The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1906-02-19
D.|G|TAL|s WON I
SAVE THE BULLS
Wheat Market Boosters Give Up
the Ghost and Acknowledge
1t is All Over.
FEAR MARCH WILL MAR CROP
Fine Prospects Now May Be Inn
paired in the Next Six
Weeks.
Special to The Timcs-Dispatcl,.)

& T. .
Especial to The Times Dispatcli)
CHICAGO. February l8--sIore than any
other time since the wheat OF the crop ar
1906 began TO move the domestic and
foreign influences seem to have conspired
for the undoing of the element which be.
lieved there WAC still chance to put
some bull tonic into the market with
success. The nitro-glycerlne, strychnina,
digitalis stage was reached last week.
Each of them failed in turn and this
week the bulls gave up the ghost and &C.
knowiedgcd 1t was all over with them.
Guided by the Information at hand
at present. II looks az IL severe damage
to the growing winter wheat crop in
this country would be the only thing po-
tent TO move up prices from around the
present level and that possible contin-
ecncy is yet to be developed, according
to the best sdvices from the regions
Of the wheat fields.
March Is the time most feared fdk the
making or marring of IA winter wheat
crop. The present fine prospects might be
impaired fifty per cent. In the next
Six weeks, but not many traders do bust
ness on the horoscope OF the astrologer
or any OF his kind. When the situation
liz looked at close range with the legiti-
mate conditions at home and abroad in
snind. the outlook is not at all flattering
for a higher range OF values.
There were great possibilities OF dam
age in the cold wave OF a week ago. blu.
the fact seems to be that the crop was
impaired only in very small areas. not
affecting the situation In large sense.
Certainly there was not enough evidence
OF injury to enter seriously into present
or future calculations
There was scarcely note OF cheer for
the bulls from the other side OF the
ocean during the latter part OF the week.
The markets fell in Great Britain and
on the continent and the fall seemed to
tic for good and sufficient reasons. There
was no disposition to single out this
country for supplies for the simple rea-
son that enough wheat was forthcoming
from other sources at more favorable
terms. Even Manitoba, which has several
cents the advantage of the States. stood
little show OF sharing in the foreign
business. There was too much wheat com
Ing out OF Russia and Argentine,
Conservative sta;istcians are pretty
well agreed that all the indications are
now for large surplus from this crop
To be carried over into the next crop
year. This conclusion Is reached after
the most liberal allowance is made for
export and flour business during the re-
mainder of the crop year until the middle
OF July. Clearances for the year show
an enormous increase over those OF
year ago but that does not prevent the
stocks from being unprecedcntly laigs
now. Exports of wheat and flour during
the period from July !. 1906. to February
were equivalent 10 So, coo bushels OF
wheat compared with o7.6T7 900 bushels
for the corresponding period the year
previous The consumption OF flonr
abroad and at home for the first six
months OF the year was remarkable and
1t kept stocks of wheat we'll cleared up
but since. the middle OF December stores
OF wheat have gained enormously on cash
demands and 1t Is that accumulation,
with no adequate outlet, that discourages
the bulls.
For weeks it has been popularity sup
posed among the trade that India Is TO
be reckoned out of the equation MS an
exporter this year, and now comes the
English authority most widely credited
with the estimate that India will have
an exportable surplus of 1000. oo0 bushels.
Russia Is errntic in her shipments. but
she is still big factor in the void stu
alton. thereby belyng the theories on
which so much store was set rev
weeks ago.
The pessimist has been heard from in
Argentine, saying the surplus there is as
low as 100000 bushels. but his word
Is discounted and the volume of eXl'err
business going in the South American
republic Is the best possible evidence of
an abundance of supplies. The shipments
for the week were 360S,G0o bushels com
pared with a,393, goo bushels the week De-
fore and $4,000 bushels the like week II
year ago.
a Duluth is gaining stocks right along
more rapidly than Minneapolis Is LOSING
them According to Duluth authority,
..the tota, available stocks In the North
west can be placed around SO, 100000 bush
els including the Minneapolis and Duluth
nresent stocks of 20,OOO,00O bushels. This
will go out about as follows: Minneapolis
ana country mill consumption, 6OOo,O O
bushels; Minneapolis shipments. b,o00Qoo;
Duluth mills, 100000. This would leave
a balance of 15.000eOO bushels for ship
ment from Duluth, or to carry into the
next crop; and 1t is doubtful II Duluth
can ship that amount without the assist
ance of an export demand.
Tho flour demand Is nothing to braS
about, With all these depressing intlu-
ences, prices of wheat do not seem to be
considered high. Small depressions are
followed by buying operations which keep
ynlues from breaking severely.
The natural dullness In the corn and
eats markets Is emphasized by that Of
wheat, and there are few features worthy
az mention regarding these cereals, The
receipts OF corn are nearly double what
thew were at this time last year, and the
demand is not strong enough to take
care of offerings as they appear. Elk
,avN,A