The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-08-12
DOWNWARD TREND
I'M WHEAT MARKET
This Applies Particularly to the
Domestic Marts--Offeri,lgs
Appreciably Larger.
SIGNS OF MANIPULATION
That Zig Western Professionals
Are Getting i'll Their Work
is Unin;stakable.


is Unn1;stakable.
NEW YORK. August 1l,--Therc was
decided downward trend III the do
nestle wheat markets early this
week. although. ii; the outset there
was o brief period OF hrinncss The
offerings most OF the time were ap-l
preciably larger. with a hoaSy preG-
sure TO sell, and as a result prices
broke sharply with ifaders more or
less excited. Tho more liberal offer
inss were ascribed in part to the in |
crease in the movement OF new win
ter wheat from the Southwest but
chiefly TO the improved climatic con-
ditions and the more hopeful crop OUT
look in spring wheat territory. While 1
the temperature remained rather too 4
low in ManitobaA there was little to
complain OF In our own spring. 1t
has been reported that the crop there
has made such excellent progress a S
to make 1t reasonably certain that the |
greater part Of II will soon be out of
the way OF the frost danger" AS a |
matter of fact these optimistic adj 4
vices have been so numerous and SO
widely circulated as to create sus-
They are Of the opinion that inter
ested persons in the Northwest are
the authors of these intensely bcarlshi
stories
ATTITUDE OF Western snecul.tors.
The signs of manipulation by big
Western professionals have recently
been unmistakable. 1t Is unnecessary
to comment upon the old midsummer
custom of manipulating for break
In prices, as 1t Is only natural that
the buying element, notably elevator
men and mllers, should be anxious to
force priccs 10 as low level as pos
sible Al the beginning OF the cropl
year. They may consider tina. they
have good prospects for successful
year when they are able to accumu-
late fair supply of cheap wheat in
july and August
Hence 1T should not surprise people
that they resort 10 all sorts OF methods |
IN order to prevent high prices early
In the season In pursuance OF this
policy, they have been laying much
stress upon the liberal receipts att
country stations. whereas the total
Is not as large as at this time last
year. The temporary early firmness
was due to the strength in European
markets because of the small worlds
exports and the consequent big re-
duction IN the quantity o. passage.
Influence of Foreign Adrices.
The continued stcadiness of cables
also served to prevent a much bigger
decline. European markets showing
encourag cling strength despite our big
break. This firmness abroad was as
cribed mainly to the fact that the
more recent forecasts as to the yield
on the Continent make the total still
smaller than that given in earlier es-
Inmates. This Is especially the case
IN Germany, the import requirements
OF that country now being placed at
l6,0O0.000 bushels more t.an last
year. These estimates 80 TO confirm
predictions previously made that the
crop in Europe would be at least 250.-
100000 aud possibly 3oo,ooo,ooo BUSH
els short and that the deficiency in
the worlds production would amden,
TO fully 400,000,000 bushels 60
Improvement Towards the Close.
Although domestic wheat markets
continued strikingly nervous and va
riable IN the last half of the week.
there was a marked Improvement in
tone. The anxiety of shorts 10 cover
did not surprise shrewd observers, in
view Of the long period OF depression,
a large quantity of long wheat was
tDFO"Il- over uuTlnS tI!e litS DJed II, aIiN
. big short interest was no doubt
created In spite Of all the talk about
the more liberal movement of winter
wheat, the aggregate arrivals in tho
tntArior have not increased TO any inn
portant extent, and whereas the re-
ceipts at st. Louis and Kansas City
have bean abundant those in Chica 20
fell far short of last years total. AS
is invariably the case, needy farmers
are always forced To sell as soon AS
they can. but it is asserted that those
winterw wheat farmers who are not In
any great need of money just AT pres
ent are stacking their wheat, In the
Expectation OF better prices III the
future.
The Government Report.
Toward the close business was some
what hindcred by the strike among
Telegraph operators in Chicago, which
served to greatly restrict communica-
ton, but. nevertheless, strong rising
tendency was quickly developed as
soon as the government crop report
was issued.
There was a material Increase in
the demand, short sellers showing
anxiety to cover, owing mainly to the
much lower condition given for spring
wheat than was expected. In fact.
most traders were anticipating only
slight reduction. The condition. y9.4,
would suggest a Yield of about 22S-
100000 bushels. Fortunately. the yield
Of winter was placed rather above
most estimates. 409,500,00O bushels.
giving a grand total Of 637, 500, 900
bushels. compared with 735,26o,ooo last
year.
Dulness and narrowness were the
salient features in the corn market
the past week, Trading has been de-
void of life, and the variations in
significant although at~times a weak
sr tendency prevailed, which was as
cribed principally to good weather
West and improved crop prospects.
Nevertheless, the Official crop report
was disappointing, as It showed a
much smaller gain than expected, in
dicating a crop of about 2,s4s 100000
bushels, against 2,a27,AlG00O harvest