The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-05-09

| kets early in the week, prices fluc-
tuating in a decidedly erratic manner.
Many conflicting influences were at
work At the outset, the general ten
dency was toward lower levels. Of
ferings We're decidedly heavier the
bear element showing activity partic-
ularly in the remote or new crop con-
tracts. as result of the heavy rains.
Extent of Downpour.
In some parts of Kansas and West
ern Missouri approximately three
inches of rain fell in twenty four
hours, and 1t was assumed that this
liberal supply of moisture would be
highly beneficial Selling was partly
stimulated by discouraging cables. and
more especially from United Kingdom
markets. which were influenced large
~ by the fairly big worlds shipments
and the resultant material increase in
the quantity on passage.
However, the depression of brief
duration. being suddenly displaced by
striking buoyancy. offerings abruptly
became light while demand was more
animated. and it was clearly evident
that short sellers had been too nu-
merous and overconfident.
Buying was accelerated in part by
bullish official crop reports from Ken
lucky and Oklahoma, and partly by
the unexpectedly large reduction In
the visible supply, and also in the
worlds available supply. Then. too
cable advioes showed a sudden and
radical change in European mark cts
which We're appreciably stronger. be-
ing influenced by higher advices from
North America and Argentina and also
by reports of g, material diminution
in the offerings for forward shipment
from Russia
Besides, domestic markets were
strengthened by the receipt of further
unsatisfactory reports respecting the
crop outlook, and ii was generally
agreed that the May report of the
| Department of Agriculture. which Will
be issued at 1 O'Clock on Monday, will
show important lowering of crop con-
| ditions. particularly west of the Mis-
sissippi River, and 1t is the general
impression among conservative dealers.
that the official statement will suggest
crop of not to exceed 100000. 900
bushels. against ,35,Ooo,000 indicate ed
last month, and 44sOOo,OoO harvested
last year.
How the Estimates Were Received.
Consequently, numerous scalpers and
room traders who have long been bear
ish to a noteworthy degree, largely
upon the ground that we were much
above an export parity. are beginning
to realize that for the time being at
least 1t is useless to pay attention to
trivial declines in foreign markets, in
other words, If we have only 100000
600 bushels Of winter wheat, as now
imagined, the course Of prices must be
1arpa1v DONNA taI b,,1
than foreign influences, because We
cannot reasonably hope to do a large
export business in the near future,
or possibly until after the spring wheat
crop has been harvested
This means, in nutshell, that we
cannot expect to compete successfully
with other exporting countries unless
the spring wheat crop turns out to be
record breaker, say over 100000, 900
bushels, as now thought possible, but,
of course, it must be borne in mind
that II is far too early to figure con-
fdently upon such fine outcome In
the Northwest A great many things
can happen to- cause deterioration dur
ing the next three or four months
Therefore to take a permanent stand
on the short side of the distant de-
liveries when they are at big dis
count seems to be somewhat heard Gus,
to say the least.
Inter Developments.
Late in the week a decidedly strong
tendency was developed prices jump
Ing up In somewhat sensational fash
ion especially on May contracts which
sellers for the decline were anxious to
cover and more particularly in Chi
caSo where the market seemed to be
badly congested, and there was grow
ing impression that the big bull leaders
were in full control. AS result. the
May premium over July widened rapid
ly going to S3-4 cents against cents
last week. Buying Of May as we'll as
July was stimulated partly by the
falling off IN receipts at primary points
and reports that farmers deliveries
at country stations were insignificant,
and it was assumed that they were In
fluenced by the poor crop outlook
more particularly west of tho Missis-
sippi River, The general huoyancy Of
tho distant deliveries was traceable
mainly to the receipt of many gloomy
reports respecting the probable OUT
come.
The regular weekly report of the
conservative Modern Miller was par
ticularly influential, as 1t substantial
IL confirmed all the unfavorable re-
ports from unbiased authorities 1t
showed important loss in condition
over decidedly wide area, and stated
that the area abandoned in A1lchigan
Ohio, Indiana, illinois, Missouri, Ne
hraska, Kansas. Oklahoma Texas Ken
lucky and Tennessee reached the huge
aggregate of 3,s66000 acres, the big
gest loss being In Kansas. 2,16S,O0O.
This would suggest an enormous loss
IN the States mentioned possibly more
than 5n,0O0,0o0 bushels, which means
that the government report to be Is
sued Monday will probably show loss
than 390,O00,0oo bushels
This once more conolusively proved
the utter folly of issuing an estimate
of crop conditions In December, as
the approximate alleged loss since
December exceeds lOo,O0o,0oO bushels,
according to the new method of flgur-
ing, and about 17O,O0o,ooo bushels ac>
cord!ns to the antiquated method.
Features of the Corn Market.
The corn market has been a decided