The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-09-15
DRIFTING TENDENCY
IN DOMESTIC WHEAT
More or Less Apathy Manifested by Prominent In
terests and Apparently No Effort Made to Give
Support-Corn Slightly Frmer.

New York, September 14-There was
a drifting tendency in domestic wheat
markets early In the week. More or
less apathy was manifested by pro1ni-
nent interests. and apparently no effort
was made to give support. Receipts of
spring wheat Mt primary points were
larger, and as threshing returns were
satisfactory continued large move
ment from that quarter is expected.
IT is natural that large millcrs and
elevator owners should hold back for
the time being. liz order TO fiji their
bins and elevators at low cost. On
the other hand, there is nothing to
be gained by supporting the market
al the moment In addition, favor
able report was expected from the
Department of Agriculture. and these
expectations wcrc in some respects
realized, the total crop being placed
81 754.00O000 bushels, or 100000
bushels more than Indicated IN Au-
gust, and 100000 more than har
vested last year, although the spring
100000 bushels. whereas many had
expected 250000.0O0 bushels. The
moderate increase in wheat will be
more than counterbalanced by the hg
decrease in corn, oats and potatoes.
Efcct OF Other Short Crops.
With tho corn crop approximately
100000 bushels less than year Ego.
II is evident that consumption of wheat
viii be larger. 1t is also known that
many farmers in sections where corn
is exceedingly scarce and dear have
been feeding wheat to farm animals.
In the recent past the demand for mill
feed showed rapid Improvement, and
hence prices advanced materially. This
was, OF course. partly traceably to tho
shortage In the hay crop and the re
markably bad condition of pasture and
meadow lands, necessitatinE the feed
ing OF live stock much earlier than
usual SO urgent was the demand for
feed that many millcrs found 1t prof
liable 10 divert their low grade flour
into feed Hence there was a marked
shrinkage in the shipments OF low-grade
flour from the West TO the East. Moro
over 81 was asserted that many West
crn millers who usually ship most or
their -four Eastward had found 1t more
profitable TO ship down into the South
west. where the long drought and in
tense heat had done so much dam
age. Gable advices have been some
what discouraging. European markets
being influenced by fairly big worlds
shipments including generous con-
tributior from Russia and the Danu-
bian region. but nevertheless there was
q slight decrease in the quantity on
passage. BESIDES. the worlds visible
supply only increased slightly, 3,5l6.
600 bushels. whereas year ago there
Was an increase OF S,bOu.uuu puSncIS'
Receipts nj Primary Markets,
Receipts OF spring wheat continue
abundant. and. As threshing has made
good progress. many traders expect a
still larger movement ere long. AS a
consequence. little effort has been
made ny influential members OF the
trade to arrest the decline. On the
contrary. there has at times been
rather more pressure TO sell futures.
especially as a hedge against the cash
property. Naturally, such selling is
stimulated partly by the current
premiums on the distant contracts \
decided decline was checked. however
occasionally by fairly active purchases
by exporters, but such buying, II was
claimed, was partly OF an investment
or speculative character being largely
made possible BY the uncommonly low
rates current for ocean freight room.
AS matter OF fact. II Is alleged that
practically no export business would
otherwise he possible. because Russia