The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-08-03
WHEAT RECEIVERS AFTER
BAD BREAK IN PRICES|
Favorable Weather Conditions ii
West Help to Strengthen
Market.
DRY WEATHER sTIFFENs CORN
Cotton Operators Stirred Up Over
News Of Strong August
Pool.

NEW YORK. August 2.---There were
matiy conflicting factors bearing on
speculative wheat markets early in the
week. and the carly trend of prices wns
toward lower levels For a timo the
bears were in the majority, being en-
couraged by the lower temperature in
spring wheat territory and the heavy
arrivals OF winter wheat at interior
markets.
There was a heavy movement of
wheat to Kansas City. st. Louis and
3cther winter markets. which led to
bigger increase in the visible supply
than had been counted on Reports
from European markets were both dis
Icourasing and puzzling. For instance.
they showed weaker tendency abroad
at the outset. in spite of reports that
heavy rains were damaging the crop
In Russia, and also despite the fact
that the total worlds clearances for
the week were again about half as
heavy as the estimated weekly needs
of importing countries. In view of
the latter I; was argued that new
Z European wheat would find ready sale
as soon az i; is offered.
Improved Market Lntcr.
Following the early depression In
our markets. there was feeling of
greater firmness and a partial recovery,
due chiefly to alarm among shorts on
account of reports that the extremely
ihot weather in the Northwest was like
~ TO iniure the spring wheat crop.
They We're also rendered uneasy by
reports that black rust had been dis
covered in South Dakota. Covering by
shorts was also prompted by the
greater interest shown by both millcrs
and exporters. Orders from abroad
were fairly large for winter wheat and
DuI-unn. and 1t was regarded as a good
point for the bulls that much of the
business transacted was for French
account
Course Of Late Rally.
Late in the week there was rather
more firmness, although there were
frequent, recessions. The partial re-
covery was mainly attributable to re-
ports OF a less favorable outlook in the
Northwest. owing to hot weather and
the appearance of black rust, cspe-
ciallv in South Dakota. Moreover. 1t
was alleged that because of the intense
heat the grain had ripened prematurelY,
the berry having shriveled in some
places. 1t was said. before 1t had
reached maturity. In the main how
ever. most conservative dealers were
skeptical. They incline TO the OPINION
that greatly exaggerated reports nad
been put in circulation in the North
west. mainly for speculative purposes.
Beceints at primary points have con-
tinued fairly large. but were not at all
excessive. as there has been fairly
active buying for milling and export
although toward the end exporters
were showing less interest. claiming
that their limits were too low III most
instances T., a..
This led to slight decline IN ,he
final dealings. The slight setpaeh W
ward the end was also partly ascrioe"
to disappointing cables foreign mar
kets being somewhat duh and depress-
K ed. notwithstanding reports OF damage
to the crop in Russia by heavy rains
4 Conservative dealers estimate the crop
IN three big states, Minnesota and
the Dakotas, at about l7o,OOoooo
To 1l5.O0O.ooO bushels, against early
estimates of over aoOooo,ooo
Outlook for Corn.
Early in the week the corn market
WAS somewhat weak and depressed on
Il reports that the crop was making good
progress, owing to fine weather. Inc
recent high temperature has resulted
in rapid growth and the early planted
corn is said TO be almost at a normal
height while corn that was seeded
late owning to floods, etc, has made
satisfactory gains. II was further pre-
oIcted tnut farmers deliveries Of old
corn at country stations would soon
show enlargement. Late in the week
there was a firmer feeling and par.
= ttal rally ensued. Buying was quick
ened somewhat by complaints that the
crop was suffering from the extreme
4 heat and the absence OF moisture Lit.
tie ram has fallen in the corn belt fol
: several days, if not weeks. and henc,
n copious downpour would be highl!
beneficial. Trade in the cash corr
market is practically suspended, owing
To the insignificant supply and tn,
high Views of holders
Cotton Market.
The publication OF the government
monthly crop report and the develop
lnent of the fact that powerful cliqu
of prominent Wall Street and Western
operators has been quietly accumu
lating August options with the view
OF running a bull deal in such con
tracts have been the noteworth.
features during the week Trading ha
ofeh Mite more active lately an
fluctuations wider, with strength pre-
dominating despite continuance q
SLOW and disappointing trade report
anu general belief that the CROWN
op - lkeY TO equal the previou
SKI record crops of 800 and 1903 of 10
seVooo bales. The principal strenp,
1 'u duVahce IN prices has, OF cours,
#peeh IN the old crop options. For IN
jury expired at noon yester
way al about aT-S cents. or 10 co.,
.s,ef than last Saturdays closln,
80 Au usI Which sold then at Q a
s,a,, go 80 80 points BY selling up to
.i''S Yesterday afternoon. The m. :
he hal.