The St. Louis Republic., 1900-07-22
GRAIN MARKETS REACT.
EEMORAiiXINGi INFLtENtE
OF COLLAPSE IN CORN.
Bnt Later There Was a Very Good
Recovery, Though the Close
Was Lower All Round.

, Office Republic
| Saturday. July y. i"di.
! The wind-up ~ the local grain situation
! WAS very much better than thr - -l-ofi
| and although va.u,s showed q decline. vc,y
! maIk-.! IN the case Of com. trades were
| srcat!y encouraged over the way the gen
! cial speculative situation closed to-day. Ths
| fact that grain speculation stiil continues
highly sensitive To crop and weather coldi-
| tinr' Wa clearly demonstrated by the a.
tons Of the different markets and tn. cuil, -
| assumed by prices during the past week. Is
| til" adViC"s from the Srain-growinG section.
| al tn" country were largely favorable. and
especially those having an influence upon
corn. which At present is the crop most
affected by weather conditions. Il state oi
saIlidomoralization for some time existed.
Liquidation hIs been freely and heavily in
dslSed in and the trend Of prices during
mos; Of tho week has been almos: Uniut,r-
.unted.y downward. supporting orders being
| iow ana far between. This state OF affairs
continued until Within = day or two Of the
close. vE'n Z, fcciiuS that the break had
gone FAR enough vIs developed and some
very good gains. though not enough to wipe
oj;t previous losses. were made. The bulls
found f. a somewhat G.ffiCuit matter to get
. fnothoif. ard almost Is difficult a matter
To- hold -" adyaEia=r when they got II,
there stu being number Of Influences that
checked the spread OF tulIish sentiment and
held prices back. chief among these was
tho lack If speculative interest, the crop
movement ana the .nfav0ranie attitude Gf
foreign markets. Dizziness Characterized
pit orerat tion.. on change a Goud Part OF the
timo. even professional traders hardly being
in evidence. and the week in many other
grr ~ inc rr- ~
speculative standpoint.
Wheat during most Of tn past week has
been largely under the influence Of corn
and I'm consequence has been subjected to
some very severe EevvrScs. though il came
Out of thc ordeal very much better than
Was expected by the most Sinsuine Of its
friends While rot 50 dsmoraiized as the
coarScr Stain. this market showed but
sliSHi bdt kbOnc, oT rcaCtionary powers. un-
til near the close, when. after several at
t,mpts had been made to break away from
ttS Weakening environments, which met
with only paIt.at success, tnsre EdS a sud
d,n accession OF Strength and buIlishness,
ana the record Of prices exhibited only Il
small loss tor the week. as compared with
last saturday The early collapse IN corn
CAV" wheat Its most sever. Diow from
which II neyer fully recovered. Tn. re were
other weakening factors and influences,
WHICH, While not SO lar-re.Ct!lnE. were SgilI
Sufhcltnt To 10 considerable damage and
chcck bullish agSressIven.s.s. one y. these
was The fact tnat the winter wheat move
Hi.Ht hdd gotten fully under way and the
arrivals throughout t:c week in conse-
Gu-nce. were nvdyy, each days p0StinLs
showing an increase over those OF the day
rtiort- cop conditions in the Northwest
have improved wonderfully. and the belief
mas grown that the so-Ca!ird rapOrts had
been or, atty exaggerated. The cash bust
lft-S 1.tS poor, outside speculation nearly
nj and the foreign situation unresponsIve
ON The other hand. statistical inform 4tion
Throughout almost the entire Week was
Il.
To any material extent
Ihc total worlds shipments amounted TO
only ".i.o.vp bu.. The Black Sea ports clear
its ',fi-.rD oU-. most Of which came from
Russia. and the amount on ocean passage
lei! away @ootc.o hu. Bradstreej's reported
! decrease in the worlds available OF SCI :
~ nV,. compared with a decrease last year
~ ~ i,1'e'tt bu. and stocks east OF the
Rockies fcll on 25.co bu. During the week
local exporters complained of the difficulty
~ doing business with foreigners ana the
e.i!ly sales AZ the Seaboard fer export were
small. Suil. the outward movement for
The week was in excess Of last week the
ciearances amounting To cSI bu against
-.S-S'i9 bG- last week. and Sos O73 bu the
same wvck a year ago. Under the donina-
me sept option here sold off to .2z.c but
by hard ana persistent work was gradually
advanced 10 i5i4c. the fun effects pf the late
ly developed strength being felt this morn
ing. when tnaI month went TO 15Iec. and the
close was nrm at advance of from -.
To '.c for the day. making the Close for the
week only lsc to sc. July closing unchanged
at sis.c bid. Aug. S.c OF al 7iSsc bid, Sepf.
isc lower at a5a-c bid. and Dec. only sc off
"a; az: bio.
TIE breaking Of tho long drought in the
corn BELT caused complete GENERALIZATION
among the bulls and caused th. bottom "a
fall GU; of The speculative marker. a de-
cline taking place that was never fully re-
covered from, although the market did very
muCh better late in the week. In fact rh,.
general rains were disastrous to corn vat
ueS ana wiped out all signs of the stre.,gth
Nhlch was the chief feature OF tn. situa-
ticn the week before. There was but on.
SIDE 70 the marl I. and but one desire cx-
h.oitei by traders. and that was to sell
ann ihey 30 II. too. during the first day
or TWO of the week a veritable stampedc
took place among the longs. the market
peihE without any support outside of a few
shcGts taking profits. Even the country, in
iuced ny me rains. went short of the mar
ktt As the rains kept up for several days
liquidation continued almost unirterruptcd
ana prices broke daily from 1c to over e.
making u very heavy loss for the week
and one that could not he overcome. 1t was
not until late in the week that the flood |
OF Dong i9ns corn c.ased and the downward
course OF values received check R-ac-
lions. however. We're small and irfrequent
Receipts We're not large the past weck k hut
shipments from primary markets were quite |
heavy.
The visible supply was reduced $50 Ooo bu
and the amount ahoat decreased isuo,0 hu |
BTadsifcetS also reported q decrease. i'm |
supplies of i1i.olD bu. Foreign markers ba,j
hut little Influence upon the situation n. |
this country. and foreign buying Was richt
especially here. though fair business wa
At the scaboard. Some war
news WAS injected into :he situation late in
IN" week. but It was the undouh;ed strength
SHOWN oy wheat tnaj had the most effect
ana caused the all-TOund improvement in |
speculative values. The situation vas mar
uculeriy strong to-day, and at the close th,, |
market NaS &c to hsc higher for The dav
thus reducing the decline that much and |
closing prices much better than had been
: = .Ni,,c,ea; ny lhe Iosse. for the week, how |
ever, were heavy. the greatest being in The
Sept. option. which closed 4Ikc lower an
bid. "' o.
There Is nothing In particular TO say
ABOUT lne situation in oats locally. The
'htfht' "i course was largely influenced ny |
corn. nut was much lower in price |
Sle.u!ailEely ii was dead one as traders
paiG nut >Ight attention to- Il and il w;.s
seldom thar there were any trades Tbc
conrs" OF values WAS downward frcIn tTs |
outset ana AZ the close to-day the riIarI;s; |
; moved a loss for the week of SO in JrII,-
Whlch closed at c3lsc hid and 0c .sc in
sept. which was salable at .s+Ac