The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1901-07-24
SELLING PANIC
CAUSED BY RAINS.
ALL GRAIN MARKETS BROKE
LARGELY.
Corn a Heavy Loser, With Wheat
a Good Second-Oats Better
Supported.

q 1000 Sec0nQ-OaCS Better
Supported.
Yesterday was pro.it-takng day in the
grain markets on change, and they broke
sharply, nearly all OF the advance of the
Gay before being wiped out, owing to the
heavy realizing that was INDUCED in and
The fact that the markets We're all in an
overbought condition. with everybody long
and no short interest out The Widespread
interest that is being taken in grain specu-
lation was shown yesterday in the large
number of visitors on the floor, there being
twice as many on any previous day
SINCE the buH movement was inaugurated,
the country contingent being particularly
conspicuous They We're all more or less
Interested in the different markets and il
gees without saying that they were to a
man on the long side there being no other
sue IN their eyes to the situation. Not
understanding the heavy break in prices the
feeling was bulish and the talk was All
mat way. AS the coarse grains have led
IN strength heretofore so they led in weak
ness yesterday, and the break IN corn was
ny niu , more serious than IL was in
wheat, the latter suffering only TO the ex-
tent OF from NC 10 LAC. while corn lost
from 2l2c 10 Sssc and oats closed from &c
10 &c lower for the day.
The local bulls got a black eye yesterday.
ana the market received serious setback
'hose VINO had profit oa the long Side.
ana that meant nearly every Spectator on
change, both professional and outsider
. thousn 1t was not SO much the latter as it
Was the former that turned seller and
brought about the collapse in prices The
iirIluetces al the start were Of weaken
ing Character. the trade being confronted
oy adEices OF rains in the Northwest coun-
Try, thouEh the weather was still hot and
me break in corn at all leading grain CEN
tiers. On these the Sept option broke nc
going to 6si3c, but the demand was so keen
mat rally at once followed TO 69ss1s.c
AT this price the selling pressure was re-
newed ard was carried on with such good
VIII that a break to 6Sssc took place. Again
me bulls came to the rescue and the buy
ing became SO strong that there was anoth-
er rally. the price this time going to COS, c.
Trading In Dec. in the meantime was on
a. basls OF rs to IKE, and later 72jsc was
no. The arrivals here were again heavy,
the postings showing $4,000 bushels. Cables
We're not conducive to strength. either, Liv-
anS oIos a5feI r, opening ,d higher declining
hand. Paris appeared to be very much ex-
cited. the first cables reporting advances
was &c to 4ll4c higher Other Continental
markets Were higher, also, Berlin being up
ISc, Antwerp lsc and Buda-Pesth 1ec.
DAYS export clearances were encouraging
at $4,000 bu.. but Bradstreet's report on
available Sngpptes was bearish, it indicating
points outside OF the official visible How
ever. the weather was the ruling influence
an; and ). was OF 60 mixed 2 character. accord
OF nervousness was developed and the mar.
ket became very unsettled, Sept selling Oh
TO sS%s then bullying to exc; and By noon
.231c Late in the day some bullish informa-
:, ton was received on the crops Of France
ported and the closing break In corn LED
TO SO much selling and SO checked the dis
position to buy that Sept. sold OF to eS1Sc
ana Dec to TIC and that was bid at close
nominally 67lac.
That corn was heavily overbought In this
market and there was no short interest,
pretty nearly everybody being interested
on the long side. was made evident yester-
day morning when there was an attempt to
take profits by certain longs that caused a
minutes after the market opened up. Heat
and drought conditions continued to prevail
In nearly all of the corn-raising States,
being S ss to E.
map on change. though advices were re-
ceiyed Of good rains in Western Missouri,
weather in Texas. that alarmed the longs
and Drought about a disposition TO sell
s The feeling s,, became panicky and profess
Joined In the selling with disastrous re-
suits TO prices The opening here for
ders could be executed that option broke
bSc and 56c. This decline was too tempting
prices went back to Soc. The break in Dec
and later at 5s,sc- However. the confidence
by tho early break, and. with the growing
Tears that 2 change in the weather was
near ,n q. hand s. caused renewal Of the sell
ers. but later had bsiac bid. Dec. selling at
SIC There was nothing that could be con-
the other side. liverpool Closing 'e only ff1 .d
hiEhes: and London I'd lower. clearancea
the market the most serious decline OF the
clinss % the other side, but more especial
heavy and the demand exceedingly light,
e lo.a sliaa ana Sep. went without in.
gsitn July closed nominally at $50 and
Dec. 49, onered for sale at 5&c.
The break In wheat and corn naturally
had 2 bad eject upon oats, and. with the
reports q yains caused 1et-down in the
marks Sas sais, early. as there r was was little
fa1e spScuiation continued tame through
inS ssnssTsd II Wheat and corn ~ Sept. had ns
@Se hid. but lateS was offered ct $50. at
was nominally 40,sc also.
Trade Gossip.
Tho london Mark LAM ExprNss puts ehs
RuasAn wheat crop at ss<. 0o1oo0 bu.. with ar
export ozfpash q A.ooao0o 6u.
Isapg.ry rsosspts q corr e. 1oe Sa: asains,
81 is:s s! ar 'Ff HsEEy :, .A p
Primary receipts Of oats 2bl 900 b.. sxains
$4,000 bu ono year ago. with IS 500 bu. at st
Lo1is egsinst 2. 800 bu- last year. Primary ship
-Oeean nsights have been very quiet tho de-
nAnd for corn room having been entirely cut ON
but In the last few days more active demand fo
wheat has hslpsd conditions somewhat.
"A letter to T. q. Bowman from his indians
farm sayv Tie corn has begun to curl and that I
yield Of not over I've bushels to the acre can b
sxpectsd Mr.. Bowman says his corn Syerare
70 bu- TO tbs acre last year.
London oahs TO . bag Minneapolis mill say,
In the RAsan district. one Of the largest RussiaI
whaat ProvinseA the crop entirely destroyed, n,
returns from France below authorizations,
Wheat receipts as primary points, ss7 900 bu
against ~. 0U bu- q week ago, Sol. 900 bu. 4 yea
Ago. and cot. 000 bu. two year, ago. Receipts a
st. Louis 164. 700 bo-. against 16A 900 bu, a wsel
ago. and 20 200 blu. year ago. Primary chip
nents $4,000 bu.
III I'm summing up Of TIE corn crop .ituaao
port estimates the loss At 81 ooO.v9o bu leaving
y probable crop OF barely 1,S3S. 900 bu.. which wa
a least 64o00O.000 blu. below average crop
This estimate OF the New York publication wa
dioats the very much lowered conditions sine
then. when Iowa Nebraska and the Ohio Val
heat.
-Bradstresrs available supply OF breadstuff
cost OF the Rockies increased $50. 900 blu. las
U HfaAp~ fha ,t1or x,tEstny lA,~r