The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-04-28
MUCH UNSETTLEMFNT
IN DOMESTIC WHEAT
Prices Fluctuate Irregulary and 1t Is Evident That
Traders Are Made Nervous by Conflicting In
fluences-Market in Healthy State

New York, Aprn 2I.-Early in the
week there was much irregularlty and
unsettlemcnt in domestic wheat mar
ketS, prices calculating irregularly.
1t was evident that traders had been
made nervous by the conflicting in
fiucnces. In the main, however, there
was rather more iirmness, and partic
nlarly in May contracts, which ad-
vanccd more rapidly than the distant
deliveries as shcrt sellers were ANXIOUS
to cover, owing largely to the light
supply OF contract grades and the
more active interest shown by eX-
portcrs.
In the opinion of most dealers the
market is In healthy state. In other
words. advices from abroad are calcu-
lated to cause encouragemcnt espe
cially among exporters as stocks in
Europe are generally light, while Of
fcrings for forward shipment from
Argentina and other countries are
smaller, with prices somewhat higher
Consequently, il was the opinion that
importers in Europe will be compelled
10 depend upon North America for
larger supplies of wheat and -four.
In the meantime, the weather in this
country has been excellent most of the
time, and barring accidents, this
country Will probably have an album
dant crop.
Europe and Our Wheat.
Spring wheat seeding has made
good progress, and optimistic traders
have seen fit TO predict big spring
wheat crop also.
Conservative merchants realize
however, that If is too early TO count
chickens The fact that Europe needs
our wheat has already been demon
stratcd, because it has come 10 light
that moderately large quantities OF
spring wheat hour have been bought
/ by exporters who have also been free
buyers of hard wheat to arrive, es-
pcciaily at Duluth. Since lake navi-
cation was resumed last week approx
imatcly 100000 bushels have been
shipped from Duluth. Probably more
! than half OF this will come East to
| millcrs or for shipment to Europe
Therefore. it is evident that large re-
ductions will he made in the visible
supply during the next month or two
While conservative merchants arc
free 10 admit that we arc likely &c
have Il big crop Of wheat, barring ac-
cidents they nevertheless contend tina,
the foreign aud domestic demand will
be sufficiently active to prevent an!
important declines This opinion is
| partly based upon the fact that fioui
. is far cheaper than virtually any
| other foodstuff, particularly meats
/ Doth fresh and cured, which are 81
| high as to greatly restrict consump
! ton by people of moderate means. Al
/ the beginning OF the week, tin. firm
| ness was partly attributed To com
/ plants that the crop in the Southwest
: was greatly in need of moisture, bu
/ fear on this score was afterwards al
| laycd by rains, especially In Kansas
/ Firmness was created partly ny tin,
4 large decrease in available stocks il
! the United states ana Canada 3,991
ooo bushels, against 100000 bushels
/ & year ago.
Late Strength In May wheat.
There was further strength i'm whea
during the last half Of the week an,
4 particularly in May contracts i'm iii,
< local market. as short sellers displayed
anxiety 10 cover, partly because con
tract stocks here were insignificant
1 General buying was stimulated ais,
by continued encouraging cables, par
ticularly from Continental markets
which were Influenced To great eX
tent by II further apprcciablc rise ii
Argcntna, brought about by lghtc
receipts in the principal markets ii
chat country. Consequently. export
crs there found IL more difficult TO bu,
for forward shipments.
Exports for the week from ArGentin:
were smaller. but nevertheless. Their
was decrease In the visible supply
:. nearly 100000 bushels. Therefore
tho Impression became more genera
that Europe would find it necessary I,
buy our wheat and flour OH an cN
tensivc scale. Adviccs from Western
points, and particularly Duluth, ind
cate that exporters have alread.