The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-03-10

SPREAD OF BEARISH
SENTIMENT IN WIIEAT
Practically All Existing Influences Calculated to
Cause Depression- Resultant De-
cline Is Unimportant

|. New York, March e.-Practically all
existing Influences in domestic wheat
markets early in the week were cal
culated to cause depression. Conse-
quently, there was a spread OF bearish
sentiment, but all things considered
tho resultant decline, was unimport-
ant. Presumably many spectators
for the decline were disappointed, be-
cause there was not much sharper
break. For one thing, selling was
stimulated In part by the discourag-
ing tenor of cable advices. European
markets being depressed by the uneX-
pectedly heavy worlds shipments, and
the resultant big increase in the guam
tity on passage, which brought the
total afioat up to 51,12S,0O0 bushels
which IL materially larger quantity
than was afloat at the same time last
year. Furthermore. reports respect
ing the outlook in India were more
favorable
Many domestic influences also served
to stimulate selling. Receipts at pri-
mary points continued somewhat
larger than had been anticipated, and
there was small increase In the Wis
ible supply, whereas many conserva-
tive traders had counted on n decrease
Then, too. estimates respecting the
probable quantity in farmers hands
on March 1, were favorable TO the
pSat Stoe, IL peinS the general I'm
preston among competent authorities
that the total would turn out to be
around 170.000,000 bushels. This
would be a. great deal larger than last
years total. 122,025,000 bushels. But
1t must be remembered that farm re-
serves year ago were extremely
light, being only 1876 per cent OF the
crop, whereas in practically every or
binary season, the reserves are slight
ly over 20 per cent, generally not far
from 25 per cent
Cause of the Selling.
The weather West has been regard
ed as generally favorable, the tenn
perature being seasonable, although
rather high in some places. Fortu-
nately. the plant in many sections was
protected by snow. The downward
tendency was checked partly by con
tinued unfavorable reports from Rus
sia, where the crop outlook is unsat-
isfactory, while there are renew ed
complaints respecting the scarcity OF
merchantable wheat in that country
III some quarters, the weakness in Eu-
rope was partly ascribed to the report
that the war In the Balkans had been
virtually ended.
Late in the week, there was more
firmness, prices showing a Slight re.
dictionary tendency, as offerings were
lighter, while small traders who sold
short early were inclined TO cover, fl
spite of the fact that there seemed
to be little or nothing in the news tc
warrant any important changes. II
was true, however, that exports OF
-four are fairly large, while additional
sales were made of hard winter
wheat, mainly for shipment via Gull
ports. This apparently confirms, ii
some degree, the claims of many mer.
! chants, who contend that prices ar,
down to a reasonably safe basis, espe
cially when taking into consideration
the high cost of other food stuffs
notably meats.
| Further advices were received b,
| cable and mail which alluded NOR,
emphatically to the large percentag,