The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1900-07-12
AN ALL ROUND BULGE
BULLISH AND HIGHER GRAINS.
THE GOVERNMENT REPORT
RESPONSIBLE FOR RISE.
Corn and Oats Advanced and
Closed Higher in Sympathy
With Wheat's Advance.
Office Renuhlic.

A &c rise in wheat. &c in corn ana &c III
oats were the features OF the local specula-
tive grain situation to-day at the close OF
the session on change.
The speculative grain situation to-day was
emphaticaIIy and undeni;tbly strong from
the opening TO tho close. the position or
the different markets having changed rasii-
cslly over night 10 the great delight OF
the friends of the long side. This change
in the position of speculative conditions
was chiefly If not entirely, due 10 the
regular monthly Government report ON
grain received after hours yesterday, and
which had a most decided effect upon
curb prices, and in particular wheat. the
report having more influence upon this
grain than upon the cheaper ones. Not only
were prices materially Influenced for the
better, but speculation improved materially
under the bullish conditions prevailing
nearly an day. The pit on change was
thronsod with excited traders, and She ag-
greSate dealings were the largest for the
week SO far. All the grain markets Of tho
country were Influenced for the better. and
foreign markets fell into line with those
on this side during the day. and added to
the strength prevailing. The gains on this
side Were generally large, and In some cases
sensationslly go. and the close every where
was higher.
As was expected by local traders the
Government report the condition of
wheat made public after yesterdays reg
uiar session. was the whole thing this MORN
ing when the market opened. pretty much
all else being lost sight of. 1t Inques-
tionably buliish and had a sensational eff
feet upon yesterdays Chicago curb"
which was up &c. The effect here this
morning was almost great, the opening
being lkc higher than yesterdays regular
ha high bprc- higher and
the final figures showing an all round gain
for the day of &c. There were occasional
spots of weakness during the day on the
taking of profits. but, as rule strength
and bullishness were the chief features OF
the situation Quick recoveries were gem
orally made from all let-downs. and the
bulges SO sharp and frequent and wen
maintained that the pit topic was soc wheat.
a careful reading of the Government re-
port convinced ali traders Of its undoubted
bullishness. OF this there was no question
In the first place the condition OF o. for
spring wheat was sensationaliy low, it in
dIcating yield of only 16l. 0oo,oec bu-, while
of about 81 10000 bu-, thus making the es-
Inmates for the total yield of spring and
winter considerably less than those Of last
mates ranging from 4s2,eoo,oOo bu. to 514.Ooo.
600 bu The effect of this report upon the
d.a s9roa was very The me ow
pool market nd higher and London Id bet
ter.
The strong English cables in connection
with the Government report gave al! the
markets Of this country very bullish send
on, they opening up from sc TO l;sc higher
than they closed yesterday. The local mar
ket was materially affected and the initial
" BY others at ass.c C. July sold at sac and
Aug. at 7SSsc, with 7s2.c afterwards bid As
was to have been expected, there were
number of traders who could not resist the
temptation of taking profits. and the offer
ings were SO much greater than the buying
that the Sept. option dropped back to 19c.
The receipts in this market were again lib
eral, amounting TO 10000 bU., or almost
three times as much as those OF last year,
largely less than those of year ago. Late
cables were not conducive to strength. as
I'd higher for the day. On the other hand.
Paris was off 1%c,. Antwerp and Berlin
unchanged and Buda-Pesth but &c higher
The clearances for the day were only 0,00o
bu-. and local exporters said they could do
no business abroad No harm. however. was
corn excited wheat bulls and they rushed to
the support of the market. and by liberal
9ay'ng sent sept 10 BIC se Sop pr,ee OF h bns
not 80 rapidly as they had advanced. the
cash demand here and at other points still
being chiefly from outside mIlers and local
elevator people. This fact, however, did not
prevent Sept, from going OFF to so1sc. and
the balance Of the session. while the close
was &c up for the day at sg.c buyers In
closing nominally &c higher at 79i4c. Aug.
closed 2a2lsc better at 1s1zc sales.
While not showing the buIlishness and
strength SO very conspicuous In wheat. the
local corn situation was very strong and at
intervals showed a disposition to run away
Handicapped by the monthly and the week
ly Government report. neither of which
ey any bs OIL t Ine # D
creased the area 100000 acres over last
year. the condition was points better than
were for a crop of 2,2s2.Oooe 900 bu., the sec
ond largest ever raised. AS for the weekly
report it showed that since last June the
conditions had been generally favorable for
the crop This grain could not withstand
the bullishpess of wheat, which influence
. general advance toob place in the markets
OF this country. Here Sept. opened 14c high
er. at 42%4c. and shortly was selling at i25sc-
The f1rst-named fell back to 42ssc. but on
advices from Iowa, Nebraska and Northern
Kansas that the weather was dry and there
was danger to the crop from this condition
quickly that Sept. was run up to 4iaA;sc
before the wild buying ceased. and the adj
news OF the continuance of a big cash de-
nand and on the strength of that Sept.
better for the day at 43I4c sellers. Other
options were neglected and nominal, with
Ssty CLOSING s &C. Ts at 4c Western ter mar
year ago Including SeOoo bu- locally,
against 1880 bu. last year The shipments
amounted to 10000 bu. and the export
clearances to 600 bu. The Liverpool cables
reported lsQ@sd decline in that market.
The attention of local traders was so
wrapped up in corn and wheat that they
had no time for oats. and that market was
neglected all through the day. The Gov
eminent report made out a crop of 1913 700 COO
bu., the condition being SIS, which was a
railing on Of 81 points since the June re-
port The receipts at Western markets were
S1o.Uo bu.. against 200 bu. last year ST
Louis received 100 bu., against 80 go bu
a year ago. Shipments were 49, 900 bu and
exports 225.oo0 bu. During the day Scot had
sellers at 231fc early. later 23Ac was bid and
the close was Hc up for the day at o3s,c
asked. July also closed &c better, at 2ic bid
Trade GOssip.
The July report of the Department Of .,r,
culture was Just eXpected-buIlish on ubes.
and bearish The condition of &, -
ported Tor spring wheat is the lowest ever 70
ported. and 11s points below 1888 when the
yfeid was l3.eno1 bu. On the acreage reports,,
I.s;e1oge ou IT is supposed the Government
Will reduce the June area considerably in fe1ir
Ing out the final crop. decline I'm winter ,x6.g,
10 sos. where 1t s2.z on June L a crnr ~
3il"n"e bu Is indicated. Thus a probable total
wheat crop of 5ii go bu can be r,gIITei a,,,
OF L2ooeye acres In the area and a condi-
tioh 81 $50 gives promise for a yield OF ese oa
ee tu- Last years crop was Kos 0., 40
pn ana the largest previous yield was 2 aS;-
yp.Oo bu. in 1895. The condition of oats drops
from si.7 on June to $50 July /. latter in