The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1900-08-26
THE WIND-UP OF THE
MARKETS A DISAPPOINTMENT.
WHEAT AND CORN CHANGED
PLACES DURING WEEK.
The Close Was Very Much Lower
for Wheat, but Declines in
Other Grains Small.
Office ReDublic.

Office Republic.
Saturday, Aug. %, 1890.
The wind-up to-day of the speculative
grain markets proved to be a very great
disappointment, especially to the friends of
the hisher-priced cereal. which. after sew
eral days of strength and bullishness, broke
away sharply and closed a full &c below the
best figures previously made. but still higher
for the week. both corn and oats closing at
a loss also.
There were some radical changes in specu-
lative grains during the past week, the
most important and significant being the
change of front in the position of the two
leading markets. There was also a revival
In speculative interest. and several entirely
new developments. some of which were in
strumental in bringing about the afore-men-
toned change in the situation. There was
more stir to the markets than has been
witnessed for a long time. Pit operations on
change were larger and more active and 1t
tunes considerable excitement prevailed.
Again there We're the usual periods when
nothing of special significance came ~ the
surface. and speculation was stupid, slow
and dull. while price changes wec. confined
TO extremely narrow limits. On the whole.
however, the general situation was
improved upon. and up to this morn
ing. when the crash came. traders We're
greatly encouraged and considered the put
look for the future as being very bright,
many being f the opinion that much more
lively and active trading would result ard
a higher range of prices established. Wheth-
er this IS to he so yet remains to De seen
The long looked for and anxiously ex-
pected change in the wheat situation took
place during the week closing to-day.
Strength and Snecn1otiyo activity with
largely higher prices. have succeeded to
the weakness. dull trading and lowe. Or ces
that have prevailed fer SO long. The cha s.
was a very gratifying one. and is expected
to continue. but whether it will after to-day's
disastrous break remains to be seen. The
change that took place was attributed
largely to merit. and a legitimate supply
and demand for the actual grain. Wheat
got into tho bull stride early, and. with the
exception OF an occasional period of dull
ness and a few natural reactions, continued
10 improve Its pace and to advance steadily
toward a higher level, the close on yester-
day showing that during. the past several
Sept, which touched nc, and a full &c for
Dec, which went TO 4Ac. But. owing to the
break of 1hc to-day. the actual gains for
to the change mentioned, speculative inter-
est improved quite notice ably, but, as usual,
OF professionals and room traders. though
1t was claimed that considerable outside in
terest had been aroused. and there was a
slight renewal Of speculative activity.
There were several factors that served to
bring about the improved conditions that
came with the strong cash demand and sit
uation, together with the increased inter-
est shown abroad in the markets Of this
country, which has resulted in largely i'm
proved buying on foreign account, export
ers doing moro business than they have
been able to do for some time. Among the
bulls, and which helped to give them con-
troll Of affairs. was the continued falling
off in the receipts here and at other win
arrivals in the Northwest. largely better
cables, rains in the Northwest and com
plants OF damage to. wheat in the fields
some extent by the weekly Government
report. Then there were occasional advices
OF bad harvesting weather in England, and
strength shown by the Northwest markets.
but none of these was as effectual as the
strong cash situation. which was the whole
thing, during the week. In a statistical way,
try. the news rather favored the selling
side Of the market. inasmuch as the worlds
shipments were reported as being. sS,coO bu.
reported a: S,571.oW bu.. Russian and the
Danubian ports having enlarged their ship
nents over 100000 bu., and there was an
| streets report was bearish. 1T showing the
worlds supplies as having increased 2.S77.-
900 bu., as compared with a decrease Of
Of the Rockies Increasing $4,000 bu. more
than the official. visible. While the export
clearances Of wheat and -four ell below
| those Of last week and the week a year
ago, they were still very encouraging.
amounting. according to Bradstreet's. to
e,295.1 1853 bu, against s.11s.s41 bu. last week
The weakness and free selling developed to-
day resulted in a big break Of nc TO 1i,ac.
as compared with yesterday; Sept closing sass
nominal and Aug. at 10lsc nominal.
The weather was the whole thing in the
corn market the past week. the rains
throughout the contrasting section. and
which fell where most needed. being suf-
ficient to take all the bull out of the situa-
ton, and bring about a radical change In
the position Of this speculative grain. which
at the close was lower than 1t closed, last
Saturday. There was not the stir and ex-
element witnessed in this grain as there
was in the high-priced cereal. speculative in
terest having waned considerably. and as
the market continued to grow weaker and
came more and more frequent and marked.
Still. there were not so many sellers after
all. even II there were few buyers. AID
for this reason the market held up much
better than could have been expected un Ier
the circumstances There was nothing
bearish in the crop movement; which was
small all through the week, while the VIt-
go was large. Farmers deliveries were
I light and the daily acceptances small. the
country generally showing a disposition to
hold on to their corn. There was L de-
crease in the visible of this country u; q
249. 900 bu., the amount afioat was Increased
10000 bu., but there was no report by
Bradstreet's on the available supplies,
though in their report of the export clear
ances for the week, they were 3.493 375 tu..
against 3.o17.0s bu. last week and 1856. 900
bu. the same week a year age. There were
few recoveries in prices during the week,
the drift Of the market being generally
toward a lower level, though the actual
losses were very small. not being as large
as those undergone in wheat to-day. TIE
declines since yesterday were very small.
being from 1-16c to &c in the extreme. MAX
ing the total losses for the week from 1sc
to &c on late months, while nearby
months were 1adSc to &c better. Aug. clos
ing at 3shc nominal. and Sept. at 371kI37ac,
while Oct. closed at 35Ac, Dec. at 327sc and
May at 32hc.
There is nothing Of special interest to say
about oats, except that it was very well
maintained as regards values, and was ex-
tremely dull and uninteresting, attracting
very little attention from speculative
traders during the week. Price changes
were few and unimportant. being generally
caused by the other markets. and the close
here for the week was only &c lower to
Ac higher, Aug. closing lower at 21Ac nomi-
nal and Sept. higher at 2lAc. May was UNI
changed from last week at 2ic.