The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-05-08
WHEAT MARKET is
NERVOUS AND HIGHER
drought in the Northwest Has Caused Consider
81 able IUneasness Among Spectators Much
Stronger Feeling in Corn

ne" ork, May "a strong advance
ms tendency characterized the speru-
lative operations in domestic wheat
markets during the first half OF the
week. In this respect the Chicago
market was especially prominent, the
May deliveries there assuming the
leadership in the upward movement.
In fact, Chicago May contracts at
times advanced in startling manner,
while. in comparison, the new crop
deliveries seemed TO be almost sta
tionary, and hence it was not long
before the difference between the two
mad widcned TO Gle cents, as against
+ 21-S cents last week
This striking increase in the NAV
premium was entirely chargeablc 10
tile general rush to cover on the part
OF short sellers of May. Their alarm
was caused mainly by the firm stand
taken by the leading bull operators.
VINO promptly stopped all the wheat
rendered on contracts, which was gen
orally regarded as sign that they
were GONG 10 light their May bull
campaign out 10 a finish
As TO Dcmnnd.
Demand generally was quickencd BIZ
the apprcciable reductions In both our
visible supply and the quantity af1oat
these cqTnoined decreases leading to
material shrinkagc In the worlds avail
able supply, which lost 7.oSa 900 bush
els, As compared with 5,60e. 900 bushels
year ago. Moreover, d report from
OK hema State officials showed the
crop there 10 have condition Of ONLY
90 per cent. while IL per cent. of the
area was reported as abandoned AL
though this was generally regarded as
extremely bullish, the new crop d.
ilveries failed 10 show the great
strength which many had anticipated.
stimulating cable adviccs were partly
responsible for the early buoyancy in
our markets. The strength abroad
was caused mainly by the small total
ciearances for the week from the prin
clpai exporting countries and the ma :
II teriai decrease in the European visible
huppiy- IN addition, French interests
were said TO be buying cargoes TO Ar
RYE while India sent discoura cling cro,
reports. AS partial offset however
favorable china tic conditions were no.
ported In Great Britain and Argentina
while Russian crop news was moro
cheerful and that country and Austria
ia continued 70 offer wheat freely al
attractive figures for forward shin.
ment
Activity Continued.
In the last half OF the week wheat
prices continued on their upwar,
course with May contracts In Chica q,
eth. furnishing the feature w ,hell
conspicuous buoyancy AS the distan
Or new crop contracts failed TO kee,
pace with the May. the latter soor
established premium over July il
view of reports that wheat was abou
70 be shipped from other primary mar
kets for delivery Oh Chicago contracts
II me most notable instance heinz. IN
purchase OF $4,000 bushels of No. o re-,
In Toledo. This latter. did. il is tru,
cause Sigh, reaction late in III
Week. The general strength was as
rule mainly in keeping with the ma rk "a
strength in Northwestern markets. III
Z advance there being led BY tie distan
deliveries. notably October in Winni
ges The buoyancy was owing to tn
continued drought In native and Ga
madam spring wheat sections who
Is natur lily especially disturbing i
the diS,ric'. where seeding is s,li
Unfinished.
At one time the upward movemen
rcceiScd q sight check because OF on
iimisuc adviccs as 10 crop conditions i
nnarly al winter wheat states except
tns some OF the Western counties G
kansas, Oklahoma ana Nebraska 'rh
Wcekly crop report Of the Modern Mill
H er was regarded as favorable OH N