The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-06-03
Market Excited and Irregular OH
Better Weather News from
Belt.
ARE ENCOURAGING
Barring Rise on Monday, the
General Tendency Of Grain Was
Downward.

NEW YORK, June 2.-1'arring n
rapid advance on Monday, the general
tendency IN domestic grain markets
during the first half OF the week was
downward. The rise on Monday was OF
a somewhat sensational character. ut
tended by much excitement. The Of
ferlngs were small and demand AMI
mated, prompted mainly by cold
weather and poor crop reports. but
partly by good export demand 1T
was exceedingly cold for the season
in most parts of tho West, especially
III Manitoba. Farmers displayed much
encouragement. Because Of the back
wardncss of the season 1t was felt
that even IN case the customary area
was seeded, termination would be slow.
and therefore tho crop would ripcn so
late in the fall as to be IN danger of
being caught by an early frost. The
rising trend was arrested temporarily
by surprisingly weak cables European
markets displaying unexpected deprcs-
sion, which was ascrlbed partly to the
big worlds shipments This was part
ly Offset by n decrease In the quantity
on passage. 1t is supposed that the
break In Liverpool was cnused prin-
cipally by reports of more favorable
prospects in Russia. and Of rains In
NOulldulu, which leu 10 llQuludLlOll.5 II
was stated that between fifty and
seventy-five loads of wheat had been
taken by exporters. mainly Durum and
Manitoba. chiefly in Duluth and Win
nipeg, but full particulars were not
ohtainable
Effect Of the Weather Adviccs.
The subsequent reactionary tendency
was attributed to q material falling of
in the demand. while holders for tho
rise were displaying anxiety to unload,
prompted by discouraging cables and
by better weather in the West.
Tho temperature was decidedly higher,
while there was q moderate rainfall over
fairly large area, but unfortunately
the precipitation was light and scatter
cd In the Southwest. where the mois-
ture was most urgently needed. When
more normal weather conditions pre-
vailed conservative commission men
were of the opinion that some setback
was warranted. After going up SO fast,
the variations in two weeks having
been far greater than they were during
the whole of 1906, it was commended
that more calm and rational state
of affairs was in order. This does not
mean that they believe in much low
CIR prices ultimately.
On the contrary, they feel that val
ues may work up to q higher level later
in the season, but they argue that ar
ter going up with such rapidity it
would be only natural for spectators
VINO have handsome profits. to unload
This. it must be admitted, Is iasireason-
able view, particularly as sin many
places warmer weather and rains will
serve to bring about better crop re-
ports. In the judgment Of most cxpe-
rtCnCod Traders to-
debatable ground. That is, 1t no long
er appears hazardous to buy on the
breaks or sell on the bulges, the mar
ket seemingly being an excellent one
for scalping dealings. Although the
weather in the Northwest has l1nprov-
ed. the question to be decided is wheth-
or farmers will plant spring wheat asl
originally intendedi or will substitute
oats; barley and fax, as the coarse
grains may mature sooner and thus es.
cape the frost.
Late UnsettIcment.
Late in the week the market was
somewhat nervous and unsettled, prices
rising and falling with great frequen-
cy, although generally within mar
rover range 1t was O two-sided mar
ket, there being an abundance of con.
nicting news which resulted in much
varlableness. On the one hand, the do
mestic situation had a somewhat weak
er appearance. owing principally to
improved weather in the West, there
being more rain where moisture was
needed, and higher temperature where
1t had been unseasonably cold 1t is
therefore assumed that the growing
plant will be benefited. On the other
hand. the foreign situation seems to
be somewhat encouraging to buyers
for the rise. For one thing. Argentine
exports are diminishing, and a further
falling-off is expected In the near flu
ture. An official report from the Sec
rotary Of Agriculture in that country
states that there are only 100000
bushels left for expectation. or approxi-
mately 100000 bushels per month for
the next seven months.
Dull Movement In Corn.
1t has been comparatively dull In the
local corn ring with slow and some
what circumscribed variations. Owing
mainly to warmer weather West there
nave been brief periods OF weakness,
but these were followed by greater
hrmness, which was ascribed mainly to
light stocks. the excellent cash demand
both domestic and foreign, and fear Of
manipulation in Chicago. Owing to tho
unusual backWardness of the season 1t
is beloved that there. may be corner
IN July oats in Chicago, and hence
prices there have jumped UP nate
rally.
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