The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-06-06

New YORK, June 5s-WeaknesS pre-
vailed temporarily in domestic wheat
markets early in the week. but the de-
preston was of brief duration, being
succeeded by buoyancy The initial
decline was attributed largely to spec
ulative influences. markets being domi-
mated for the time being almost wholly
by the seemingly unsuccessful culmina-
ton of the May deal and the evident
collapse of the September deal. 1t was
impossible for an outsider to form any
trustworthy opinion as to what will be
the outcome of the May deal. although
recent advices from Chicago would
seem to indicate that the marketing of
the large quantity of wheat delivered
on May contracts had been accom-
plished with far more promptness and
success than many had anticipated It
va sannounced that the chief specula-
tor for the rise in May had been able
10 sell to millers practically all the
wheat rendered to him. 1t was also
alleged that he had sold July short as
hedge and that this showed a profit
/ However this may be, there is no doubt
that the cash wheat has been disposed
of easily
Spectators in September Option.
The apparent rout of the September
bulls was the most potential influence,
as it showed conclusively that the hith-
erto undaunted spectators had found
that they had Numbered and were in
hurry to prevent further losses. In
the opinion of many this meant that
crop prospects were much brighter thand
previously estimated and that the
damage by unfavorable weather had
been exaggerated. Selling was stimu-
lated partly by highly Favorable reports
Frr =
Texas and Oklahoma. where threshing
will soon begin with all signs point.
ing to an excellent crop, both as to
quantity and quality. Recent rains
have also been highly beneficial in Kan
sas. The early heaviness was partly
ascribed to discouraging cables and
particularly from United Kingdom mar
leels. which were influenced by the large
worlds shipments, more than half of
the quantity put afloat being shipped
to Great Britain. AS a result Cont
mental markets were comparatively
steady The subsequent radical change
created little or no wonderment as
most conservative dealers believe that
a rally was warranted after such a
long period OF depression, during which
prices declined in startling way.
The recovery was largely. attributed
y
ment In the milling demand through
out the interior, it being reported that
millers in the West, as we'll as East,
had bought nearly all the wheat in Chi
cago, as we'll as diverted the cargoes
from Duluth to Buffalo, instead of to
Chicago. The rally was also partly
attributed to continued complaints re-
specting cold, dry weather in spring
wheat territory on both sides of the
| border. Nevertheless. conservative
merchants believe that there is suff1-
cent moisture in the subsoil to pre-,
vent serious deterioration. Demand
was Quickened also by better cables
than had been expected, United King
dom markets showing decided change
of tone. abruptly becoming buoyant.
This was partly attributed 10 recent un-,
favorable weather in France and re-
sultant crop deterioration which put
French markets on an importing basis.
1t was alleged that French importers
had contracted for several cargoes.
Unsettled Late Trading.
Late in the week markets We're ex-
ceedingly feverish and unsettled, prices
rising and falling In a most erratic
fashion, showing extraordinary ner-
vousness on the part OF traders, cons
Acting influences being exceedingly
numerous In the main, however, tho!
tendency was downward, as there was.
general feeling of distrust. largely
brought about by the panicky condi-i
tons prevailing In the stock market.
Advices from the West suggested that
big professional operators were quick
to take advantage of the opportunity
to hammer the market aggresslvely,.
The downward tendency was checked
temporarily by the cold, dry weather
| In the Northwest. light frost being
again reported in several places, but
subsequent advioes stated that the
cold weather had done little or no
harm and that moderate rains had bro
ken the long drought More copious