The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-08-18
TUE TIMES RICHMOND VA MONDAY AUGUST 1918
LEADERSHIP OF CORN
is VERY PRONOUNCED
Wheat Forced Into Background
in Speculative Grain Circles
Because of Activity.

| because OF Activity.
New York, August 17--As has been
the case for some weeks. wheat has
been forced into the Background in
speculative grain circles. because of tho
great activity and excitement In the
| corn markets. In fact, the leadership
OF corn was so pronounced at times
that the action Of wheat prices was
OFTEN looked upon as a reflection of tho
action or corn. Still. ut times wheat
displayed independent strength and
weakness.
During the early trading the feeling
was decidedly unsettled as traders
were rendered nervous by the conflict
ing factors, notably the unsettlement
IN IL, corn. FOR a time wheat prices slow
| ~ saSBed toward slightly lower levels
but subsequently greater firmncss was
developed, and by midweek all OF the
| early loss was recovered and a slight
net gain established.
The fact that corn broke somewhat
Sharply during the early trading was
held 10 be largely responsible for the
initial decline I'm wheat. Selling was
also prompted In part by predictions
OF large increase in the visible sup
ply. which were verified later, the
report showing an increase of 3.Sss. 900
bushels, against a decrease OF 67S, 900
bushels year ago. Foreign news also
served to discourage holders, although
Liverpool remained relatively firm at
the outset, partly because of unsettled
weather in the United Kingdom, and
partly because the bulk of the worlds
shipments was destined for the Cont
ncnt.
This served to depress other Euro
pean markets. The world shipments
were slightly larger than expected, and
there was fair Increase in the GUAM
tity on passage. In addition, favorable
advices were received from France.
southwestern Russia and South Aus
tfalla That the early decline in our
markets did not assume larger pro-
portions was due in part to unsettled
weather In spring wheat territory and
some fear of an early frost In the Ca
madam Northwest. The sharp rally
in corn also tended TO check the de-
cline, and within a short time wheat
prices began to move upward in
sympathy with the coarser grain The
good class of investment buying. 1t
being claimed that wheat was cheap
III comparison with corn and oats.
Euying was also quickcned partly by
reports of black rust in North Dakota
and Manitoba, but traders were in
credulous and asserted that 1t Is too
late FOR rust to cause much injury.
Temporarily. the news from abroad
continued dscouraging, European mar
kets declining further, because of gen
orally favorable weather in Great
Britain and on the Continent better re-
ports from Russia and Roumanin and
larger Russian and Danubian offers.
Moreover, there was an increase OF L.
$4,000 bushels in the European visible
supply. Against 4 decrease of 6.70e,1oO
bushels a year ago.
subsequently foreign markets became
stronger, and. what was more en-
couraSing, was the report that ex-
porters were again showing interest.
The weather was again unsettled In
the United Kingdom. while in France
harvesting was delayed by unfavor-
able weather, and the Official report
made the crop condition 6S.i. against
1873 In July. The rise was checked in
part by tho increase of 4,269. 900 bushels
in the WORLDS available supply. as com
pared with a decrease OF 7,53l,o0O
for the same week in 1912.
Although wheat prices continued to
move in ar erratic fashion late in the
week, the slow upward movement went
on. Independent strength was display
ed for u time, there being a moderate
advance in the face of reactionary
tendency in corn. In that case the
iirmness was largely ascribed TO en-.
couraSing cables, many European mar
kctS being hrmer because of unsatis-
factory weather in the United King
dom, Germany and France For q time.
too, cash markets abroad We're :irmcr.
subsequently the tone became rather
easier, mainly owing to expectations
of large worlds shipments. the esti-
mate being for about 100000 bushels.
i3uN!ng In our markets was also
prompted among exporters In some
quarters the late buying was largely
regarded as Of the Investment descrip-
ton.
Some merchants became convinced
that current prices for wheat were TOO
low compared with the prices for corn
and oats. During the late trading de-
mand was partly prompted by reports
OF lighter country offerings. as a con-
sequence of which less hedge" selling
was noticeable. Advices from Winni-
peg reported severe storm. with ex-
tremely heavy rains. high winds. and
hail in some places. Some further al
/ fusion was also made to the possibility
of early frost. Another late
siren gthening factor was the report OF
the weeks clearances of wheat and
-four. the total being given as 7.51S.oO0
bushels. or the largest this year. The
rise was checked in part by the fav-
orable Modern Miller report, both as
to the present crop and the possibil
ties of a good start for the next crop.
Speculative corn markets have had
another week OF great activity, with
numerous periods of excitement and
violent price changes. The volume Of
business continued large. Corn has
again practically monopolized the at
tention OF the entire speculative ele-
ment AS was to be expected. there
was a great deal OF irregularity and
unsettlemcnt the variations being err
ratio. The prevailing trend was up
ward although at the outset prices
declined somewhat. Before long, how
ever. there was return of the strik-
ing buoyancy noted In the previous
week. and prices showed gain OF
! from to 12 cents.
! The news from day to day has gen.
orally been uniform in character IN
short, while there have been light 70
heavy rains throughout the Ohio val
ley, and extending westward into Ne
| braska, practically every day, there
! has been virtually no change h the
F. conditions OF the Southwest.
! The drought in Kansas. Missouri and