The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1900-07-03
A SERIOUS DECLINE
IN ALL GRAIN MARKETS.
THE BOTTOM FAIRLY FELL.
OUT OF WHEAT.
Both Corn and Oats Were Weaker
and Declined in Price-Specu-
lative Dealings Small.
Office Republic.

ers in higher prices for grain unristaka-
bic weakness being displayed. that became
more and more pronounced rs the day adj
yanced. and all leaning one way, and taat
was towards q lower level. The situation
was an unsatisfactory enc In many other
respects. Tire different markets were duN.
AMI at not iufrequeEt intervals trading " IS
stupid. with changes In values generally in
business. In reality. speculation most OF
the day on charge was quiet, and as dc
Of the big break in prices without features
of interest, especially from Il bull point
of view. The bulls appeared To be wholly
without courage. Notwithstanding there
were some developments quite favorable
10 them. ard on which at least tIrn
might have been made had tEey shown
any disposition to do 50. They seemed To
he without hope. however. and made no
real efforts t. chek the downward course
of prices which continued Amos; Uninter-
rlpted from the opening Of the rlaraets
10 their dose.
Wheat this morn ng took another tumble
and suffered most serious relapse. the
close being right at the bottom. and
clean &c lower than last Saturday. The
dollar mark is now completely nut OF sight
and IS rot now even mentioned among
lfdttTS. TIC MUS s. -u.ile 81 ita;lS nav
ing passed i .,7 20. the pres N. a:
least, If not FOR good. The bulls th'; morn
ing seemed To have lost their courage COM
pletely. was more than once evidenced
by the actions of the market. and the
lukewarm support given at times during
the day. All the markets on this side were
in a like condition. ard from The opening to
the cicsa thc.e was not Il ray OF hope
for the believers in higher prices. The early
advices were Of the most bsar.sh descrip-
ton. AMI together with Disguised longs
selling cut, no speculative demand TO speak
OF and the bears aiding to Their short in
terest, brought about a biz b:eik right
al the opening. There was an aiirourd inn
provemen; In we Their cord tons. rains
having fallen in the Northwest and LEI up
in the Southwest. with the conditions IA
vora BILE for a continuance of the former
where most needed. The initial cables were
enphatically UnfavCr.ble Tor the balls. Liv-
erpoUl declining 1S.d and Lordon I'd. while
Paris was reported lec off also. Ih. infiu
ence the bull side Was not of great
value or near as effective "a II has besl
of late. The short-ffop stories from the
Northwest arrived usual. and water
soaked crops were again reported from the
Southeast The worlds shipments were 4
low 100000 bu.. as Russian shipments were
less than SO 00 bu.. and the amount
ocean passage had faliea eff 5000 bu.,
compared Win a decrease OF l.-t,Ett DL.
one year ago. Receipts at spring and win
ter wheat markets were small.
The early declines at Chicago and Mime
apoiis Were more severe than they were
here. though St Louis IVES not far behind.
the opening for Sept. being lc lower. at
SEC, from which it sold down TO sc in Il
short while. july also started off hanii-
capped By a loss of lc, that option opening
Sc. and was effcrea at 7szsc. The reaction 9.
that followed this break amounted To little,
and the market swung within very narrow
limits for some time The first named OPP
ton ranging from 1sc to ,9isc. July going
back TO 1S'sc and Oft to isfsc, and Aug.
selling at isesc Late cables as bad
as those received early, Liverpool showing
loss of 2isd fer the day. Paris was i.c
and Berlin sc lower, but Buda-Pesth was
i.c better Clearances, nf -four AID wheat
We're small at S92,tp bu-. and the visible
supply OF this country was increased $500
bu., as against an increase o. I.7i5gJD bu.
last year. The very best that this market
could CO in the way OF a reaction was to
ISssc for Sept. 7yc for Aug anu .a,Ga3isc
bid for July. From this time on to the CT Sc
there was nothing but weakness to b. no.
