The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1906-02-26
LEVEL or VALUES
WENT POINT LOWER.
Hardly Scrap Genuine Bull News
in Wheat Market All
Last Week.
----
INJURY TO GROWING WHEAT
Conservative Operators Believe
the Idea of War Between
France and Germany.
INJURY TO GROWING WHEAT
Especial to Tho rlmes-Dlspatch.)


CHICAGO. February 25.-There was
hardly II scrap Of genuine bull news
In the wheat market all last week, and
In consequence the level OF values went
to a point lower than II had been for
two years previously. The two consdera-
tons which had tendency toward lift
ing prices on q higher plane, but when
failed to do go in actually. were the
reports OF damage in the winter wheat
fields and the political unrest caused
by the Morocco conference. In both cases
the trader was dealing with possibilities
rather than facts. and the weapons werc
poor ones to aid the bulls against the
strongly entrenched bear contingent.
SO many reports of injury to growing
wheat came III that the trnde began To
consider them seriously, something IT had
NOT done before this season Many of
the reports are credited. Some impair
Inent seems to have taken place, but just
how extensive is the datfiage done Is
yet TO be ascertained. In many places
the situation is confessedly favorable for
harm. there being no snow protection and
plenty of moisture in the ground. a COM
bination that gives freezing and thaw-
ing chance TO get In its work most
effectively.
Missouri. Illinois and Kansas have been
most persistent in the stories OF damage
from freezing and thawng. while Indiana
and Michigan claim the wheat has been
injured by drought. The unseasonably
warm weather during most OF the win
ter has caused n rank growth OF wheat,
making 1t peculiarly susceptible to the
March brand of weather. This sort II
weather seems to have arrived ahead
OF schedule this season, and from this
time crop scares may be looked for
periodically.
The trade also for the first time gave
sober attention to the strained relations
growing out of the Moroccan conferences.
More conservative operators belittled the
idea OF war between France and Ger
many.
Satisfactorily there has been very little
encouraging IN either foreign or domestic
adviccs Europe continues to take Amer
lean whea, and flour. but In fneager VOL.
ume. the demand being for particular
kind OF grain or flour for a particular
purpose and having little influence on
the general situation here. The spring
wheat brands OF flour are favored be-
cause of their quality, which Europeans
like. Broadly speaking, American wheat
has not yet come into contact with that
elusive thing called IAN export basis
Meantime there Is liberal selling OF
wheat from first hands, and the primary
receipts are of volume that does not
look encouraging for better prices until
u more capacious outlet is found for
both grain and flour This pouring IN
OF wheat upon the stores already In
hand has thus far counteracted and multi
fled the reports of winter-killed wheat.
III the movement continues there VIII
need to be some radical change in an
II ff.y, m ~. sb. 40 ffny,
and bring about higher range OF values.
Traders generally believe the bottom OF
the toboggan for the time has been
reached and that there Is likely to be
some temporary reaction, due TO covering
by shorts.
Among the foreign items OF news which
have helped the cause OF the bears are
the large shipments from Australia and
Argentine, and the fact that Russia is
still a strong factor In supplying the
current wants OF deficiency countries
across the Atlantic.
The latest figures from Argentine on
shipments for Il week showed 35S4.000
bushels, and since January LIST the move.
ment has been 15,3320o0 bushels. against
1l6so,O00 bushels for the similar period
year ago.
Broomhalrs cable from Australia esti-
mates the surplus of that country at
100000 bushels, and says there is a re-
serve left over Of 2S.C00, 600 bushels. Ship
ments are larger from Argentine than
they were year ago, but not enough
larger to make a great difference TO
America. It's theiother conditions abroad
that make for n poor chance for Yankee
competition In European trade and
against better prices at home. Cables
of the week brought bearish news from
India in the advices of needed rains at
critical points In the wheat region.
Up in the northwest the situation Is
peculiarly discouraging. Receipts and
stocks are again on the Increase at Min
neapolis, whereas there had been de-
crease In stocks the week before. The
flour trade is described as dull and with
little prospect Of immediate betterment,
although some of the trade are looking
for an enlarged foreign demand for the
better grades OF mill product later on.
What the future of the market is to.
be. is a hopeless puzzle. There are those
who believe that If present primary move
ments continue the price level will sink
to that of three years ago, when May
wheat got down to 1914 cents. Theories
are more easily cultivated than convic-
tons hence the stupid speculative bust
ness that has prevailed for weeks.
Corn and oats naturally suffer In SYM
pathy with wheat as we'll as with the
weight of their own large stocks and
receipts. or the two, oats seem to be
on surer ground for the future. A4ie