The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1900-08-12
A DISAPPOINTING WEEK
FOR THE BULL INTEREST.
WHEAT AND CORN MADE \
GOOD RECORD.
Prices Break Away Sharply at the
Close. and the Weeks Gains
Almost Wiped Out.
Office Republic.
Saturday. Aug, IL, 1900.

IndFhetS was a very great dlSdppolnL:neHt
from a bull standpoint. inasmuch as they
one and all exhibited unm~istakable weak
ness. prices breaking away sharply. with
the result that nearly all of the recently
gained Improvement. which amounted to
&c to Fac in wheat, and from 1c to &c i'll
corn. was almost entirely wiped out, ard
the final figures showed only an insiSnifi-
cant gain. During the week the situation
has differed materially from that of tha
preceding one. and the week Immediately
before it, as whereas there had been IN
disputed bearishness and weakness then.
there have been a good strong undertone,
more speculative life, a more bullish feel
Ing and a radical change in the course of
values ali along the line. The leading IN
fiuences and factors have largely favored
the reaction which set in early, and while
the changes in the position of the various
markets were by no means radical. they
were sufficient to restore bullish confidence
and hopefulness. with the result that more
life and aggressfveness were displayed by
traders who were friendly to the long side
than have been witnessed for q long time.
This very encouraging state of affairs was
in a measure justified in the case of wheat
by crop conditions, a strong cash situation
and an increased export demand. which
brought speculative Import to the market,
and In the case of corn by weather condi-
tons, which have given rise to damage and
crop. light receicts at primary markets
and the prospects of a smaller yield
than was thought likely earlier in the sea-
son. As a rule speculation. while consider
ably improved In the aggregate. was not
heavy. outside interest continuing small,
while on the part of the professional room
was but little disposition manifested to
enter into anything like extensive oper-
atoms on either side Of the account. in con-
sequence of which seeming Indifference
there were frequent periods when pit trad
Ing was of small proportions. There were
price changes as a rule being tame and
narrow, but late in the week the consider
atoms were such that prices gained steadily
and 1t looked very much as If the general
situation would close around the top fig
ures of the week. but, as heretofore stated,
such did not happen.
Reviewing the wheat trade conditions
throughout the past week. it can be said
that they have been more hopeful and en-
c%ouraging from a bull point of view than
state of affairs that has been reflected in
greater speculative life. a stronger and bet
ment in prices. The strength shown
throughout the week has been from good
causes. the considerations all through be-
way than for a very long time. What graf
flied the friends of this grain most was that
the chief bullish incentive came from
dDTOdu, anu was Oh a nature 10 nave VII
mistakable effect upon prices and sentiment
on this side, and when followed later by
good foreign buying and the great back
corn. resulted In a bullish market of no
mean proportions at times. For a long time
the markets on the other side have shown
kets OF America might do, and the cables.
instead of being a help to traders. have
been a handicap to trading and to bullish
the conditions might have otherwise been.
There has been a change, however. in the
weather conditions abroad. which were
has resulted in very much better cables. and
largely increased buying for the other side
at the seaboard and elsewhere. This has
larger export movement daily. Continental
markets as a rule have been more or less
disappointing.
Crop conditions have not changed materi-
ally from last week, the weather. as q rule,
being favorable. In a statistical way and
to market. the bulls have been very little
favored. The daily arrivals here and at
other winter-wheat points have been heavy
week a year ago. and local stocks, too.
have largely increased There was a de-
crease in Russian shipments. but the WISH
i ne supply which Gf this w ssun above was sx a;sss;sS na:
Bradstreet's figures were bearish, they
showing 1,476,OW blu. increase in the worlds
Yi 81 os as rs, cG lamp ysar with nbi, a decrease dec siecS Of
east Of the Rockies were increased 1,T76,000
bu. The Argentine shipments were small
at $4,000 bu., but the weeks exports from
the seaboard were greatly improved in -four
and wheat. Bradstreet's reporting them at
$4,000 bu., against 3.S27,0N bu. last week
and 3,3l6.OoO blu: a year ago. There was a
big drop in prices to-day and a very dis
appointing wind-up to what had been a
bull market. The receipts were again
heavy. and the expected bullish Government
rnrnr% did pnf nt.n thn FOR nvnnpfa1
both the public and foreign interests hold
ing aloof. According to the Government
figures. the spring-wheat crop will amount
spring Wheat yield Of Sic. coo. 600 bu., which,
with old wheat carried over. will be suffi-
cient to meet all requirements. There was
day, and prices broke away &c to 1c, leav-
ing an insignificant gain for the week of
1-l6c to l4c. Aug. closing nominally at
Dec. at 7lAc bid.
ularly late, gave the cue and set the pace
for other grains and most of the time was
far and away the leader in the speculative
for that matter. but at the close it was
persona non grata. Weather conditions en-
tered largely into shaping the course and
mating influence all through the week, al
most everything else being lost sight of.
and so very strong and bullish was this in
luence that its effect was reflected In all
other speculative grain markets. The long
dry, hot spell that has been experienced for
some time throughout the Western country,
started the cry of hot Winds and this.
with reports of damage to the crop in Kan
sas. were among the daily items received
by wire and mail. The Cincinnati Price
Current indeed went so far as to state that
a large area of corn was on the verge of
ruination and could be saved only by rains.
while Kansas sent reports to the eff
feet that but one-half a crop was posi-
BILE. Experts also stated that $50. 000.0 900 bu.
was the maximum. AS was to have been
expected. from the above a very strong
and bullish market was experienced. it be-
ing at times of a runawa char acter and
prices were advanced largely. Country ac-
ceptance5 throughout the week were not
large and the daily arrivals at the primary
markets were light. The Visible supply of
this country was increased 623, GOO bu., while
Bradstreet's available decreased % 1000, bu.,
where the regular visible was increased 6s3,-
900 bu.
There was not much export business done
during the week and the seaboard clear
ances were only 2.S01, G0 bu.. as against g.
$4,000 bu. last week and $780, 600 bu. the
same week a year ago.. The market con-
tinued to boom and prices to hold up
plete collapse, prices breaking and closing
from &c to 1sc below those of the day be-
fore. There were pretty general rains
throughout the West, and the Government
report was not bullish. though many ex-
pected it would be. as the condition was
SIS, indicating a yield of 2,1S7, 900, 600 bu.,
which Is the second largest crop of this
the above that prices broke, as stated
above. and at the close Aug was nominal