The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-05-18
CONFLICTING INFLUENCES
CAUSE OF UNSETTLEMENT
Nevertheless. Nothing Sufficiently Po-
tent +" Warrant Any Striking
Changes.
us:anrsu SENTIMENT covnnys
its Growth and Spread Largely Eos
tered by Contlnuch fnyornbic. Wealth
err In Winter Wheat Territory.

New York. May i6.--Connictng in
iiucnces unsettled domestic wheat
markets early this week. NeNerthe-
less, there seemed to be $50 Influences
sufficiently potent To warrant any
striking changes. Temporarily bear
iah sentiment governed. At the outset
many scaipcrs and small traders we're
inclined 10 favor the short side. Con
sequcntly there was nI undcrcurrcnt
OF weakness. Tho growth aud Srcad
OF thus sentiment was largely fostclnd
by continued foVurit" weather in win
Tel wheat territory. THIS. however
was partly nu.lincd by decidedly unfa-
vorahlo weather in spring wheat ter
rltory on both sides OF the border the
temperature being exceedingly low for
the sca"on. with IN" mercury hciuw 30
in many places. killiu;: frost vns re-
ported in some sections. Although 1t
was felt ;h9t this woulG do no irrre-
uiatc harm. it WIS realized that II
might Cause dcE.y, which was to be
regretted. rs sccoing had already boon
postponed.
Checking the Decline.
The downward tendency was checked
also 10y encouraging cables. European
ni,rkcts being influenced 10y decr.ns-
ing stocks ana Hn excellent demand
for c"rro"s to arr.-v. especially Tor
Offset by somewhat bigger worid's
shipments than expected Including
generous contributions by Russia and
/ the panuhini region. Which led to an
unexpected Increase In tho quantity on
asseLe.
/ Firmncss was also caused by the
/ huge reduction in our visible supply
! 5.4s2.000 bushels, which was followed
/ by Il biz decrease In the worlds avail
able supply. $4,000 bushels. \ year
ago II decreased only l.ecl, 600 bushels
! \ttcr that u ,cuc;liy all European
/ markets became quiet and slightly
easier excepting Budapest. which was
! decidedly strong, owing TO bad crop
/ prospects IN Hungary. whore a large
r"a he been replow"i This is est
mated al 8 to 80 per cent 1t IL claimed
/ that under tho most favorable wealth
/ or conditions there will be only a small
crop
During the last h;!f OF the week
! wheat was decidedly iirmcr indeed.
quite buoyaut at times. as offerings
| We're small and demand fairly AMI
mated. partly prompted by cncourag-
/ ing cables. European markets being
/ higher. influenced 10y light prospec-
tive worlds shipments and by smaller
/ offerings Tor forward shipment from
! almost al! exporting countries. CONT
| mental markets. We're especially strong
rising gomez what sharply, az supplies
/ outside 81 Russia are said TO be
! meagre.
The Official French report WAS UNI
4 favorable. II placed the condition OF
winter wheat at only II, against - a
year ago, while the area shows a re-
ducti"n OF 10000 acres. 1t is there
/ torc the CONSENSUS OF opinion that f,u-
rope Will need TO buy large quantities
( Of our new wheat as soon as ii becomes
available Fairly large contracts have
( already been made. Some shr.wd
dealers OF long experience believe that
our exports viii be about the biggest
on record. provided til. new crop turns
out anything Xix. as abundant a. is
/ now indicated.
During the late trading the buoy
ancy was ascrihcd largely To many
private reports that appreciahl. dam
/ age had been done by insect life. These
were in part cUrroboratcd by the Mod
crn Miller report Nevertheless con
SerNative dealers are inclined to think
! that the total loss will be rather un-
( important in the Northwest Their.
was 4 decided rise In temperature.
/ which will, no doubt, permit farmers
To make better progress with seeding.
! There has been "a fairly active milling
- mand throughout the country fer old
, wheat, but business WIS restricted T."
tho limited offerings and the higher
! prices asked Many exporters In this
ana other domestic markets have been
.
/ wheat sold for shipment 10 Europe has
/ been done through Montreal as freight
rates are lower than they are else
! where, equal to about i-2 cents per
/ bushcl.
Our merchants have been endcavor-
, ing to induce the railroads to cut the
lat ana east of Hunalu" ratio from
/ i IL cents down To - cents. This.
B they say, would enable them to do
much more business. Receipts have
been fair In Chicago. supposed TO be
/ largely wheat for delivery on May
! contracts, but elsewhere the movement
( was small, while shipments continue
! fair into consuinptiNc channels. In
! the iinal trading there was a small
recession. rs buyers for the rise were
| inclined 10 take III profits.
Strength In Corn.
There was Il strong rising tendency
! In corn. prices rapidly iuovin. to high
! or levels. as offerings wcrc light, and
demand fairly brisk.
! Shor, sellers showed anxiety To
cover. Buying was partly prompted
! 10y light primary receipts, but chiefly
! by encoura cling cables. European mar
/ kcts being decidedly higher owing to
/ 81 rigid upturn in Argentina, where
/ the weather has continued bad, heavy
/ rains leading TO Hoods and material
! damage. Hence il is claimed that the
! .Xportabie surplus has been materially
! cut down, possibly 20 per cent. IL IL
| stated that much OF the corn moving
| in that country TO IA. se;tboard IL
damp and unfit for delivery on con-