The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-10-14
Advance OF Five Gents Per
Bushcl in Chicago Market
During the Week.
---
FURTHER RISE PREDICTED
-------------------------
Operators With Large Holdings
Expect 10 Sec Wheat Go to
S1.z5 or SI.so.

CHICAGO. October lS..--;.nce las.
weeks close wheat has advanced &
cents per bushel in this market, Sat,ir-
days price OF sl.06 rs per bnael for
December delivery comparing with the
high mark OF s1.03 1-2 foriJuly, reached
May 9th in the wheat boom of that
month. With this advance have come
the governments October estimates,
confirming the impression that our
wheat crop will be looOo.ooo bushels
below last year. These events of the
week Intensity interest in the remark
able situation arising from the world
wide shortage. The situation in every
grain market presents the most in
.teresting conditions with which the
trade has been confronted in very many
years. Conditions in some ways are
unique, and demand close study from
any one basing his business plans on
them. Those operators. In this market
who have the largest holdings of wheat
express confidence Of seeing an adj
vance to sl.25 by the turn of the year,
and to Sl.50 before another crop Is
harvested OF course, their views, COM
ing from parties personally Interested.
must he taken with due allowance.
especially since prices gre aleady IS
to 30 cents above those of last year.
Who Are Behind the Market:
during TIE GRAIN lllilhst SNulc III
May wheat speculation by the outside
public was general; this disappeared
when the dollar price was reached. and
has not returned. There is no ndica-
ton now of the public's presence IN
the market; trading is professional. and
has been so since last May. But these
operators have been able
70 hold the market against bearisll at
tacks of late, and the people who were
working to get prices to SO cents Tor
December delivery u few weeks ago
have got 1t 20 cents higher this week.
[ The bull interest is composed of
large traders in the East, and few
Chicago men,. with James A. Patten.
the leader-all Of them, strong believ-
ers In photographed wheat. They
seem to be buying more wheat on
every decline below 81. whereas It is
the fashion among the speculative
trade in general to sell on all rises and
run the risk of getting II back at II
lower price. The latter class Of trad
ers are afraid that the price will not
/ it is difficult to interest the specula-
tive. public with wheat over one dollar.
/ The Remarkable Export Trade.
Now for the basic facts. Foreigners
have bought more wheat on the recent
rise to 81 for December than they did
ON the decline below that figure. That
there is Il speculative craze abroad, as
Well as heavy buying for genuine con-
| sumers, exporters and other close OBJ
servers of trade conditions admit, es-
! pecia1ly those who have been abroad
| of late and should be in u position to
| know whereof they speak. But at the
present rate of selling we are In some
danger OF "overscllfng" ourselves be-
| fore rre.r - I'm
would, of course. mean high prices on a
supply -and-defnand situation In the
late ssnring. Seaboard clearances OF
.-merican wheat since the export sea-
son for the 1907 crop began OH July
LIST, have exceeded 45.000,00O bushels
whereas UP to this date a year ago
| with wheat Gro at least 100, 00O, O0O
bushels greater than the present years
yield. they were barely. 4O.ooO,ooo.
Moreover, the movement has beer
growing rapidly in volume. The weekl,
shipment from Atlantic ports. in The
middle of September, was 5000, OOi
bushels; 1t was 100000 two week.
ago. and 100000 last week. In the
first week OF last October exports wer.
only 100000 bushels. What the pres
ent rate of export means may best be
| seen by q calculation of how far. Will
an. estimated surplus of $4,000, O0(
bushels above our home needs from tn,
wheat crop OF 1907, shipment OF 1900.
1000 bushels or more per week woult
carry US. 49,
| Thirty-one weeks, at such a pace
would use the surplus up, and thirty
one weeks would hardly bring us int
May. The present export movement
may, no doubt. be substantially reduced
lin the coming months; but such calctt
lations raise the question whether, il
order to escape the shortest supply o.
wheat known at a seasons end in an,
recent year. prices may not have t
rise to a point where consumption
home or foreign, will be checked
\ Something About Foreign Buyers.
1 Germany has been the largest buye
lof our wheat 50 far, and exporter
here say they look to the continent TO
a market for all the wheat they hay,
to sell. Purchases have been made To-
remote sections OF Europe, which hay,
not been beard from In years on thi
Imarket-all of which shows the pre-
! vailing conditions of supplies. Sprin.
| wheat Is bringing fancy prices, ant
las far away as Winnipeg wheat 70
\ October delivery is within 3 cents
lbushel of December in New York.
4