The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1900-09-21
UPWARD MOVEMENT
RECEIVES A CHECK.
WHEAT STARTED OFF LIKE \
SURE WINNER.
Other Grains Also Declined and
the Close of the Day Was
Largely Lower in Price.
Office Republic.
Thursday. Sept. -. 1900.

ONCE Republic.
Thursday, Sept. -, 1900.
To-day was one OF disastrous reactions,
all the speculative grain markets Of the
country taking Il bad turn and losing more
Than they had been able 20 gain In the
last twenty-foUr hours. The change Of
front was severely felt here and parttc-
ularly IL the case OF wheat. which has been
very strong and bullish and the chief sup
port Of the cheaper grains, While the col
lapse OF the ball movement was unexpected
and could not be explained by the longs,
who were completely at sea for a cause,
especially as the bulk OF the news, outside
Of local conditions. was decidedly hUllish.
and In view Of the fact thar fcr nearly Il
week the longs have met with almost un~
interrupted success. the blow was serious
~ felt by one and all. The Coarser grains,
which have been almost entirely governed
by the actions Of the finer grain. naturally
followed wheat on its downward course.
though the break IN values was not near
50 serious. the former going of over e
from the top. while the latter lost but &c
10 sc for the day. and oats were only sc
lower The break created the greatest kind
n excitement on change. and the scene in
the pit was one that Is seldom witnessed,
The declines being SO heavy and swift as
20 completely denoraIze traders and create
a semipanic on the floor
Things never looked so bright and promis-
ing, in a speculative way. AZ they did at
Tho opening Of the wheat market this
morning. and those traders who have been
predicting soc wheat. were highly elatel.
The market started of Ike a sure winner.
The feeling was intensely bGllish. owing TO
the great strength shown yesterday, late
IN the day. and the strong character of
the news at hand. The blow. when it fell,
rhn~afn-R NgaE fafr ranva eaEf.sfs1V than
otherwise would have been the case. But
it is always the unexpected that happens,
and particularly in ventures OF a specula-
tive nature. Aside from local conditions.
including receipts, shipments and stocks,
which were beaTish, Inc early intelligence
was IN the main favorable 10 the bull
cause, and the longs looked forward TO a
strong and higher market. some WIN the
view Of unloading Oh the first hard spot anu
others TO add TO their long lines. when the
opportunity offered. The arrivals here were
iSi,s00 bu., which. while 1880 bu. smaller
Than last Thursday. were oyer IlJ.veg Du.
in excess Of those Of = year ago. the ship
were Increased 5000 bu. For the bulls
there were the cables. which noted better
movement OF prices on this side was
started. Liverpool was S4d higher. Lon
don up ID. with cargocs on passage
country markets we're said 10 ice
I'd to Is higher. In the Northwest the
same conditions prevailed, that is to say.
A -~ 49, "-- 80
and Duluth the receipts were only Ais cars,
and the former market l. higher Chicago
and New York were both strong at adj
Nances. ard the Cincinnati Price Current
said that all seeding was backward east
II the Mississippi, though that was more
Than Offset by that in the West.
The opening was strong at l.Q2sc advance
since last night. ana the first trades were at
-g7saScc. the highest price for Dec. on the
crop. This was the hard spot looked for by
The longs and proved 50 tempting that there
was an immediate rush to sell ami prices
declined aP.dly in consequence. None COM
ing 10 the support OF the market ana the
selling pressure becoming stronger as the
weakness became more pronounced a feel
ING OF demoTaliZtticn set IN ana long wheat
was thrown upon the market resirdies-,anI
50 swift and sharp was the break that in
less than twenty minutes after the opening
Dec. was selling at Is5sc, which was a loss
uf iNc from the opening price. This collapse
naturally left the market in a very ragged
and nervous condition. ana especially sensi-
tive TO bearish conditions. Dee. reacted TO
sc. but in q short time again weakened. sell
ing of 20 16iac; In the meantime the Sept.
