The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1901-07-11

REPUBLIC SPECIAL.
Chicago, Ill, July To-day the four big
markets-wheat. corn, oats and provisions
were in the race upward. Corn was the
leader.
As for days. the force under the coarse
grains was Western buying. caused by the
continued heat and drought threatening
the crops. This bull feeling spread to
wheat and provisions, causing shorts to
cover.
Again the corn trade exceeded all others
in force OF buying during the morning. and
when the first furry was over the Septem-
Der price showed nearly III cents over the
closing yesterday.
Scramble to BUY.
There was a wild scramble among buy
ers at opening. The first prices recorded
were 49A cents t. 80 cents. 1t was but a
minute until sos cents was paid. Over so
cents there was fast selling by local longs
who took profits. The country furnished
the big volume Of buying orders.
After the September price reacted to 80
cents there was selling of a big line for a
local leader. and this carried the price back
to 49x cents and 4s% cents. There was
no rain in sight this morning. and more
alarming private reports than before are
naturally expected. Each day of extreme
heat and drought finds the crop more SUBJ
feet to injury. The chief steadying influence
in this market each day is the willingness
Of tho fortunate holders to take profits
Disc0uraging Reports.
Latest reports from Kansas and Missouri
points. as well as Nebraska, told Of very
hot winds, and claimed positive damage to
corn.
At this season Of the year the September
option ON the Chicago Board Of Trade has
not touched 80 cents since the important
corn-crop failure of 1894. The corn crop
Of that year was only 1212,0 600 bushels.
~ ~fA @I,A hoa NA1 o
100000 bushels.
But this season corn has been laboring
Under q great many disadvantages in the
way OF late start absence OF necessary
moisture In some sections and excessively
high temperatures.
Heavy Corn Consumption.
There is q general superstition in the
West that every six or seven years the
corn crop fails. As this is 1901 and the
last failure was 1894. the farming communi-
ty OF the country Is very much interested
IN the weather. The consumption of corn
has increased SO rapidly during recent
years that good crop Is more imperative
the speculative attracttveness Of corn, and
in great measure accounts for the days ex-
citement In the corn market
Later In the day there was heavy profit
taking, and prices declined about \ cent a
bushel. Indications of rain in some sec
lions where moisture is needed were not
without effect on sentiment. The market
was active and excited throughout with one
OF the biggest days trading of the past
few years.
FURRY IN NEW YORK.
REPUBLIC SPECIAL
New York, July 10.-As a result of yes
terday's report on corn by the United
States Weather Bureau. showing that the
recent extremely hot weather has proved
disastrous in some sections of the coun-
try. there was the most excited corn specu-
lation OF the year in Chicago and this city
this morning.
In many respects the market exceeded
anything Of the past four or five years,
with even the Phillips deal In Chicago
eclipsed. While the local corn market did
little more than follow the sensational lead
OF Chicago. the excitement at the Produce
Exchange attracted general attention.
Stock Brokers Bought Corn.
Even stock brokers over the fence on the
other end Of the floor heard the racket and
inquired what was going on. When they
learned that the corn market was booming
on damage in the Western States, some
Of them made haste to buy little to help
protect long stocks In those railroads which
might be affected by smaller earnings fol-
lowing a diminished crop OF this cereal.
Nearly Touched 55 Cents.
BUSINESS from every direction was large,
with September corn selling at 52atc. as
compared with 50l4c on Monday. num-
Der Of operators concluded just before the
close yesterday that corn had gone up
about enough for the present. and a few
more OF the daring spectators sold some
Corn that they did not possess.
But the Weather Bureau reported that
drying winds and intense heat had injured
corn in Kansas. Missouri. Oklahoma. Texas
Al. tic -f,rp, ,yl,S
buying orders into the market at the open
ing to-day. Last night the market closed
rather tame at about BAG.
When one Of the brokers. who sold what
he did not possess last night tried to buy
this morning he found no corn for sale
under 52Nc. For an hour this morning the
trade was active and the speculative fever
hiCh