The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-08-25
SHOWN
IN PRICES OF w HEAT
Depression Is Caused by Favorable Weather and
Increasing Supplies Corn Less Buoyant,
With Not So Much Excitement.

New York, August 24-Domestic
wheat markets were irregular early
this week. The price changes were
numerous and erratic, with the move
ment as rule confined to narrow
limits. The changes from one day to
the next were generally unimportant,
and at midweek il was found that
prices in the majority of cases had
not gotten far away from last Satur-
days closing level However. the gen.
eral Drift was downward. except at
st. Louis. whore there was a gain of
1901 Lee during the first three days
whereas other markets showed losses
ranging from S-4 to 1c, with spring
wheat markets the worst losers. The
great irreguiarity showed that traders
had been rendered extremely nervous
by the many conflicting factors. and
hence were not willing to follow prices
far i'll either direction.
Character OF the Speculation.
Selling at the outset was partly
prompted by the generally favorable
weather west. although In parts of
the Northwest there were rains giving
rise to complaints of delayed harvest
ing. The steady accumulation OF sup
plies at winter wheat markets and
the large stocks at spring wheat points
were also factor. The visible sup
ply showed an increase of 2SSOOOO
bushels, against only 61,00o bushels a
year ago. making the total 44.426OOO
bushels, against 1S,144,0O0 bushels a
year ago.
With the exception of few early
rumors of frost in the Canadian North
west, the general tenor of the advices
from that quarter were favorable and
large yield was forecasted. For
time foreign news was discouraging
to holders The initial weakness
abroad was leargely traceable to the
large worlds shipments, and the In
crease of S,624,o00 bushels in the guam
tity on passage, as compared with
decrease OF 1.744,0o0 bushels for the
same week last year Then, too, it
was stated that Russian and Danubian
wheat was offered at lower prices.
The weather was fine In the United
Kingdom, and the European visible
supply increased 42l6,o0O bushels
against n decrease of 500, 900 bushels
for the same time in 1912. Suisse
quently foreign markets became firm
err and helped TO arrest our decline.
Delayed harvests in many European
countries caused anxiety. Floods have
caused serious crop losses in Germany,
while in France the yields are disap-
pearing. Then, too. the official esti-
mate on the probable crop in Russia
was reduced 112.0o0,0o0 bushels, al
though this estimate was received with
the usual skepticism among expert
enced traders.
The break was also checked partly
by reports of lighter country offerings
and an active inquiry in cash markets
II was rumored at the beginning that
this was partly for foreign account
and before long these rumors were
confirmed, it being reported that fairly
large quantities of both hard and soft
winter wheat had been sold to export
ers. Firmncss was also created at
times by the large exports. the total
cleared from tho Atlantic Coast dur
ing the first half OF the week being
$4,000 bushels. practically all do
mestic, while the shipments from this
country and Canada during the pre-
Vious week were placed Mt S14l0 600
bushels Among tho depressing factors
was the increase of 100000 bushels
In the worlds available supply. where
as in the same week last year there
was decrease OF 1,072. 600 bushels AS
has been the case for some time past
the action Of wheat prices was largely
In keeping with the action of corn.
Temporarily, after the turn of the
week. stronger feeling prevailed in
wheat markets. but during the later
trading prices slowly receded Adyices
from abroad We're largely Responsible
Tor the advance, especially as they
were accompanied by orders to buy the
actual wheat. which resulted in large
bookings of winter wheat both soft
and hard. The general frmncss in
European markets was mainly ascribed
TO additional complaints about the
weather In Russia.
In the United Kingdom harvesting
was again delayed by rains. and many
nnfavorable crop reports were re-
celVed. Hence cash markets were firm.