ticed, and prices gradually sagsed DOWN
until near the close. when there was a
sharp break. The traders, who early in the
day mad bought wheat in the expectation
of a reaction before the close threw their
stuff on the market regardless, and az there
was no demand of any CONSEQUENCE prices
went down with a rush during the closing
hour. There was nothing IN the cash sit
uat.on to encourage the trade, and no
SliNHE news from any
source- The close, as heretofore stated, " as
at the bottom, with sellers Of July 25.c low
er Tor the day. at d'''sc ana of sept. at Sc
decline. AT lsc, Aug. being nonInslly &C
Of. at T7ssc.
Corn did not suffer as severely as wheat
to-day, though the loss undergone by prices
was quite sharp and the close was at or
near the bottom. The bearish factors were
pretty much the same as those having So
disastrous an influence upon the higher
priced grain. The rains in Kansas. Ne
braska and iowa. where they have been
wanted and the fine weather ELSEWHERE. had
ceipts. unfayorable cables and the big drop
In wheat The total arrivals at Western
markets We're posted at $4,000 bu of which
1S.60o bu. arrived here. Shipments Were
$4,000 bu.. and clearances 67l.1lo bu. There
was a decrease Of l, 1900 bu in the visible
supply, as compared with an increase ono
ocean passage was increased $4,000 bu
against 10000 bu. increase last year Ca
bles We're unfavorable for any. export BUSH
ness from this side. being ed lower at Liv-
erpooi. Corn on the break was given much
better support than wheat, there being some
pretty free buying at the low rates estab-
down TO f.sc, and July had sellers ar 40.-c
A small rally followed this early break be-
ing brought about by advices OF large sales
for export at Chicago. which market was
higher. Here July sold at Ale TO also. and
Sept. to 42ssc, with 42ssr42s.c bid. Later the
market weakened off again in sympathy
with the decline In wheat. and at the close
July was offered sc lower for the day at
4l14c. and Sept. l2d@sc lower at 42isIi2i!c
The future market for oats opened sharply
off in price at 22s4c for July and Sept, later
22ssc being asked for the latter. The mar
ket then rallied TO &c for both and closed
with sellers &c to &c off for the day re-
spectively. at 225sc nominal and 2zT,c asked.
Western market receipts were 4e2. 900 bu. of
which 2l.l5c bu. were received here. Ship
ments were ass go bu., and export clear
ences 10000 bu. The visible Of this country
was increased 1.03s.opo bu., against 1900 bu
increase a year ago.
Trade Gossip.
px,,,,haIp. C.,-, -r-asa 1ors ,,sor g.. -.
June 10 in speaking Of the foreign crop situation
says: Copious rains have fallen in Russia, which
have assured the rye crops and given timely
benefit TO the spring seedlings. News from the
Lower Danube is that everything points a
splendid harvest. In France the past week
has been very favorable to the wheat crop which
taking A cheerful view of the situation
and there is a tendency to raise crop estimates
In Italy. Spain and Germany crop conditions
satisfactory.
Commission houses that do business with the
Southeast report their mail from that section
still burdened with crop damage through excess
sve rains In Southeast Missouri in Kentucky
and in Western Tennessee wheat in the shock
IS ts-ning green and mach Of II Ia sprouted
Rivers over1owins their banks in Kentucky and
Tennessee have washed away good deal Of
but there is doubt but that the quality of
the wheat has been badly injured South OF the
grade No. >. The weather In the Southeast has
become more settled. No rains have fallen in
Tennessee since Friday. and none since Satur-
day in the other States shown on the weather
map
The weekly crop report CT the Great North
ern Railway. covering sections along It's lines
states that not enough rain has fallen to insure
permanent Improvement They estimate the
Yield at 20 per cent OF last year
The position Of the ocean freight market
ttnues unsatisfactory cne- There 10 very