The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-02-19

euiS heaF| receipts In Minneapolis had
much TO do with the depression In
domestic wheat markets early In the
week. With arrivals about 90 per cent
larger than was generally anticipated
IL was not surprising that holders for
the rise became anxious to unload.
Bear operators and millers were not
slow to take advantage Of the oppor-
tunity to hammer the market. The SELL
Ing was also stimulated in part by dis
couraGtnE cables. European markets be-
Ing influenced by a material break in
Buenos -Ayres. which market was af-
fected by the larger movement in AR
sentina and by favorable weather.
Moreover, the worlds exports were
slightly larger than estimated. Conse-
uuentiy, there was an unexpected adj
dition to the quantity on passage. To
make matters worse tae decrease in
our visible supply was also disappoint-
Ing, being approximately so per cent
less than estimated.
Position of Traders.
notwithstanding ;hesc facts, ex
perienced traders who believe that
prices are resting on solid Foundations
contended that many of the seemingly
bcarish factors were III some degret
misleading. For one thing they real.
lied that the big arrivals at Mime.
apolis were somewhat deceptive be
cause they were temporarily Swelle6
by the inclusion of much wheat that
mad been detained on side-tracks by
snow and extremely cold weather
Hence the movement was momentarily
enlarged as soon AT the weather bo.
came clear and milder. Conscquentlv
they predict that the receipts Will I'M
mcdiately diminish, as it is the con.
census that farmers in the Northwest
nave parted with the bulk OF their
surplus. This view OF the situation
caused greater steadincss subsequently,
The slow recovery was also partly
traceable 10 the decrease in the Euro
pean visible supply of l,l70.O00 bushels
whereas year ago there was an in
crease of 100000 bushels. II was fur
thermorc pointed out that the total
visible supply in Europe is now only
1142o.e00 bushels. against los, SOC, 900
bushels a year ago.
Additional tirnncss was caused by
the huge reduction in the worlds
available supply. 7,s7a,0Oo bushels In
the same week last year there was an
increase OF l,li1 600 bushels Tempor-
airy buoyancy was also caused in part
BY a Broomhall ca bic which stated that
stocks in the United Kingdom and on
the Continent were rapidly decreasinG
and that supplies would be smaller nex t
month than at any time since the Lett
Y
importing countries have imported In
the past six months OF the European
cereal year (AuguSt to january. in :
cluslvcD roundly 2550Ot0O0 bushels.
and would need TO import in til. cnsu-
ing six months 2S0.000.0oo bushels. OF
this huge total he estimates that North
America will have to supply $1,000, 900
bushels. Needless to say. every one in
this country and Canada is we'll aware
that we have not anything like 5000,
600 bushels OF good wheat 10 spare
Every one also knows that we have
not enough spring wheat of good quail :
ity 10 meet our own requirements, and
therefore II il ridiculous for them to
pay any attention TO small nuctua tons
In Winnipeg, or in Europe.
Factors In The Late Rise.
Late in :he week temporary nrmness
was caused by advices from credible
sources to the effect that the large re-
ceipts in the NorthwcEt and especially
at Minneapolis, almost wholly repre-
scented wheat from country elevators
that in ordinary seasons would not
move until March or April II is claim
| ed that this present carly movement Is
attributable to fear tina. the grain will
not keep in condition during warm
| Gather, owing TO its inferior quality
| This would suggest correspondinsly
! X.
| Sequently, there was trunc to weak
/ ness again, which was largely ascrib-
| ed TO hiscoura cling cables. European
| markets being Influenced in mart BY
| lower advices from Bncnos Ayrcs 1t
was virtually NJ an end Further
F.; more the exports from that country
We're l,02i.oo0 bushels, or roundly 200
| 600 bushels more than estimated. not.
! withdrawing which the visible supply
! there increased materially. being PLACED
| at 3.GSo,Uut bushels. against 290i.O00 a
week ago, and 3.GSo.000 year ago
Apparently this would Indicate thai
the strike had been somewhat unsuc.
| cessIui. At least as far as wheat WA!
| concerned. Exports from India and
! Australia were also moderately large
The worlds shipments are likely TO b.
bigger this week. The downward tend.
cncy here was partly checked by less
favorable private crop reports wi.ici
| were largely corroboratcd by tho Mod
I crn Miller snow had disappeared from
over comparatively wide area. dis
closing the fact that where tho seed
was sown late the plant did not ;;e, d
good start. In other places, thcrc /:
insufficient moisture. ard as ALTERNATE
thawinc and freezing Is apprchcndct
q heavy snow blanket would be hi,.hl,
welcome. AZ the moment export trad,
iii wheat is inactive. partly because
there is almost no freight room avail,
able, and. moreover. a large part OF III,
good wheat In sight in Canada has bccY
sold to arrive on the opening Of navign-
ton. Therefore, 1t Is tho conscnsu,
that there viii he large movement
Of wheat from the Northwest to III,
scabonrd after tho ice breaks nm in III,
lakes. and naturally. therefore, thcr,