The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1900-07-01
AN AlL-ROUND BREAK
IN SPECULATIVE GRAINS.
THERE WAS A 6-CENT BREAK
IN WHEAT.
Corn and Oats Followed the Eek.
ample of Wheat. but Their
Losses Were Smaller. \
Office Republtc.

! aStrouS in more ways than one. To-day,
i just one week ago. the bulls were congratu-
| latinc one another on their success in adj
| varcinS prices over Il cents for wheat and
| talking confidently Of dollar wheat and H.
4 cent cotton. ans; they really believed IN
their predictions. 1t is true. they did call
1 the turn on the last named. the staple
| reaching that price yesterday. but they
/ were badly left as regards the former and
! dollar whea, at this writing Is not as near
/ the coveted price as IL was last Saturday.
| y complete charge during the week has
| come over the speculative grain situation.
! as whereas strength and wild excitement.
| together with heavy speculative trading.
were the most conspicuous features last
week. nearly the opposite has character
| lied the general situation the past seven
| days. Bull literature was as abundant
ever. but not near so effective. for the reason
that. led by Chicago. there has been enor-
nous liquidation in the highed-priced &C.
real that was not checked until most Of
the longs had sold out and reaped their
profits. This brought about big tumbls
in prices in speculative grains. wheat lead
ing with loss Of fully half what 1t had
gained last week. while corn and oats also
declined, though not near so largely.
The elimination of the bull movement in
wheat appears to have taken place last
Saturday, when the climax was reached
by sensational bulge of nearly SC. and
which brought 81 wheat so prominently in
10 view :hat the more enthusiastic among
2 the bulls confidently predicted that that
..ure would be reached early the present
week. In this they crossed the bridge be-
fore they got TO IL. and the usual results
happened For. instead OF opening I'D with
xpt nd ht,rr tal
ter overlook them. and before twenty-four
| hours had passed they found their fond
est hopes blasted. Since the market opened
last Monday declines have followed In al.
most uninterrupted succession, hardly ever
receiving any material check and as a re-
suit to-day finds prices further away from
the dollar mark than ever. There are still
believers that wheat will go TO that figure
and before long, Liquidation has been the
great factor in wheat. crop news and ey-
cry other consideration being subordinated
10 the eager efforts Of the longs to reap
profits. and they have not hesitated to
throw their holdings on the market enor-
nous quantities coming out, and the pyra-
mid Of prices built UP last week with so
much labor came down with a crash,
There has been some buying on the breaks.
out 1t mas been nothing to the selling and
naturally had no material effect in check
ing the landslide in prices, which by last
thursday were IS4c lower Tor the TWO lead
ing speculative OptionS-July and Sept. This
proved 10 De the Climax of the decline 4,
reaetionary movement of fair proportions
setting IN the next day. and very good
recovery taxing place. which, however, was
swept away to-oay.
The news and considerations during tho
week we're not materially changed. and. as
usual largely favored the bull side of ths
account Cable information was not of a
nature to encourage bulNsh sentiment on
thi5 side. nor for that matter has II been
at any stage Of the late bull movement-for-
e,eners, for. some reason best known to
tnemSeiVes falling to come to the support
OF the bull element since the advance VAS
flrst started. though they have responded
TO any and all indications Of weakness.
showing pretty conciusiveiy that they have
not been In sympathy with our upward
movement In prices Tho Cincinnati Price
Currents report on the crop conditions and
yield at 5Se cC0.ot0 bu.. and Broomhall re-
ported the weather in France fine and
On the other hand. the Northwest copdi-
tons nave grown worse instead Of better
Snow was out with his usual bullish crop
statement and estimates. and the Illinois
state report lowered the condition of win
ter wheat IS points since Nav l last and
inc government weekly report confirmed
most or the bad crop conditions in the
Northwest. and stated that South Dakota
would not raise more than half an average
crop The southeast continued to send in
damage reports by the score on account OF
too much rain, but harvesting was said TO
be well under way in the Southwest and
new wheat, while little slow, had COM
menced TO move to market and Is expecte1
TO be one OF the chief bear factors from
now on; There was not much attention paid
TO statistics. and they had less influence
than usual Receipts were comparatively
light, and the visible supply was decreased
shipments were reported at sseicso b %or ana
the amount af1oat decreased 1890 bI1 Rus
san exports were enlarged. and the Black
on the other hand. gave a bearish report
II showing an increase of ls9l 600 bu. in
the ste.v worlds visible ,S and Of 5000 bu in
Ing during the week was light, the total
clearances amounting to 3lSl 900 bu
Blu. the corresponding week a year ago.
the market here was almost entirely
ing more disposition shown to sell than To
buy. All other grain centers were likewise
inclined that way and a general let-down
amounting to 11.c to lac, and as a result OF
this the full decline for the week was fror,
&c to stc July t,,. closing sac OF at SOHO
s0s.c bid. while Sept. was ea.c lower at $40
sellers.
Corn. while largely under the influence of
the higher-prfced cereal. did not suffer near
the losses that wheat did northumberland
Ing that its incinations were more toward
decline than an advance. there being no
strength OF any consequence developed at
any time during the week. However IL was
not in IL with wheat at any stage of the
game. and attracted little attention specu-
l3tive interest being extremely limited. price
changes small and much of the time the
general situation embarrassing from both a
bull and a bear standpoint. At times a
little life was injected into the market but
as a rule IL succeeded by increased
dizziness and light speculative dealings.
There was little news OF any kind received.
and nothing out Of the common. At times
there were fears expressed for the crop by
hot winds but they did not materialize Tha
Government weekly report was favorable.
the receipts at primary markets large and
the visible was increased 932. 900 bu, while
the amount aficat was decreased but 30
coo bu. while, according TO Bradstreet's.
there was an increase in the available sup
ply of 10000 bu Foreign market intelli-
sence most OF the time was bearish. but
buying for export was fair. and the weeks
against 25l45a bu last week, and 1852 116
bu. a year ago. There was a sharp break
In prices to-day, and. in fact. the market
lost more Saturday than IL did the entire
week it gO;ns, off &c to &c. while the total
loss for the week was only sc to sc. June
closing nOminally nc lower at I12c, July
&c off at 4l@sc and Sept. showing a decline
OF sc TO i2%.c.
There Is nothing new to be said Of the
local situation in oats. that grain attracting
but slight attention from spectators. and
exhibiting few If any features of interest.
Prices broke away sharply in sympathy
grains and the close TO-DAY