The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1906-04-23
DISASTER CAUSE
OF DEPRESSION D {. {: S i
Grail, Markets Feel Strain, But
Effect Was Largely
syn1pathetic.
BEARS AGAIN IN CONTROL con
Had Better Of Argument During
Latter Il: ] Part # q Week - j 3
cral Conditions.
BEARS AGAIN IN CONTROL 9; q 9
(spetlal 10 Tho Times-D ispatch.)

+. g. 4 Is
2 i6 (speEial to Tho Times- DispatchD
CHICAGO, April o2-Like the stock
market and al other brntShcs ofmctivlty,
the wheat market felt the depression that
grew out 81 the disaster at san Fran.
cisco. There was disposition to fvoid
the May wheat on tho theory that tho
!. loss Of SO much valuable property might
interfere with insurance and with money
( for carrying the grain. Otherwise the
distress of tho coast people had only u
3 sympathetic character.
Some OF the bullish aspects OF the gen
cral situation which we're conspicuous
the week before were absent last week
and the result was that the bears mad
g the better OF the argument nsain Tor the
p latter part II the week. They tlscu their
a ammunition 10 good advantage, cllpLing
Off tho advances that were scored carrier
4 in tho week on tho buoynnt adTices that
featured the trade "a
The Winter Crop.
Ohe Of the strongest, influences Of the
3 period naturally was tho widesprc; cad IS
a surancc that the winter wheat crop iB
coming along finely and that there Is
s. every prospect for one Of the greatest
prospect Is the more forccful as Il market
II maker, because there Is so much OF last
Z years crop left over.
Advices from every part Of the winter.
wheat territory were flattcrins ABOUT
the only complaints the last week came
from the low-lands of Illinois and Mis-
souri, and Indiana. Here the wheat Is de-
scribcd as off color AID showing a rather
:, poor stand but no where does the grain.
Show signs Of being winter killed.
Individual reports had little effect on
ton. all tending the same way, caused
Il dropping that wis aided materially By
other considerations. For instance the
news from ARGENTINE was bcarish. where
was big increase iii the movement Of
nenis for",hc week being about 10000
t uefIete Shipments las, week aggre-
gated 3.2ls.Op0 bushels. as compared with
x :.74i,0oo the week before and 2.S32, 90 the
like week a year ago II that the ~ toi u,
bushels short OF that Of last season.
There we're explanations 10 offer also
for the paying Of premiums By lnlllers
q in the Northwest for cash wheat. II was
said this feature was really bearlsh and
did not have the significance attached 70
1t BY part OF the trade. Whether or not
the explanation explains - set 4, lo tha
miilers by the elevators interests and
that IL business In cash wheat does not
get down to a reasonable basis some OF
q the mills Will have to close.
Speculative Position.
The speculative position happens to be
important u, this time. II is. estimated
pya,e, Wrs neat f nsrf Epa
longs and that there are lines aggre,
eating fully half ms much more IRE, ! held
through three other large IiI cencsrn :,
tho larger. shorts to cover their May
wheat, although there has been consid-
cradle shifting as Between July and Sep,
q tembcr The small shorts who covered
recently furnished q striking Illustration,
OF what might happen to large an1
unwleldy snort interest II 1t attempted
: to cover IN the present marrow marker; !,
The outpilt OF -four IN the Minnea polls
district during the week was more thah
double that OF The corresponding week a
year ago AID about 5000 barrels N ex-
cess OF the manufacture the week pre-
vious There Is some proportion TO the
market but MS n rule there is DISPOSE.
ton to buy only what current needs eau
for For this reason there Is little
ginger in the market, says the North
S Whie domestic ies crop reports are favor.
able edvgsa from hbroaa arg mo, r CONN.,
gary In the United Kingdom crop pros
poets have improved and the OUTLOOK ~
i'T Reeep:s Of s'' Wheat nuctuate violently.
but as a general proposition It may be eX S
pected the onr ro aa th rst farmers
nre busy With their seeding Of corn. oats
and spring wheat. Field work Is pro.
gressing satisfactorily both in Canada ana
the States
Other Markets.
Corn suffered somewhat with wheat, but
1t has in 1t much inherent strength; !ne
country movement being liln!tcd and the
stocks being reduced steadily, Charters
TOR yesss hxs tSe
3 the shipping business. I, Eastern any
Southern shippers are IN the market, ana
thew have no hesitancy about the price
question, With all this show Of whole,
some conditions it Is suspected there may
be something fictitious ana temporary "
the situation, d, ~ IL !,
= =, - interest centres largely on the prob
able coarse Of the bull leader ~ oats
The foreign and Southern demand IS go9d,
The South Is taking oatT b ireeE Is au General
impression that the acreage Of tll =, ne y;
crop viii be much reduced on qGSo " Ait III
the fact nat the weather w5 9ag Aa,a Res II
the end Of last Week that 20 peTo cent q
The seeding in Nebraska and Iowa i,,' wa
Vet Vet to e be Done, and that there has tbepn
serious delay IN other stn we l. as .trot,,1
as ever e and responds quickly to fayora' pc
swings of the trade pendulum HOG prlcea
are trendng strongly UPWARD - sets,is
within hallng dlstanee Of n fNe on such
basis Total packing to date Is GOooo "
excess OF that Of q year aso, shortaEs
OF hogs and Immense consumption. nIs
counted on by most traders 10 MAINTAIN!
values at q dizzy height all summer ano
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