The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-04-08
TENDENCY IN WHEAT
IN MAIN is DOWNWARD
Much Unsettlement Early in Week-Heavv
Speculative Selling Is Chief Influerc,.
Corn II lids >tronp
HyIds s trong-.

new forK, April There was
much unsetueinent In domestic wheat
markets early In tho week, but In thu
main the tendency was downward The
depression was largely in spmpa thy
with a sharp break In Chicago, where
May contracts were particularly weak.
Naturally, therefore. there wcro many
vague and conflicting rumors In cir
culation as TO tho attitude of the big
bull leaders. Under eN sting circum
stances. traders can do moth NIX more
than mako conjectures. Some claimed
that the bull leaders had become tired
and discouraged. and we're cndcavorins
70 unload. Others Imagined that the
break was largely the result of ma
nipulatiye tactics, while still others
supposed that the big pears had raid
Cd tho market. Selling was stimulat-
ed partly by the conspicuous weakness
in Minneapolis, where receipts were
much larger than had been anticipat-
ed. a reduction had been generally
expected. To make matters worse, il
was alleged that the big movement
1here embraced fairly large quantities
of Canadian wheat..rand some dealers
gave credefce TO rumors that milicrs
had at last begun to buy Manitoba
wheat. duty paid. while others claimed
THAT the wheat was low grade ana
Vnnly tt for making feed
Eject OF Good News.
Surprise was also shown because th,,
distant or new-crop contracts broke
about as much as May which was
caused largely by the receopt OF more
favorable crop reports. The downward
trend was checked temporarily by en-
coJa sing cables, nearly all I.ur3pean
markets being higher. mainly OWING 10
light stocks. ON the other hand. how
ever. the worlds shipments were iarg-
er than estimated, particularly iron,
Russia and the Danube. There was an
/, apprcciably lurgcr addition to I'll.
qua nifty on passage. II, tie judgneu,
OF many merchants. the late declin.
fhHs left the marEc, in a more iorm:,I
and healthy condition.
The elimination OF the large LONG
!, interest which has hung over thc
( market like a wet blanko, would
probably bring about larger cash
business, bot domestic and foreign.
1t would in tho near future, doubt
loss, result in much Larger shipment.
from Western centres into consumptiy,
channels. which would materially re.
duce the visible supply However, il
is realized that the visible supply vii
nquestionably dccrca So at rapiG
rate. after the resunution of lake ,,IG
canal navigation II IS i fact thai
large quantities OF wheat will he ship.
ped 10 Europe Or transferred from
Western points TO Eastcn mills. whet
the lakes reopen.
ArgfntinB.
The strong tendency n Europe Was
partly attributed TO higher ndVlc,s
from Buenos Aires. where holders were
offering wheat for forward shiplnen,
eparingly and at higher Agur4s. OWNS
partly to the Door grading. and redmc.
cd estimates as TO the lxportahla EAR.
Plus. This is now placed al Sc lgr.et,
bushels, against ll0.coo00D bushels
estimated previously. Then. TOO. ad
vices from India were unsatisfactory
while offerings in Russia were small
and prices held higher. The downward
tendency hare was checked partly by
asl unfavorahle report'from Snow, who
places the winter wheat condition a,
only S1.f, against 23.3 last year. and
. ten-year average of SOL. In The prin-