In stocks, although
last year, with the worlds supply lo1,-
900 tierces under. The cash situation Is
strong under the stimulus OF enormous
shipments of meats and laru.
H1ear;,o.Hn,1s AVERAGES.