The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1901-07-28
ADVANCE CHECKED
BY NEEDED RAINS.
GRAINS OF ALL KINDS RE-
CEIVED a SET BACK.
Nearly All the Early Advance
Wiped Out, but Prices
Some Better.

| The week Just closed in grain was one of
| exciting scenes In the pit on change, and
will be long remembered by traders. The
| features were largely higher prices, heavy
selling on rains and sharp recoveries on re-
| newed buying. 1t was weather market in
every sense Of the word. the situation being
dominated wholly and entirely by the
weather conditions in the grain growing
/ slderation. no matter of what purport or
Significance, being thrown to the winds. so
| to speak. There were an unusual number
of Changes in the p9sion Of the various
radical nature. and the widespread interest
taken in speculation by the whole country
] was shown in the large number Of out
being we'll represented. They were all more
, or less interested in the different markets.
and generally on the long side. thus adding
| interest to the speculative situation, max
/, ing the week one of the best in n trading
| way that has been experienced since the
bull movement was inaugurated. Sentiment
heavy liquidation. when the profits in sight
justified It. and all through the week there
were periods when selling was INDUCED in
freely. Quick recoveries generally followed
| breaks until near the close, when the de-
clines were almost uninterrupted and the
| final figures were but little better in the
case of wheat and corn and considerably
| lower for oats.
The strength displayed by wheat the past
week was largely matter OF sympathy
THAT h sh ne5e maf Geer
ern the course of prices and kept up bull
steam: There were weather and crop condi-
lions In the Northwest. from where serious
complaints were received of damage to
spring wheat from lack Of rains. and
which was one Of the chief bull factors
tss the pns aays hs
an uneasy. Unsettled led feeling. shown aa in the
preVaiilng at e tmes A and heavy iauidations
at other times being INDUCED in. with the
result that quick and exciting changes in
strong and builish early in the week. when
the weather conditions favored the long
side, but with the breaking Of the long
West. there was less bullish enthusiasm
shown and great deal of the strength
was taken out Of the situation.
sidering. and, although much Of the early
advance was wiped out, the market showed
gain of over 1c at the close. Speculative
week. trading was on heavy scale and
much excitement and hurrah were wit
messed. The interest shown abroad in the
than 1t was the week before. and big
export movement was developed. the weeks
clearance amounting to nearly 100000 Blu.
week but were not regarded: and therefore
pared with crop and weather conditions.
Northwest. cooler weather. lower cables and
the break in corn we're responsible for the
decline ne. t3 wheat yesteraGax and the close
week. however; showed gain over the
p p;ompinally " up at . $50 Sept a@o
Corn during the week attracted as much
II not more attention than wheat. and was
ryaf fNylIN ooff ftalI
a crop and weather market from first to
last, and nothing else was considered by
SPECTATORS, the weather throughout the
showers shaping the market and governing
trading sentiment: Every shower gave
hope that the break break. had , come, and selling
there E would come ee denials and the buying
craze would again set in. and prices would
recover and mount upward until more re-
ports o. rams wI9q he oe ana inc
Nearly everybody was interested to great
er or less extent on the long side, and in
particular the countrymen. who were on the
long in some cases The bull side later in
the week was not the favorite that 1t was
earlier for the reason that rains had fallen
and the belief had grown that the reputed
damage to the crop had been overestimated;
Still there was enough bullish feeling left
to hold prices very we'll until yesterday and
the day before, when every one became sat
listed that the drought was broken for
fact. The selling pressure became so great
that prices declined almost uninterrupted
ly. the loss yesterday being 1ec to &c. while
the gains for the week were only &c to 1c
July closing at 55iac nominal and Sept. at
55Ac, while Dec. was bid $3.50.
There was not much to oats during the
week. that grain attracting less attention
conditions were bullish early but corn was
the dominating influence so when that mar