The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-06-19

y New YORK, June lS.-Irregular nue.
tuations occurred In domestic wheat
markets early in the week In the
main. the trend was downward. owing
to the more favorable weather In the
West and reports that harvesting was
under way In the Southern sections,
about two weeks earlier than last Year.
Ii was also reported that as result
farmers had become more anxious TO
sell, and were not only making larger
deliveries OF old wheat a country sta
tions, but were willing to. make con-
tract for the delivery OF new wheat
In the near future at compar a lively
low figures. Hence it was assumed
that receipts of wheat at winter wheat
primary points would soon show APP
preciabie enlargement Bear traders
found much TO encourage them IN the
so-called aftermath of the May deal
in Chicago. Holders of the huge guam
tity delivered on contracts last month,
+ 1t is thought cannot get rid of it with
out causing material depression. Con
dit!ons described have in the main
pyershadowed almost all other consd
+
markets downward tendency was
checked by reports that the crop iii
southern Minnesota and in South Da
kota was deteriorating, owing TO dry,
hot weather. These reports We're not
entirely credited by conservative mer-
chants. who thought II too early in
the season Tor material injury. M
There was partial recovery later.
which was regarded without special
significance. 1T was believed that
big short interest had been created,
and that the market was in an over
cold condition. with only small in
centive needed to induce shorts to
cover. Such covering was soon stimu-
lated by reduced estimates respecting
the yield in the Southwest. some COM
petent authorities estimating the pro-
duction in Kansas from 60,000.000 TO
$4,000, 900 bushels. against 100000 to
S0,00o.000 bushels estimated a week or
two ago The yield in Texas and Ok
lahoma was estimated at from la,-
100000 TO 100000 bushels. against
44,1+3 600 bushels for the two States
last year. These estimates led to the
belief that the total of winter wheat
might not exceed 4So.000.000 bushels,
against i19.000.o00 bushels suggested
by the last government report Buy
ing was prompted also In part by
rather CdpleS tndn eNpeClcU,
nearly all European markets showing
an advancing tendency excepting Paris.
Budapest was especially strong. owing
largely to the poor outlook in Hun
gary.
Continued Unscttlcment In West.
Late in the week there was further
.unsettlement. the price variations be-
ing decidedly spasmodic, but as was
the case most OF the week. the net
changes were in the main unimpor-
tant. although there was frequently
an undertone of weakness. prompted
by the surprisingly rapid progress
made with harvesting operations in
the Southwest at much earlier date
than customary. Consequently. it was
alleged that farmers would soon bring
new wheat to market in large guam
titles, Latest reports respecting the
production in the winter wheat ter
ritory were rather more optimistic,
and estimates S to the proba BILE total
suggest from 455,OcOoo0 to 465, 600, 900
bushels. Selling was stimulated in
part by more favorable weather in the
spring wheat territory, tempera ture
being slightly lower with moderate
rainfall. II Is unnecessaE ~ TO worry
eDont dana sc in that quarter through
not, dry weather so early In the sea
son. although II is agreed that more
moisture would be beneficial. The
downward tendency was checked by
reports OF material enlargement in
the export demand Probably the most
Important item was the reported pur-
chase in Baltimore of twelve loads o!
new winter wheat for export, July
saiilns 1t was also rumored that part
OF the freight room engaged for wheat
was for account OF the big Chica go
bulls, bur this..could not be corrobo-