The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1901-07-25
BUYING CRAZE
RESUMED IN GRAIN.
RED HOT MARKETS EXPERT.
ENCED IN WHEAT, ETC.
Lack of Rain and Continued Ho1
Weather the Chief Bull
Influences.

Wild and exciting scenes in the pit, tre-
mendous bull markets. and largely higher
prices for all grains. especially wheat and
corn, were the features OF the situation To-
caliy yesterday. The change in the posi-
ton OF the speculative grain markets was
almost as radical as that which took place
the day before, when the selling craze was
on 1t was a sweeping change. bullying,
red-hot markets being experienced right
from the start. first prices showing nearly
fun recoveries from the previous days de-
clines. Subsequently there was a slight let
down. and the close was slightly off from
top prices of the day. Wheat led in
strength and showed most gains, the final
figures being from ls4c to Use higher. Corn
closed from &c to iac better, and cats
quoted ivc lower to that much higher.
There was the usual good attendance OF
countrymen on the floor. but in most cases
their faces were new, the shakeout the day
before sending many back to their farms
wiser. if not richer. than when they left
them, and with an experience in grain
speculation they will not soon forget. The
markets all through the day were strong
and bullish on weather and crop conditions
ing, and 1t was INDUCED in without stint by
the very ones who caused the slump the
day before The dealings were enormous
and another day OF heavy trading and high
Yesterdays wheat market was essential
ly crop and weather market. The over
shadowing influence was the condition of
the crop in the Northwest, which was again
reported TO be seriously damaged by the
continued hot weather and by the absence
Of rains of a character to be Of help to the
growing plant. The Government confirmed
the reports of damage, stating that spring
wheat in South Dakota. Minnesota and on
the Pacific Coast had been injured by pre-
mature ripening. Another bull influence was
the remarkable strength shown by the mar
kets on the other side. and especially by
advanced sd. The opening here was wild
one. the buying craze being on good and
strong and traders who led the selling
efforts to get back what they so eagerly
sold. with the result that the opening
trades in Sept. were from 1ssc to PIC high
was an abundance OF wheat for sale at
these prices. and the market sold back 70
.Vsc- trading In Dec, vas at 731ac to 7S31c
From this letdown there was a small re.
action on which Sept went to 7Osdlsc bid.
and then advices were received Of heavy
rains In the Northwest. accompanied by de.
eeiaedly cooler weather. This broke the mar.
ket to 6s3sc. and Dec. had sellers at 7sc.
The United Kingdom and Continental ca
bles were mostly favorable for the bulls,
Liverpool and London closing asd and I'd
higher respectively, and Paris lc to 1isc
c up antwerp. on t the other hand, was un
, We're large at 6s4 GOO bu. On the strength OF
the above combination the market Inn
proved. and went up to 7ohsc, only to
weaken to 695Sc, but once more rallied to
7olzc "
There we're denials of rain In the North
west, and 1t was said that the West was
seeking 10 cancel sales in this market. and
local exporters said 1t was impossible to
make sales abroad at present prices though
New York reported twenty-six loads
WORKED ,s me market during the last part
OF the session was nervous and unsettled,
sept selling up to Tossc and down to 7Oilc,
while closing at 7o2sc. Dec. had 1311assc
bid. and later was offered at 73kc. but
ciosco at tSssc. July was nominal at 69kc.
The weather conditions. as shown by the
onclai map on change yesterday. were suf-
IN a rampant bull way, and an advance OF
21ec was shown a few minutes after the
opening: This advance. however. was not
port on crop conditions was decidedly and
emphadcally hullish. Slight rains were re-
ported IN Kansas and Missouri, and also
where else it was hot and clear. There was
nothing else needed to start the market
on 1li,s IN runaway manner traders being
wildly eager to buy. and SO very urgent was
Ine demand that the first sales in Sent
were at 59c to 593sc but so much came inf
Tor sale that the market weakened under
down to sc: Dec. was bid SIC. The selling
was later increased on reports of heavy
rams rains IN Central Iowa. Northwest Kansas and
Nor1hern Missouri. and Sept. broke down
10 sIAc and Dec. from 5slc to 5Sisc Gables
We're encouragfnely strong. reporting adj
dom anees sn % at Liverpool and sd IN Lon
penieis OF rains in Iowa and the belief that
tne reports Of rains In other sections ema-
nateo from Wall street caused a REACTION.
and closed at $50 bid. Dec or saiS ~ oa sa
ana also closed at that July was nominal
i The local oaf narL.x
was quiet compared with other grains. there
ceing none OF the heavy trading or wild
aavances a. In other grain markets. Al
the opening there were sales in Sept at &c
aovance that option selling at aSNc. on
the decline In corn there was a ietdown
20 snd re IS. sellers a but later sssaHe was bid.
nominaIy at tOc and May at <lo bid.
Traders, Gos.ap.
~ while wheat receipts were iarrn NJ tb,, ,,.,
SSa sn. n: Taso came fon hs
through the best wheat oount IN ths so run.
pssss brought Ss In only two cars the Missouri
s.es N. n' y ana ana
T. y cars This 10 due largely to the iiEhi
to SHuS sos s', sss prisa:
s on &: s :eo 1s sns (. assoc: sss
zinc , roads that z preventing wheat from get
same hsst and drought that have been 30 dis
buying corn in this msrket. her sWn crop prov y
Ing 2 practical failure. A lot Of IT, 900 6u wa
bought here and shipped to that country yester
. The following 10 from A. G. johnson. III
s:'n ct t as.sSer N ss,s
60s e,. tn: pat nvs dsys has reduced ths Mhea
oondder oOn.svatvs. but Of mixed GUILTY. ri cen
S s ssD .s s.svy soa ..es
not much obtainable for the market. New Al
and farmsrs paying Sc and 100 Tor feeding pur
Minneapolis wired: I'VE get no damse, INN
North Dakota or Northern Minnesota. South d
kota and Southern Minnesota gone back Is De
cent from high conditions"
GIL 6sArs. superintendent Of the Adv>nc
Scs &. ssIoro s The l.e,s boat receipt:
Louis brinsins soO sseis or 600 es e by OF 81
.conservstive and old grain dealers Of In
dameged 3 per cent and going Oh daily at Ii
JouTnsi reports that the Norts as Hsea
Ssss psos. % S 5sr which sh
consideru . maximum for that State and vi
North Dakota Yield should tall short he say,
the total for three States will be no low as to
sspssnSnsL M. Jones claims la at no time ha
largely straw.
Prom one of the most reliable sources It !,
smaller than in isa7. when tho imports Of 70,
largest 70 1881
Texas Il reduced . pointe. Tennessee reduced
* oss dr0P4sa g g snS
q. indicating general decline OF % points.
-wheat receipts at primary points SO, o
. year ago and $4,000 bu. two years ago. R
ceipts at 81 Louis: 20! go bu. against 20 8