The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-10-07
THE MARKET FEDERLSH
AND PRICES ERR1ATIC
General Trend ofalvhcat Market ,::
Upward, Owing Is Unfavorable
Crop Reports.
CORN QUIET and STEADY
Few and Narrow Variations,
With Undcrtonc Of Firm
ness at Times.

-
NEW YORK. October s--Grcnt fe-
vertshness prevailed in domestic wheat
markets early In tho week. with the
price changes extremely erratio. For
time after the beginning there was
q downward drift. but as the demand
soon Improved there was quick re-
covery OF Ill tho lost ground. 1t
was the general opinion that spocula-
tive Influences were responsible for
the early decline. 1t appears that
there are many dealers in all mar
kets who take q short-sighted Wow
OF the position. These claim that
prices must decline simply because
they are much higher than they have
been recently. ignoring the vitality i'm
portant fact that crops all over tho
world will aggregatea great deal less
this year than In ordinary seasons.
Prices and Probable Production.
TO Judge from their talk and actions
one might Infer that they regard It
rs of no Importance that virtually
all European countries. with the ex-
ception5 of France. wilt harvest a much
OL WIletDI lNhll= u6uLlS
that our exportable surplus will be
about half as large as ordinary; and
that the surplus in Manitoba and the
Northwestern Provinces is too small
to be considered.
ASIA matter OF fact. many Of the
most reliable authorities assert they
cannot hope to secure more than c5.-
100000 bushels OF good milling wheat,
whereas their requirements for food
and seed are placed at 100000 bush-
els. Here is q deficiency OF roundly
2G,000,000 bushels. which can be only
partially counterbalanced by drawing
on the reserves from previous crops.
Tho opinion prevailed that free selling
by certain large Chicago houses was
responsible for tho carly depression,
which many were at a. loss to explain.
being In doubt as to whether 1t was
being done for the bear element or
represented liquidation for tho So
called bull clique
Difficult to Account For.
Naturally 1t was somewhat Difficult,
to account for the weakness In the
face Of tho predominance OF bullish fac
tors. Some talk was heard early III
the week regarding the larger primary
receipts. many claiming that this, was
the time to look for more liberal de-
liveries by farmers. especially in spring
wheat territory. The decline was also
checked partly by the unexpectedly
small increase ain the worlds available
supply. 253 00O bushels, against
3,349,0Oo bushels a. year ago. Later a
stronger feeling was noticeable. prices
rising rapidly UNDER small offerings
and animated buying. whichN.was stimu-
lated mainly by stronger cables, and
notably from Berlin
= Tyru,,xy L>..nc.4
In the last half Of tho week still
greater buoyancy was developed. prices
rising sharply. owing almost entirely
pcan markets showing additional
strength. which was traceable princi-
pally to further unsatisfactory crop
reports from Australia and India. In
the latter country the plant is suffer
ing from lack of moisture and rain Is
| urgently needed. AS q consequences
European importers are again display.
ing uneaslness. sending big orders tc
exporters here who took almost all
| the wheat offered. both spring and
winter. 1t will only take a few more
| weeks Of such activity to exhaust on,
surplus. and hence the export move.
the end OF December. after which time
Europe will have to look to Argcn-
| tine for larger supplies.
Fears OF Soft Corn.
Most of the week the speculative
corn market was quiet. with few anc
narrow variations, although at time:
an undertone of firmness prevailed
| partly in sympathy with the buoyancs
4 in wheat. and partly owing to cold
| wet weather West, which has prevent
ed the proper maturing OF the crop
which is still said to DO unseasonabls
green in places. In the cash corr
market striking weakness prevailed
offerings for forward delivery being
heavier and at lower prices, discount
Ing an early movement OF the new
crop, but buyers fear that the new
4 corn will be soft and damp. and there
4 fore they are exceedingly cautious.
-. 49, ~ 4 n a