The St. Louis Republic., 1901-07-23
ADVANCE IN PRICE
OF SEPTEMBER CORN,
Drought-Damage Reports Send
the Market Up With a
Bound.

Corn was king in the local market yester-
day. and there was r. wild scramble to buy
IN the grain pit at the Merchants Ex-
change. Every broker on the floor vas
rushed With buying orders. and in the
rush to execute these orders the price of
Sept. corn advanced &c a bu.. and the pre-
dictions OF 6oc corn were realized
The excessive heat reported In all paris
Of the corn belt caused outsiders to take
hold, and there was an unusual speculative
demand Farmers, who are in position to
see the extent Of the drought damage were
all bulls. and sent in a large number OF
buying orders. There were few shorts, but
the Keen competition among brokers who
were desirous of executing their buying or
ders sent prices up with a bound.
No rains were reported in any part Of the
corn belt except Ohio, and very little there.
while the prospects for rain were slim
Receipts were light and only about equal
to the shipments. while there was an excel
lent cash demand.
The opening was wild and excited and It
soon became evident that st. Louis would
hit the Coo mark before Chicago, but after
that figure was reached some of the trad
ers were inclined to take profits, and
prices eased off to some extent. Conditions
were generally bullish. however, and the
market soon picked up again, and the close
was within 1sc Of the top.
Wheat was also strong and active, but
mainly In sympathy with corn. Traders
forgot all about the record breaking 100 =
0o0.Oc0-bu. crop. and wildly endeavored to
buy as much az possible. There were ad-
yances reported at Liverpool. Paris and
Berlin; crop-damase reports came in freely
from the Northwest; a decrease Of 1884 900
bu. was reported In the amount afloat. and
this. with active buying of cash wheat by
millers. caused all the domestic markets to
go up with bound. In the local Dit Sept
wheat closed 3ssc higher than on Saturday
and Dec. wheat 4isc higher. while the high
points for the day We're 70asc for Sept and
iSAc ior Dec wheat, respectively 37sc and
43sc higher than Saturdays close
Traders suddenly began to realize that
stocks in farmers hands are, according TO
the Government report, smaller than ever
before. and that the excellent quality of
the present crop would cause millers, ele-
rators and farmers to carry over as large
stocks Us possible to next season.
1t was difficult to find bear, or at least
one who was willing to sell short. and bro
kers had considerable difficulty in executing
buying orders.
Henry F. Langenberg Of I.angenberg
Bros was seen In the midst Of the cir
Gle Of excited brokers, and when asked in
regard to the market said: 1--WE are rushed
with buying orders. 1t appears as If the
farmer. the miller and every one else is
now trying to buy wheat, and l have SO
many orders on hand that 1 will have to
stop and check up my trades in order to
see where 1 stand. Wheat is going higher,
and people are wise who buy it."
c. H. Spencer. in speaking of the mar
ket, said: Corn is bound to sell as high as
wheat. although 1 believe that wheat will
sell higher than it is at present. The dam
age to corn has not been exaggerated, and
the sooner people find It out the better it
will be for them"
Many reports from the country were to
the effect that farmers are feeding wheat
to hogs, cattle and horses and doing every
thing possible to dispose of the surplus
DISASTROUS TO IOWA CORN.
Des Moines, Ia, July 22.-Accordins to re-
ports to Director Sage of the Crop Bureau
and to local grain men, the past three days
have been disastrous to Iowa corn, except
in localities which have had rain recently.