The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1906-03-05
WHEAT CHEAPER
THAN IN YEARS
Market is Lower Now Than at
Any Time Since
1903.
TO STOP DECLINE
Bulls Have Nothing to Obstruct
the Pail, Of the
Bears.
Especial to The Times- Dispn.ch.)

Especial to The Tlines-Dispntch.)
CHICAGO. March At is still down
hill In tho wheat market and no brakes
to check tho movement. Tho trend has
been long one and there is no turning
point in sight. II the averngo bull had
an obstruction which he could throw In
tho way. no probably would not have the
courage 10 make tho attempt. for the
average bull In these days Is tlmid
creature.
For that matter. tho bear, with every
thing In his favor. Is exhibiting no great
daring In tho practical enforcement OF
his arguments. Conspicuous leaders are
lacking on either side OF the market.
Mnttcrs are drifting along with tho
weight OF natural influences. Tho law
OF supply and demand Is getting an ex-
empliflcation. which Ia rarely witnessed
in tho wheat market. America has loads
OF wheat. Of which It would like to dis
are getting all tho grain they need from
SOURCES that are cheaper for them.
These two facts. set over one against the
other. tell the secret OF prices that have
been falling steadily and almost uninter-
ruptediy for weeks.
Wheat In Chicago is now cheaper than
e has been since 1903. and when the
bear says there is nothing to prevent
It's going considerably lower, the bull
has nothing with which to answer him
save the possibility that the crop OF 1906
may be ruined before the harvest time.
1t does not suffice to say that prices are
30 much lower than they were a year
ago. The conditions are radically diff
fcrent. Last year there was big. broad
market. great activity In speculation and
strong bullish sentiment because the
crop OF 1904 had been so small relatively
that domestic needs seemed more than
large enough to care for all the wheat in
sight. There was no need to look to for
eigners as buyers.
Three or four months ago there was
plausible reason for holding wheat for
possible higher prices. The law OF crop
SUGGESTIONS gave color to the expecta-
tion that Argentine would not DO great
contender for the worlds markets this
season. There was substantially in the
conviction that Russia torn with inter-
nal dissension. would not be able to keep
the nations OF Europe going with wheat.
There were persistent reports of great
damage to wheat in southeastern Europe
There were stories OF deficiency in Italy
France and Spain. Grouping these nd-
which did not look reasonable, there
remained enough strong probability for
the bull to maintain the ascendancy for
months after the winter wheat had been
garnered.
Then came the period OF hoping against
hope. Stubborn facts overthrow. bull
theories. Argentine came along with a
first-class crop of wheat. Her surplus
was estimated anywhere from s7.Oo0.0oO
to 12o,ooo,o0o bushels. Russia shipped
heavily for weeks. dropped out OF tho
running for short time and then began
to lombard tho continental and British
markets with millions more OF grain.
She is still contributing a share.
There was little chance for America
against this competition. Even Mani
toba, where wheat has been several cents
cheaper than in the States. has not been
able to find a place for all her surplus.
II there should be an emergency now
bringing about demand from this con-
tinent. Manitoba would still have the
inside track.