The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-06-01
Favorable Weather and Crop Re
ports Depress Distant
Deliveries.
CORN MARKET DEMoRALIzED
Strength OF Southern Spot Cotton
Holds UP Prices-Crop
Estimates.

NEW YORK, May 3l.--On several &C.
cas,ons early in the week the specuia-
@,ve wheat market ruled stronger, but
,,,o nrice changes were irregular and
spa smodio there being frequent re-
cessions. and as a result the net gains
were somewhat unimportant. Ihere
were so many advices of conflicting
character that traders became decided
~ nervous, which accounted for the
/. cratic action OF the market. 1t must
be admitted that the position is badly
mixed there being apparently as many
arguments why values should advance
as why they should decline. There is
:,lnauestionably room for wide differ.
ence of opinion. On the one hand, Be-
levers in rising tendency point TO
the uncommonly meagre supply OF old
wheat and flour. not only in this coun-
try. but practically the world over.
outlook for the Summer.
1t is contended that stocks. and espc-
cially in this country. will be down
10 about the lowest point on record by
July LIST, the beginning Of the new
cpop year. AS a consequence. they de-
clare that July has been selling Ut too
big a discount, and that 1t Will move
up closer to the cash values BECAUSE
they believe there will be an active
demand for new wheat as soon as 1t be-
comes available. This opinion is based
upon the theory that. owing to the re.
cent panic and the so-called high prices
current. practically every buyer, from
the smallest baker to the biggest
miller. has bought as sparingly as pos
sble.
II this presumption be anywhere
near correct, 1t is reasonable to sup
pose that comparatively little new
wheat will reach the seaboard before
The first half of August. European
exporters have also bought sparingly
during the past two or three months.
and hence it is reasonable to expect
larger export business as soon as the
offerings of new wheat become at all
liberal. At the moment exporters are
doing comparatively little. SUIT this is
not to be wondered at, asst would GER
tainly be poor policy to bid freely at
this time. when there is SO little OH
offer except at practically prohibitive
figures. The buoyancy at the outset
was partly ascribed TO light primary
receipts. the big decrease In the visible
supply, and TO reports OF damage by
insects and floods in the West; but it
is only just TO say that the main cause
of the strength was the manipulation
of May contracts in Chicago, which
forced prices up there in somewhat
striking way. Therefore it is believed
that there will be a return to more
normal conditions as soon as the May
oqueeZe has eliminated.
Excitement at Chicago.
Late in the week the market was
dominated to a great extent by the
extraor binary course Of the Chicago
market, where May l..lc+uated with
striking rapdity, and occasionally IN
IA decidedly violent fashion. which was.
of course, brought about by active
for both accounts. In the
final dealings the May showed decided
buoyancy, rising temporarily to III,
and winding up at ITO IL. or approxi-
n,ately 1-2 higher than a week ago.
On Friday the variations were some
what sensational. there being fall
of 3 1-2 cents, with an almost imme-
date rebound of 8 cents. Naturally
those uncommon changes unsettled the
gene, al market. making traders every
where decidedly nervous. In the main
the general tendency in the distant
or new crop contracts was slightly
dow award, the bear element showing
more boldness and an inclination 10
trade more aggressively, partly in view
of rbe elimination of the May deal,
and partly because of favorable Wea.h-
-er and more satisfactory crop reports.
Climatic conditions since the first Of
May have been exceptionally favorable.
barring the eXtsess' of,.moisture in parts
OF the Mississippi Valley, and hence
10 ba ranaral iypprasSior that thn
next government report will SHOW a
fairly high condition and probably
suggest crop somewhat bigger than
indicated in the May report.
Selling was also stimulated partly by
discouraging cable advices. European
markets being depressed, and especial
s.ly those on the Continent, where the
crop outlook has been improved by
timely rains. Notwithstanding the
facts described. there are many conser-
Vative and experienced dealers who
Incline TO the opinion that prices for
new crop contracts. and especially
July, are down TO a fairly low basis.
This opinion is based largely upon
the fact that stocks of old are extreme
~ light, and hence 1t is highly prop
able that the demand for the new crop
Will be active as soon as it comes on
the market. This sounds somewhat
plausible, in view Of the fact that the
demand from millers has been poor
for several weeks, If nct months, be-
cause of the difficulty Of selling flour
on a profitable basis.
Exporters have shown only a mod.
crate degree of activity owing to the
scarcitY Of desirable grades and the
afish prices asked, bu. 1t is supposed
tnat they will buy more freely as soon
as new wheat becomes plentiful. Re.
celpls OF winter wheat at primary
points have not increased as mucn as
was expected, in view of the excellent
weather whiie the movement OF spring
"Eeat has also been small, despite me
hlgnly favorable weather, whicn has
eAahied farmers to seed an unusually
large area under most gratifying aus
pices.
Upward Tendency In Corn.
only small business was transact /.
= 60 on the local corn market, and the
T. variations were slow. although rather
vice occasionally, in sympathy With
the violent changes in Chicago. AS
rule the tendency was slightly an
ward, because o. the meaere .u,n,,
aha IN Keeping with the May manipu !.
lGtlOn IN CLiCa he .Jast