The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1900-07-13
ADVANCE WIPED OUT
WHEAT LOSES LARGELY.
THERE WAS \ REVERSAL OF
FORM-GAIN LOST.
The Changes in the Cheaper Grains
Were Slight, but They Made
No Gains.

Thurslay. JAY I. lA-

ticufar right here. was as favorable To ihe
bears as It was TO the bulls on yesterday.
In other words. the strength shown was
succeeded by decided weakness. and IN the
case Of the hIgher-priced cereal a complete
loss in prices. the cheaper grains Just
about holding their own.
The bull fever raging yesterday In the
speculative grain markets. which was in
duced by the bullish natUre Of the Govern
,nent monthly report on crop conditions
showed unnlistakab!e symptoms or having
run its course this morning. the pace eri-
IDENTIFY being too swift 10 maintain The
weakness which succeeded the strength 50
very conspicuous in wheat was ia evidence
right at the outset. that grain exhibiting
a decided inclination 10 break away from
all buIlish influences. and before the day
was half over It had succeeded most aG-
Iuirably. On the other hand. the cheaper
cereals, while making no further grains Of
importance, held their own remarkably
well. The elements at work in tie differ
.nt markets were OF quite a conflicting
character. and in consequence thereof the
course Of prices was somewhat irregular,
with the tendency Of values in the direc-
ton of q lower rather than a higher level.
The support was not so good as on yestei-
day, ana breaks came easily in most cases
There was an almost complete reversal OF
form in the speculative grain market ut
this point this morning, and where there
was strength and bIllishnesS yesterday.
there was weakness and iearisknesS To-Day.
All domestic markets were affected ankle.
they opening at from a4c to 1allsc of. with
Chicago leading the bunch. All the early
advices favored this kind Of opening.
there being nothing Of Importance IL sight
20 influence the markets Of this country
otherwise, Cables We're particularly chilli
ing to bullsh enthusiasm, the upward
movement on this side insugUTIted yester-
uay meeting with u cold reception abroad.
Indicating that foreigners were st!li Skepu-
cal as our crop conditions and were not
disposed 10 pat any faith in the damage re-
ports The first advIces received from
abroad were 70 the effect that not only was
there no response 10 our big advance 1T
London ana Liverpool, but those markets
were s4d and lzd lower respectively. Then
there was the Cincinnati Price Currents
statement that the Government figures
were too low and tIat the conditions were
such as 10 Indicate a yield OF 55.tsr,UO tu.,
and still another hearIsh influence was in
the receipts at all winter wheat points.
though they We're rather small in the North
west Locally the arrivals amounted TO
l5S.ec bu-. az compared with only 5s.ie, bu
a year ago the large increase being due to
the fact that Texas whea: was turning in
this direction owing TO 20c rate
NO sooner had the market here opened up
- IL =
and the initial trades in Sept. were at sc
decline AT aSizc. from which there was a
further drop to 1875. ana before the decline
received any sort OF check there were sell
ers at .9lsc; but about this time the great
strength shown by corn came to the rescue,
ana. the selling pressure easing up
there was reaction 10 1886. There vas
little attention paid 10 July. which sold izc
of at isS4c- As there was nothing to hold
the market up, II in very short time took
the back track and declined almost aninter-
rupteGiy tor some considerable time. There
was nothing in e-late cables to encourage
bullish operations. Antwerp, ii is true, was
said TO be 3sc higher. but Liverpool refused
TO bulge from It's early position and closed
at its opening decline of I'd. Paris was
down ", as was Berlin: but Buda-Pesth
was unchanged, while as for the days ex-
port clearances in flour and wheat they were
only 1860 bU-, making total for the week
OF lSo2;e0o bu.. against l,t3S,y9 bu. last
week. The Sept option finally broke below
79c, and from that time the market was all
one way and that was toward a lower level
Nothing came TO The fTUnt of q supporting
nature, though the local cash market con-
tinueG TO show an unGegcurreu. Of strength.
but not sufficient to stem the downward
rush OF prices. 1t was. in fact, a case OF
sel-out by most Of the longs and some sell
ing for short account also, on which Sept.
went to 1Sisc and at the close had sellers at
&c decline for the day at Sac. July closed
with sales &c or at L.i=c and Aug. was nOmi-
naliy 254c lower at fi1ac-
Ccntrasted with wheat, the local corn
market this morning pressn ted a very bold
and strong front, that grain having an in
dependent strength Of its own right at the
opening that even the sharp break il the
higb-priced cereal and the statement OF the
Cincinnati Price Current could not disturb.
This strength was drawn from reports OF
Hry, hot weather; accompanied by aivices
corn from this cause. The markets on the
other side. however. showed nc excitement
over these stories, which were ca5Ied
abroad, and. in fact, the Liverpool market
was sd lower. The days pOstings Of re-
cepts at Western markets We're quite large.
the total arrivals amounting to 635,et0 bu..
against $4,000 bu- q year ago, including 81,
30 bU- locally, against 40 bu. last year.
Shipments were $500" hg.. and the days
export movement iil,tHo bu., making 2-05.-
900 bu. for the week. compared with 8 222 90
bu. last week. The buying OF corn was
lively at the outset, and Sept opened with
sales where 1t closed yesterday at Sic AMI
advanced without interruption to 44Ufii.c
sales Then the great weakness began TO
get in its work and the supply of crop-darn-
age news giving out, and cash strength
coming 10 the surface, the market weakened
and Sept sold I back to to 435sc and closed at
was asked at the close
There was nothing special developed in the
local cat situation to-day. There was lit
tie interest taken in the market by traders
and but small business done early. Both
jury and Sep.. brought q, but later the
former eased Off and closed lsc lower at
2S7sc, and the latter closed the same as Il
did yesterday at 23a.c asked. Western re-
celpts were 29.0cO bu., against $40 bu. last
year. st. Louis received 34.SO bu., against
5000 bu. year ago Shipments were a3g,-
900 bu-, and exports 10000 bu.
Trade Gossip.
The Minneapolis Market Record SAYS o. the
Northwestern crop situation: There were god
rains Throughout most Of the Northwe spring
wheat States during the week. which were Z
considerable benefit sun, some Of the best
incline 10 the belief that the rains came too
late to I've of much benefit TO the small grain.
Rains in the southern part Of Minnesota are
reported by people in that section as having
done a great deal OF good. Through snany II
those counties the condition is reported being
equal last year and some sections the re-
IL In many others Of the southern coun-
ties conditions seem to be about the as
last year. while in some conditions point TO a
crop of 10 40 per cert less than last year The
southeastern part Of South Dakota is about the
same as Southern Minnesota These favorable
conditions extend for several counties Up IN
gong north and in the northern part Of that
there many fields that viii not be cut
especially the later grain. In North Dakota
.hsre is reported to be come good grain UP
near St. Vincent and along portions of the way
in the Red River Valley. There Is an Irregular
area Of large extent touching the Red River
Valley and reaching west toward Devils Lake
where il seems that no amount Of rain can ever
keta is estimated all the way from Is 10000 10
~ 600 900 bu. South Dakota IL thought to he
safe for 20.00o.dS0 bu;. and Mlnnes3ta for 80
81. 900 bu.. making about saeJceoy bu:, against
%. Goa go bu last year. II IS fact well known
however that dry weather crops with small
straw generally yield above expectations"
Railway officials Of the Chicago lines who
have been investigating the crop situation In
the Northwest. do not believe that the injury
to their tines By the shortage VIII amount to
much They cav that while there will be a
I,oor croI, az wheat in Northern Minnesota and
Sorth Dakota the recent rains insure good
crops in southern Minnesota and south Da-