The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-05-06
Cold Weather Stimulated Buying
and the Market Was
Feverish.
LIQUIDATION IN CHICAGO
Corn Strong on Small Stocks,
Bad Weather and Firmer
Gables.

tendency developed In domestic wheat
markets during the first half of the
week Tho demand diminished percop-
tIbiy, while offerings became largo
with the pressure to sell heavy for
both accounts. This was brought about
mainly by more favorable crop adj
vices, especially from the Southwest
where 1t was said that fair rainfall
had benefited the crop. Because there
mas been practically no rain In winter
wheat territory for weeks past, 1t was
assumed that the moisture would dc
n great deal of good. IT is likely, how
ever, that in many places the plant Is
Iirreparabiy damaged. Gables also
caused depression here, as they re-
ported a downward tendency in foreign
markets. and especially In the United
Kingdom. This was largely the result
OF the big worlds shipments. including
an unexpectedly large amount from
Russia. It was thought strange tina,
the decline in prices in Northwestern
markets was about as rapid as 1t was
elsewhere, as many dealers had though,
that prices in Minneapolis and Duluth
would remain comparatively steady, in
View OF the uncommonly cod weatfe,
Tor the season, together with the heavy
fall OF snow, 1t being feared that these
unusual conditions would ser!ousl,
hinder seeding.
How Prices Advanced.
An addition of 10000 bushels to the
worlds available supply. as contrasted
with decrease of 4.o7s.ooo bushels Mt
the same time last year, had a de-
pressing influence. The bearish factors
were strengthened by report from
Secretary Colburn, OF tho Kansas State
Board of Agriculture, to the effect that
even after making allowance for aban-
| donment the wheat area in that State
was still the largest ever known. This
| assertion Is SO contrary to the bad
crop reports from Kansas as to cause
surprise. Many traders were OF the
opinion that the depression was due
almost wholly to speculative Influences,
there being general disposition 10
unload among those traders who had
| bought May for an advance.
| Many had counted on big deliveries
on May contracts in Chicago. Conse-
| Guently there was great deal of
| liquidation in that market, and this
was reflected elsewhere. Although the
! deliveries proved heavy. they failed
| to have the influence anticipated, as
| the May weakened very little, and as q
| consequence there was only an I'M
| important increase in the July pre-
| MUM. ~
Influence Of Climatic Conditions
For one thing. the temperature was
| still low for the season in both the
| Northwest and the Southwest. In spring
4 wheat territory the mercury during the
night was often below freezing and
| this, combined with heavy fall OF
| snow in some places, has lnterfercd
| seriously with seeding. AT the same
! time seed that has been planted has
/ failed to terminate. Freezing tent
peratures have been reported at night
in many parts OF the winter wheat
belt even as far south as Texas.
1t was feared that those plants that
have progressed as far as the frs,
| joint have been seriously harmed. In
view Of these facts 1t Is generally be.
| lieved that the May government re-
| port will note serious loss In condi.
| ton as we'll as large area abandoned
| Hence, the so-called crop experts in
| tho West have estimated that in com.
| parison with the April report the neAt
report Will shcw a loss of between So.
| 100000 and 100,uo0,00o bushels.
| Excitement Towards the Close.
Late in the week the market was
exceedingly feverish, prices nuctuatina
i sharply. In the main the trend was
/ upward although there were frequen,
recesslons Most OF the time the Of
| ferings We're light while the demand
! was brisk for both accounts. Toward
| the close there was a slight recession
as buyers for the rise We're inclined tc
unload, prompted partly by predic-
| lions OF warmer weather.
Corn Slightly Firmer.
| There was only small volume OF
business in the local corn ring, anc
much of the time the variations were
] slow and narrow, although as rule c
l stronger feeling prevailed. partly ir
sympathy with wheat and partly owing
to the unfavorable weather West. which
! has greatly delayed farm work, ant
consequently farmers have been un.
i willing to part with their surplus. A,
times cable advices have been en-.
couraging. and exporters have showr
i greater interest, but they have fount
i 1t difficult to execute orders owing tt
the small supply available and tho
higher prices asked.
Il