The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1906-03-26

MARKET BRACED BY NEWS
No Great Damage Done to Win
ter Wheat by Recent Cold
Spell. A.
(spccln, to rho Timcs-Dlspa,ch.>

aPttg4t&5ds Ff s.3' sIs4 rs t'slt3s
il (spccin to rho Timos- Dlspatch.)
CHICAGO, March &--13ul ncws Of a
kind from all quarters OF the wheat
growing world and u cautious accept
ancc OF it--that WAS the rule in the
inGrkct last week, especially during the
last three days. The general broadcn-
1ng process, which commenced imincdl-
ately after tho last government report
was issued, continued, and there were
conservative men In tho trade who be-
can,o convinced that the grain Is on tho
threshold oc ~ moderate bull campaign.
Summing up the latest situation, tmuys
DO said thai receipts and stocks were
not so lncracing TO the trade; that there
was a better DEMAND or cash wheat from
nillcrs Dnd shippers; that there was 4
more healthy activity In the flour depart
ment; that cables from Great Britain
were more encouraging, because strongcr;
that American wheat was virtually on
even terms with that from Manitoba; that
tho character OF the shipments from ar
gentine held out a hope for wheat from
a tho States !; that there probably had been
some damage to growing wheat by enc
weather or the last week.
Stiffening of Prices.
The result or this combination Of news,
which reached its climax Of influence at
the end Of the week, was a marked stiff
fleming up of prices and the establish.
1ncnt, apparently OF Il strong basis on
which to commence operations MONDAY
morning. 7ft 2ite tf.5 SIS
Shipments from Argentine were larger
than had been anticipated but an anal
ysiy OF the points OF delivery showed
4 that most OF this grain was headed for
tho Continent and that Great Britain
would get little Of it. Liverpool cables
braccd ut once on this intelligence, show
ing that 1t does not take n great deal
after all now to turn tho eyes of English
consumers toward this country. In close
relationship with this feature Is the fact
that some No. ] Northern wheat was
worked abroad from Duluth and that
there was bright prospect for more bus!-
ness of the same kind.
Il. Because or the apparent approach or
American wheat to an eXportablc status.
the continuing Increase OF stocks in tho
Northwest, the amount being 800. 900 bushels
during the week, does not occasion quite
i 50 great concern aas It did some time
ago, Minneapolis mills bought choice
wheat In Increased quantities at pre-
MUM over the May price, showing there
IS a disposition TO 20 more earnestly into
tho making OF flour. Twelve important
mills In Minneapolis are now In operation,
and one observer Of the trend of things
expresses the opinion that the full ca
raclty OF the whole number Of plants
Shortly Will be invoked for grinding.
Production Of -four st!ll Is below that OF
year ago at the same period, but there
+ Is a slow clearing away Of stocks, and u
prices had not been advanced 10 cents
n barrel there probably would be an en-
1enslvo business to handle. Buyers are
still somewhat tlmld and arc not IN
clined to pay the additional premium
asked As in the Northwest there was
:, frmer demand for cash wheat at kan-
. sas city, but supplies there are light
Bradstrcet's statement shows that cx-
ports OF wheat and -four for the week
we're 2.2a3 600 bushels. against 1,N5eOl
bushels the similar week year ago, ana
that the total exports since July ]. nave
been lJl ,iicOJ9 as compared WITH i6-
81 G3i.G0, n year ago
There Is an charging market Tor wheat
on the Continent. where stocks are de-
creasing and where the irregular ship
ments from Argentine have given rise
to a fear that the cxportabe surplus
there has been ovcrcstimatcd.
No Great Damage.
Ii Is believed that no great damage to
the winter wheat has, been caused by
the recent cold spell. Over most Of the
area. there was a thick mantle OF snow
tho best possible kind Of prUtcction-but
here and there, IA thin covering may have
permitted serious impairment.
1t Will take the growing weather later
on to determine w..cthcr there was any
ground for the present anxiety IN me
northwest there was talk that the cold
March wave might delay spring seeding,
but 1t was q case of going far to borrow
trouble.
While export demand is Improving.
there is nothing in that quarter to grow
particularly enthusiastic about. Foreign
crs show u Willingness to nibbc at Amer.
lean wheat when prices get q setback.
n AS for the rest. he situation IS merely
suggestive of what might develop rather
than reflective Of what already has come
to pass, Che whole brondsde Of bull
news is OF this uncertain character. a.
lii of mild weather this week may total
" change the aspect of things and bring
the bear force again out into strong re-
lief
Meanwhile there is spirited dispute
about the volume Of stocks In interior
northwestern elevators, the estimates
ranging all the way from 100000 to
10000 600 bushels, Stocks at Duluth and
Minneapolis are about 100000 bushels
In excess OF what they were Il year ago
Corn Market.
Cold weather bad n tonic effect on the
corn market giving that grain q strength
that WAS not native to IT, The cold nat
urnlly Increased tho volume of consunp-
ton on tho farms and decreased tho
movement To market, BY exactly Tho
opposite token, the warm weather which
IS looked for this week Tny take the
snap out of things. Fundamentally
however It remains that there Is an
Improved cash demand and n fairly good
shipping business, While Argentine sup
plies seem to he pretty wcll-clcaned up
There arc small stock IN the I1castern
States and Canada, This situation might
easily become acute enough to give
marked cXpnnnsion to tho shipping de-
mand ana afford a strong brace, IL not q
boost, for present levels OF value.
Tic total of packing for March falls
80 900 below that of yenr ago this
month. The situation IL hlllish on small
-. -. .,.1 llaaAA L.