The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-03-04
PRICES ADVANCE IN
STARTLING FASHION
Brisk Buying Of Wheat for Both Accc UNITS Slim
ulat d by Light Receipts and De-
creaSlng ST, ckS
creaSlng Sticks.

New York March Temporarily
early in he week domestic wheat mar.
kcts were unsctti d. with slightly
weather diff: suddenly there was =
radical change hcsttency beng iol.
lowed oy conspicuous buoyancy. E1ices
advanced in % somewhat startling
fashion Tic uncertain action II :hc
outset was larg ,y attributable 10 the
dulaess. there being scarcity ut or
ocrs on either side. IL was plainly cvi.
dent that many large operators were
inclined TO hold oil, awaiting develop.
ncnts. ;hcre being little or nothing in
the llcwS 10 warrant important fluctu-
aSions. although thu wolld'S shipments
we're llght Hence thcrc was a de-
crease In tho quantity ON passage OF
$1,000 bushels, whereas year age
there was an Increase 81 J.26i.oo0 bush
els: Moreover, thv European visible
supply decreased l67boOo bushels; In
the same week last year there was an
increase OF s.jOoQoe bushels. Bear
traders we're pointing a. usual To the
large receipts at Winnipeg. Possibly
such /. fnctor nigh; have influence OIL
few traders, who !gror ID the fact
that because Of the .uty Canadian
whea; could have little legitimate nn,<
ence on future contr3 cts here. If the
du;y had been rency ed 1t would b. 4
different matter
What Spectators Did.
Tine bears cuMt.n9od that the abuad-
ant supply Of Canadian wheat prevents
the eMporta iion OF our spring wheat,
but ev-ry well-Informed dealer knows
,hat this is 4 silly argument. because
we are entirely out OF the running. as
FAR as spring wheat is concerned. The
fact Is that we did not raise sufficient
sOrtng MI ro
quircmente. not to speak of exporting
any. The subsequent rapid upturn was
mainly attributed to anxiety among
short sellers TO cover, prompted almost
Wholly by the bullish report issued by
snow respecting the reserves in farm.
ers' hands, which he placed AT only
9S,346,ooo bushels, against 163.S61 DOC
bushels a year ago and l7S,344,0oo
bushels two years ago. According to
the Department of Agriculture, the
total year ago was 79,G9o.U00 bush
els. The total given by Mr.. Snow is
by far the lowest Since March, 1897,
whan the fiEure was SS,00o. 900 bushels
Meanwhile our population has in
creased materially. OF course there are
many conservative merchants who are
not prepared TO believe that the low
figures were correct. and thoy imagine
that the government report to be is
sued early this month, will snow over
io6,o 900, 600 bushels.
Towards tho Close.
on Thursday thero was nervousness
and unsettlement, thu price variations
Icing decidedly spaamodic. but finally
her was setback. which was chiefly
attributable to FREQ general ceiling,
prompted by correction n SHOWS
estimate as to farm reserves. /. was
asserted that an error had been discov-
cred which disclosed that the total wa.
over 2o,0o0,000 bushels larger than prc-
Fiously stated. This naturally served
70 encourage bear traders and also l.J
small holders 20 unload Tho resultant,
depression was, however. decidedly
Short'liv"d. as later in tho week the
market was again huoyan, rric,s re-
bounding in conspicuous way. owing
10 small offerings ana animated buying
Ter Doth accounts prompted in part by
encouraging cables, notably from Liv.