The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1906-02-05
BEARS TRACKS
EASILY TRACED.
Bull OF Wheat Market, Ahead of
Him, Occasionally Turns to
Make Stand.
OTHER CEREALS ARE PRESSED
May Corn and Oats Take a
Tumble of About a
Cent.
OTHER CEREALS ARE PRESSED

SALASASJO1 0CDIudTy Lille tTalI OF
the bear in the wheat market Is easily
traced for the last fortnight. Ahead of
him Is still scampering the bull with
only modicum OF courage now and
then to turn and make temporary
stand. AT that, 1t is a tame and spirit
less chase. Neither the retreat nor the
pursuit is dramatic. The net trophies OF
the bear amount to about four cents a
bYshel, for May wheat and 11-2 cents
for July. That is the range of the fall
in the price OF wheat in two weeks.
Along with wheat the other cereals
have felt the pressure OF big crops, i'm
mense stocks and a dull market. The
price depression Is not so marked as in
the higher priced grain, but 1t is con-
siderable. May corn has fallen from IS
1-s cents, two weeks ago, to ia cents
to "A SIS cents. July has experienced a
similar drop. May oats has had tum-
BILE of over cent and July, large
fraction OF a cent.
The Chicago market has lacked fire
throughout the period OF decline. On the
board of trade there Is no Armours at
work to take the lead In campaigning.
The fundamental law of supply and de-
mand, modified now and then by specu-
lative play, on certain kinds OF new,
has been the compelling force in the
market. 1t promises to continue SO lor
come time to come, unless the condition
az the winter wheat-helds become such
that the bulls can manufacture stam-
pede OF the enemy.
It Ia certain that there must be an
entirely new line of argument to bring
about an advance In price of any mo-
ment. II will not do to insist that Eu-
rope is in position where she is cont
PEELED to look to this country for fmme-
date or somewhat remote supplies. The
force of that argument has been thor-
oughly dissipated by stubborn facts. Ac-
cording to the bull theory advanced with
such plauslbility and emphasis two
months ago. 1t was the period through
which the wheat market is now passing
that was to be the psychological and logi-
cal moment for the American shipper to
get In his work and n1sk Ike his profits.
The critical hour Is spending itself. and
Russia is still shipping wheat. Argen-
tine is getting busy with her export sur
plus. and is sending great volumes OF
grain to Europe Australia Is furnishing
needed supplies. Manitoba has plenty OF
wheat left. and can offer IS several cents
cheaper than the American shipper Is
willing to accept.
Argentines shipments are one of the
noteworthy phenomena of the market
just now. The clearances for the week
amounted to 2,56S,oe0 bushels, or double
those of the week previous. Compared
with the like week year ago. there was
an increase of over 10000 bushels. This
showing toward the end of the week
was one of the influences that caused a
dip in price. The Importance OF the
movement is Offset somewhat by the fact
that the shipments from India were only
ca, 900 bushels. as compared with 100000
bushels the week before, and LISP. coo
bushels a year ago. Argentine's surplus
| is figured from 100.00,O00 to LIS, 900, 900
bushels. and the grain is said to be in
| good condition. as rule.
Shipments are likely to be large for
| several weeks to come. and they will
| prove a severe handicap for the Ameri-
| can bull. on conditions that might other
wise develop into an argument for bet
| ter prices in the States Manitoba Is
another competitor in the way with lots
of wheat held back, ready for demand
| from abroad, at values which the Yam
| kee holder is not willing to take.
| There was a time during the week
when 1t looked as if the severe weather
conditions in the winter wheat belt
might Ire used to advantage by the.
bulls, but before the week was out there
was not a great deal to say along this
score. although there We're serious COM
plants from Illinois, Missouri and other
States, OF damages by alternate freez-
Ing and thawing. Generally speaking.
the cold wave was not so vigorous as it
promised to be, according to expert
weather forecasts. There can be no SER
tcus impairment OF the growing grain
where there is blanket Of protective
snow which acts az fertilizer. moisture,
producer and giver of necessary warmth
In the northwest the situation looks
brighter from several viewpoints. The
accumulation Of stocks is now very
small and at the present rate decrease
the stores will begin to diminish percep-
tibly. AS companion piece to the de-
crease In denominations Is the fact that
the flour trade is picking up nicely. Sales
are on a more liberal scale and grinding
operations are expanding, which means
a broader demand for cash wheat.
1t Is also set forth that the southwest
Is steadily selling low grades of hard
winter wheat for export and probably
also selling hard winter flour
Duluth has now about 100000 bushels
of grain. which, at the opening of lake
navigation, will be let loose on foreign