The herald., 1894-05-01
DOWN COME GRAIN PRICES,
The Rain Depresses the Grain
Market.
Some Wild Reports Of Damage to
Crops.
Heavy Trading on the Call Board and
Greatly Excited Operators.
San Frsncsoe Hap
penings.


was an exceptionally busy day in the
produce exchange call board. and the
sharp fluctuations in the prices ON bar
ley options were the cause of consider
able excitement. The weather bulletins
were watched with keen interest," and
operators and brokers were receiving
kilograms from interior points. For the
past three weeks all kinds OF rumors
have been current relative to the disss-
trous effects of the long continued dry
weather upon the growing crops. 1t
was generally believed in many sections
the new crop OF barley would not sggre-
gate more than ons-fourth OF what would
be the usual yield. Acting upon these
conclusions. the holders OF barley have
been very persistently holding on to all
they had. and at the same time secured
all the additional stock they could OBJ
tain. Some OF the larger dealers have
been buying heavily and now have ex.
tensive holdings. This condition of
affairs naturally Infused activity
into the market, and values have
been steadily on the upgrade. The bull
element appeared to have the market
openly asserted that the dry weather
had been so disastrous and the season
was go far advanced that no amount OF
rain could possibly save the growing
crop. The recent light rains appear to
have proved oonolusively that these wild
theories were entirely groundless. Ad-
vices from interior points are to the
effect that fair yield Is now assured in
nearly all the leading sections. 1t will
not probably be full yield. but it will
average 80 we'll that there will not be
any material shortage. There are few
places, doubtless, where the crop will
be almost nothing, but these areas are
not extensive and they are few in num-
Der. Another point to be considered is
the benefit that the stockmen will de-
rive in the growth OF feed. Under all
these circumstances the local operators
in barley options were rather nervous
yesterday.
At the informal session of the call
board some 5000 tons OF December bar
ley changed hands at prices varying
from sl.16 to sl.l6X per GENITAL. These
figures are about 2 cents lower than the
rates ruling on the preceding day. The
bull element worked hard to sustain the
price, but the best they could do was to
keep the market fairly steady. At the
regular morning session OF the board the
onslaught OF the bears was vigorous
and the price dropped as low as $1.14,
although the bulk Of the transactions
was at figures in excess of s1.141a. May
barley sold at $1.05, but only 100 tons
changed hands.
The excitsble condition Of the market
and the slight influences which affect
AL ks1,, do, rkpuk r.A I,.~-
ing the afternoon. The closing price of
before the afternoon session convened
the rain commenced to fall rather
heavily and the dark clouds gave every
indication that the remainder OF the day
would be stormy. The opening price
was $1.10A, decline OF So cents.
Even this figure could not be maintained
and within few minutes $l.1012 was
the ruling price. Before the session con-
eluded there was cessation of rain and
the weather appeared little brighter.
Prices quickly advanced as high az 81 10
and number of sales were effected at
prices over SLIP, which was the closing
sale of the session. Excitement
was q high pitch end many brokers and
operators fingered, discussing the situa-
ton and seeking information. AS ia
usual, a mum Der of sales were made be-
tween brokers after the session of the
board. While the excited groups were
thus engaged the sunshine appeared
and almost instantly higher paices were
bid. On the strength of the CLEAN of
sunshine several sales were made at
81 IA.
In sympathy with barley, wheat also
declined, but scarcely to the same ex-
tent. December wheat opened at 81 16
in the morning and the closing price of
the day was 81 1879. Hay and all des-
criptions of feed were easier in tone, with
buyers holding off in hopes of lower
prices. Dealers, however, held to their
figures steadily all day.