The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-08-19
ASTONISHING DEPRESSION HAS BECOME EXTREMELY
OFMARKET NOT JLy7ZFIED SENSITIVE TO ATTACK
Close Of the Week Saw More
Sane anl3Ilealthy Com
ditions.
STRIKE NOT LASTING CAUSE
Feeling That Dissatisfaction OF
Few Photographers Cannot In
fluence Worlds Chief Crop.


NEW YORK, August 1s.-Domestic
wheat markets were demornlizcd early
In the week and II seemed as IL most
traders were operating in an Irrational
way. The astonishing depression was
apparently not justified. 1t seemed
strange that the value of one of the
worlds chief crops should be adverse
~ influenced by the action of few
hundred tciegraphers 1t is probable
chat large professionals in the West
quickly embraced the opportunity to
encourage this bearisf sentiment by
pounding the market aggressively. Ii
the speculative side Of the question is
ignored 1t must be said that the ulti-
mate result of such n strike would be
higher rather than lower prices. for
the reason that in his periods Of idle
ness the workingnan Is compelled to
consume more -four than when he is
working. When work is steady and
wages high; the so-called laboring
classes can afford to eat meat at least
once day. whereas when money is
scarce they are forced to fall back on
the cheapest foodstufr we have in this
country, which is -four
Extent OF the Depression.
The nearby deliveries were particu-
lsrly depressed, as the scarcity of
money and the high rate served to stop
purchases of the cash stun or Septem-
berl contracts. Consequently the pre-
MUM on the December and May was
Increased appreciably. Conservative
dealers expressed the opinion. however.
that 1t would be profitable to buy Sep
tember and sell the deferred contracts
IL money was more plentiful. Indeed.
1t Is likely that many traders who could
put up the cash pursued this policy
A still greater decline was prevented
for time by reports that exporters
had taken larger quantities OF both
spring and winter wheat, notably No.
2 red and No. hard winter. This in
crease In foreign interest. in conjunc-
ton with The disappointing primary
movement naturally served to- encour-
age holders.
Factors Making for Itecovericx.
A somewhat firmer feeling was de-
veloped late in the week. with traders
seemingly more hopeful and confident.
The return of more sane and healthy
conditions indicated that dealers had
in some degree at least recovered their
self possession. They have evidently
been brought to a realization of the
fact that Europe cannot rely much
longer upon her already seriously de-
pieted reserves and hence willtshortly
be compelled to look to this country
for much more liberal contributions
than made last year. The opinion is
therefore steadily gaining ground that
the dissatistactions OF a few telegraph
operators cannot lower the intrinsic
value of wheat. Prsces have been held
down in part for a considerable length
OF time by the so-called big stocks
at Chicago, but this influence will not
be felt much longer. and for two rea-
a ta- SlxaN r. Rrrt tx1 ysRg
rush OF new wheat from the farms is
about over. and those farmers who can
do so are holding on to their wheat Tor
better prices; and secondly, the steadi-i
ness in Europe in the face OF our big
break here has put us on an export
level, so that exporters have been able
TO execute good orders in the West
for No. 3 red and No. hard winter
wheat.
The improved feeling in financial
circles was also partly responsible for
the firmness late in the week This
latter was also traceable in part to
reports OF extremely low temperatures
in the Canadian Northwest. In some
parts Of the Canadian Northwest II
was below the freezing point. and
while this may do no noteworthy harm.
1t will suffice to delay the ripening OF
the grain. already Backward The firm
and more confident feeling in financial
quarters has stimulated the demand
for September contracts, said to be
partly on Wall Street orders. 1t was
asserted that many buyers of Septem-
Der were selling a corresponding guam
tity OF December. and as a result the
premium on the latter diminished.
Dull Trading fl Corn.
Dnlness and narrowness were the
salient features in the corn market.
Most of the time traders We're showing
apathy. and hence the variations were
insignificant Temporarily the drift
was downward, mainly in sympathy
with the depression in wheat and the
decentralization in financial quarters,
x but after all tn. decline was unimport
mt, as the crop is backward and dam
age Is feared in case the cold weather
recently prevailing in the Northwest
should spread southwark. Reports that
Bulgaria had prohibited the exporta
tion of corn. while not considered OF
much Importance. served to steady the
market temporarily. Furthermore, eX-
ports from Argentine have been COM
paratively small. and as consequences
the export demand here has been fair
ly good, but trade was checked by
the light supply on offer and the firm
er claims of holders.
5,si.y5