The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-10-28
Speculative Market Distinguished
BY Feverisli Heaviilcss and
Lower Prices.
7AFFEcT FOREIGN SHIPMENTS
Large Deals abandoned Because
~ OF Protibitivc Rates for
h Money.

.ss.s. .---.
! AZ NEW YORK. October 21.--Early II
the week speculative wheat market
4 were distinguished by great feverisi
= heaviness. With an almost entire lacl
.of support prices broke in sensa
Nonal way.
- AS a result OF the big declines II
the values of various stocks grea
deal of Decentralization was created
among grain dealers. Fortunately
there was one redeeming feature. ant
that was the comparative strength OF
!. /. European markets, cables being de-
-cfdedly encouraging and bringing good
!. orders to buy cash wheat.
--s'- pnnic Affects Foreign Shipments.
30 1T was claimed that several good
sized cargoes had been virtually booked
IN Chicago. terms. etc. having been
agreeable to all, put the deals were
finally abandoned. owing to the pro-
hib,tiye rates ruling in the money
s-market.
',e The relative firmness In Europe was
tfaceable in part to further complaints
of poor prospects in India and Au-
STRATA, the crops in those countries
having deteriorated because OF the
X long drought Moreover. vague rumors
: we're in. circulation regarding the out
Hook in Argentina, the eXportaple sur
MUS now being placed at 14o,0oo,Ooo
bnshels against an earlier forecast Of
.1s0.00O,00O.
rnr, Chicago Holders LiaUidnte.
Z Elm the last half of the week there
. was further Generalization i'll the spec
.,,,ptive wheat market AT times offer
tngs were exceedingly heavy. and 1t
was said that some of the largest pro-
Ffessional holders in Chicago had been
selling freely. 1t was the universal
Impression that the heavy selling was
.mainly caused by the panfcky condi-
tions in the stock market and the clos
ing of several banking institutions.
Outlook Favorable.
In view of these facts, it is small
wonder that exporters hero have been
in receipt of big orders, and generally
at fairly good limits; but they often
found ii difficult to accomplish any
thing noteworthy because of the re-
.markable stringency in the money
market, and the great difficulty OF
placing foreign exchange. 1t is pretty
generally agreed that exporters would
! have taken fully 100000 If not
!, 2. 900 900. bushels more this week than
they did had conditions been normal.
Consequently, conservative mer-
I. chants feel confident that wheat
..iyalues are down to reasonably low
level, and in position to rally as
soon as financial affairs become more
= settled.
Corn Prices Follow Movement In
Wheat.
Speculative interest in the corn mar
ket was apathetic. and the fluctuations
slow, as rule, although there was a
gradual saggng tendency. This, how
4, ever was said to be mainly In SYM
patty with wheat. In other words,
=.there is no general pressure to sell
corn. as it is considered compare
& lively low, in view of the small sup
ply available and the unsatisfactory
harvesting returns. The yield in many
sections Is turning out smaller than
expected, and consequently farmers gre
showing little inclination to sell. Of
ferings of cash corn for prompt de-
and to arrive soon have been
slightly larger, and hence prices have
weakened a little. but without result
- ing in much activity.