option was traded IN at 1c and May at S5c,
while Tl3c was hid for Oct. As has been the
case of late, the closing cables We're not en-
'ouraElng, Liverpool showing only sd aG-
vance for the day. having undergone d de-
cline Of sd since the opening. Cieara.ccS
from the seahOard we're hut .6SUG1 bu. These
had a bad effect. as did the prospects Of i'm
proved weather I'm the Northwest and the
fact that Minneapolis had weakened OF il
price materially. During the latte: part OF
the session the market was uncertain. buy
Urs We're shy and sellers pressing, the big
traders being absent from the market. AZ
was to have been expected after such "a
break as was experienced. the cash Situa-
ton was unsatisfactory: still New York re-
ported Is loads for export. Their. was a fur
Their letdown here to Ua4c for Dec, which
was offered at .7Szd use and closed NJ lSsc
decline for the day at 58c. Sept. closed He
off at 16C asked, oct. the same at 1872" bid
and May also I,zc lower at SIC nominal
A was to have been expected the de-
moralizinS collapse in the wheat boom bad
a bad effect upon corn. and that market
opened lower and declined still NOR. There
were other unfavorabIe Influences. however.
Receipts showed up well. and It was re
ported that the country was selling more
freely than for some time, but the ship
ments were considerably in excess of the re-
ceipts. PRIMARY receipts, according 10 Inc
pOstingS on change. amounted 10 5&S.Olg 5u..
tGairs. sS5.09 bu. last year, st. Louis re-
ceiying 2OsS bu-, against @S,iD bu- a year
ago. Shipments We're 800 hu., and clear
ances from the ports 236.fH bu., and for the
week l,49S.Gc bu.. as compared with 2+2I.g0
bu. last week. The Cincinnati Price cur
rent was quite buillsh,. stating that the
feeding demand was good and the cary
pool cables reported that market IN 81
lower. The opening here FOR De-. Was i e
OF at 3Sasc. from which there was Il further
decline on selling To obs, oct. sold &c
lower at 3Gi4c, and vas later offered AT So.
The last half Of the session witnessed a very
slow and duh condition Of affairs, traders
negIecting It aInost entirely. Dee. sold OF
10 33a3Sisc, and AT 53fsc later. which was &c
on for the day. and at which il closed. The
. 'tFg " sept Va stE'ilaAiAlA- - "a d
sac, and for year &c lower AT 22@ic bid.
The receipts Of oats at Western markets
to-day were $4,000 bG. against $3.50 hFL 4
wear ago. including 2l.Hd BIZ. here. against
- 900 bu. last year. Shipments amounted Il
1.GA2c9 bu-. and the export Clcaynnces from
'he Seaboard 1900 bu. The break IN wheat
and the weakness I'm corn had n bad effect
upon this grain. checking any disposition 10
speculate and bringing about a decline in
values. There was no trading during the
day. Sept. was unchanged at @llic bid. Dec.
closing sc of at &2sc, and May also sc
at 24isc bid.
Trade Gossip.
Speaking Of the next crop report. that fer
oct. issued by the Department ~ Agriculture.
the Crop Reporter. published by the department.
ays. This report IS one Of the most important
az the entire year, since IS includes an estimate
Of tue average vel! per acre Of most Of the
crops that have been harvested, with . report IS
20 the quality OF the product. and the nnai esti-
fsatc OF the condition prior 70 harvest Of the
UBgSthcred products. Correspondents hardly need
To- b" reminded that in making their estimates
%. the average sieit per acre the exercise OF
their very best Judgment Is called for. The
Nitld per aero 10 h. reported IS not the Weld
OF the bss; farms. but the average yield Tor the
'rtire area reported upon, Including al l8.d
Producing = crop worth harvesting ~ stated
IN q previous issue q tie Crop Reporter. as well
a on II, schedules furnished 60 correspondents.
as area originally planted. but since entirely