The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-11-18
Prices Fluctuate Rapidly Nov
x ing Upward Early and Down
Toward Week End. ~
OFFERINGS LOWER PRICES
Much Selling in New York
Against Cash Wheat Bought
in Chicago.

NEW YORK, November l1.--1n the
first half OF the week domestic wheat
markets were strong. rejecting the in.
creased confidence in The business out.
look. Tho buoyancy was especially
noticeable In the instance Of the near
by deliveries, as the premium on cash
wheat was again advanced, while The
price difference between December and
May narrowed nppreciably. The rising
tendency was traceable III part to tho
better feelin In European markets,
and especially In Liverpool, where sup-
port was prompted by reports OF less
brilliant prospects, in Argentina, owing
to excessive rainfall, with unseason-
ably low temperature. The improves
ment In financial quarters was mainly
responsible for the conspicuous
strength in December contracts. and
hence, observers expressed the belief
that the market was in much better
shape to secure a big advance onS-the
receipt OF important stimulating ad-
vices.
Cause Of the Break.
Later. the December deliveries were
depressed tor time by much heavier
offerings. prompted partly BY the tight
money market, although II was claim.
ed that a great deal of the selling was
against cash wheat bought In Chicago.
such deal looked attractive to many
because of the big difference between
the Two markets. although the danger
that the Western grain might not pass
our inspection rendered the transac.
ton somewhat hazardous.
IL was the consensus of opinion
among conservative dealers that the
In, ~
ny large Western professionals. who
apparently have only small long
interest. IL any, and hence are not as
yet prepared to see the market adj
vance appreciably.
In the last half of the week the
market was exceedingly feverish. with
frequent variations. prices rising and
railing IN an erratic way, although in
me main the tendency was downward,
especially on December contracts
which fell more rapidly than Nav As
result. the premium widened 10 d 1-2
cents. The conspicuous weakness in
me december was partly 1scribei 10
adverse news from financial circles,
and partly to the lifting of the BLOCK.
ade at Buffalo. the railroads having
agreed to deliver 100000 bushels
weekly until the close OF navigation.
Developments of Foreign Markets.
The comparative steadiness abroad
was partly due TO further unsatisfac-
tory advices from India and the Dan
uhian region, and also to more ,icfin;te
advices respecting the existence of
famine conditions In Russia. which has
lied the railroads there to advance
freight rates materially. In fact trey
equivalent TO the prohibition os OK.
portation OF grain from that country.
rms, 1t Is claimed. would answer as
well as the issuance of ulsase Tho
weakness in this country Is peculiar
to say the least, MS virtually ali; fac
tors. 1t is agreed. are calculated to|
create firmness, II not actua, buoy
ancy. II we except the unsatisfactory
conditions existing In financial iuar.
tiers.
The so-called hard tirnes' cannot he
considered bearish argument. us far
as wheat Is concerned, because. when
labor is not Well employed, the con-
sumption of bread must necessarily
for the simple reason That
people Of small means cannot afford
to eat meat and other high priced food.
and there Is nothing better to s,l,sti-
tute than flour.
IIcaviness OF Corn.
The speculative corn market ha, been
decidedly heavy and sluggish, with lew
and narrow variations, although pt,ces
are down to a lower plane, owing to
larger offerings and increased pres
sure to sell. prompted partly by dis
cables. but mainly by de-
pressing advices from the West, where
large professional operators have
shown a disposition to hammer the
market vigorously. Although prices
for cash corn have been lowered
the demand has failed to Inn
prove to any noticeable extent, as CA
porters Were in receipt Of few orders,
and mainly at reduced limits.