The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-05-23

Influencing Factors.
The growth and spread of bearish
sentiment, attributed partly to better
crop reports from the Southwest, and
particularly from Kansas, where re-
cent rains were considered highly
beneficial Hence, estimates as to
tie probable production have been
raised appreciably. several competent
authorities estimating between 60,000,-
600 and 70,00000O bushels against 50,-
100000 to 7O,OOOooo bushels previously.
and s5,ooo00O bushels harvested last
year. Selling was also stimulated
In part by reports that harvesting
would begin in Texas In about
week or ten days, with prospect for
yield of at least 100000 bushels
against 5,500.50o last year Then. too,
| advices from Northwestern territory
on both sides of the Canadian border
were more satisfactory, the weather
having turned more favorable. with
| higher temperatures and moderate
rainfall over fairly large area
| Advices from trustworthy sources
| Indicated that the recent frost did
| little If any harm to the young plant.
| 1t is the general impression that dur
ing the recent cold snap and drought
the roots grew deep and strong, reach
Ing for the moisture which was plenu-
| full in the suh-soil. Consequently, ~
has been argued that this will make
the plant stronger and better aole 70 %
| Withstand the hot weather expected
| either In July or August. The weak
| ness in the distant deliveries was also
nartly in sympathy with a sharp break
in cash prices and in May contracts
| notably in Chicago, where the recelpts
| we're fairly large. resulting In mod
erately heavy deliveries on contracts
| Possibly the most potent OF all leglu-
| mate influences was the big reduction
| in cash premiums that nave long
| existed over May contracts. The sub
seouent rallies we're largely attributed
| to reports OF crop deterioration. es-
| necially in Illinois, where insect HE
has heen creating havoc. Foreign ad-
vices have been decidedly meager. and
often colorless. owing partly to tne
| fact that many markets were closed
| in holiday Observance.
| Effect of Holiday Recess.
oI,ate in the week there was only
small volume Of business In wheat
Trading was restricted somewhat ns
| rhe closing Of nearly all exchange:
| here and in the United Kingdom dur
ing the funeral of King Edward. A!
n result, there was somewhat OF
scarcity of Influential market, news
particularly from abroad. Therefore
/ NUM- rous traders were inclined TO nol'
aloof, which explained the marrow
variations.
Nevertheless the fluctuations wer
somewhat spasmodic, indicating ner
yousness on the part of many scaipers
In the late trading the reactionary ten
dency was attributed to further com
n,aints from the Northwest respectln'
) the cold dry weather 1t turns on
. Mhat the precipitation noted early
t the week was too light to be or muc
! benefit and was Furthermore confined
: a small area However, the rally wa
n mainly traceablc to speculative lhhu
t ences, it being evident that there ma
been too much bearishness. The mar
s tot was In nm oversold condition. TheI
n TOO there was rather more hrmness
= 1.-The cash situation, part or the los
. in premiums being restored, and par
ticularly on the macoronl variety. I'M
e partial recovery was attributed MANI
c to lighter receipts at interior points
SPECULATIVE corn markets were slug
: rish. There was decidedly SLOW de
a mand, while offerings were large
i. prompted chiefly by improved pros
e meets In the West, where the weathe
: has been warmer. with beneficial rain
This. however, was partly offset by IN
g light movement from the West and IN
!. resultant big decrease In the Nlslol
;, supply IT has been extremely dull y
r the cash trade, as supplies are Hmlte'
n and especially on prime grades. an
e. hence they were held far above mos
s BUYERS limits, and especially eNpor'
> ers who have been idle practically a
ha M