Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1907-11-11
WHEAT Loss HEAVY
Decline During the Past Few
Weeks Reaches Enormous
Proportions
MUCH DEPENDS ON MONEY
Better Prices Anticipated With Inn
proving Financial conditions-Corn
and Provisions Also Sharply A.
fected - Government Report Weak
ems Corn - Tho Grain Situation.


of the wheat situation at present is
necessarily conditional on the tinan-
cial outlook. From Il strictly merchan-
dising standpoint on a supply and de-
mand basis the wheat position is
sound There is little indication that
there will be any surplus carried over
from the worlds crops this year. and
most OF the worlds best authorities
figure out a deficit which it has been
popularity presumed would have to be
adjusted by an elevation of prices The
introduction of the financial element
necessarily vital-to the situation
makes the price level at which wheat
will go into consumption even more
BILE for the basis of credit in the Eu-
ropean markets indicates u possible
spread of the money trouble to the
European wheat buyer. He will neces-
sarily curtail his purchases and will
run with smaller supplies This cur
tailment may force the consumer to
run on present stocks until the arrival
Of the Argentine wheat crop, which is
now nearing harvest and which Will
be available in the importing coun-
tries by March / at least.
There is quite quantity Of wheat
running from America and other
70 lam o n
the wheat stocks now available IN the
large importing countries. A cessation
of the foreign demand for wheat a..
this time would be unfortunate, as II
is the most promising means OF bring
ing about flow of gold in this dlrec-
ton, thus restoring the usual imam
cial equilibrium and getting the cur
rency into the ordinary channels from
which it is now being persistentlS
withheld.
Decline Has Been Severe.
Since the highest prices of the year
were reached the middle of last month,
when December delivery went to
s167A and May to SLIPS, there
has been decline in December
tof lSssc and in May of 1880.
The SnflnkdSe VI near ~ ~ ~
bushel more on the near than
the distant delivery gives some IDEA
of the severity of the money pressurs
The problem now is how far has TIE
liouidating period advanced and when
will it be ended.
There was on Saturday some ind1ca'-
ton that the worst was over, but these
indications may have been deceptive.
Altho the December discount was at
the Widest difference since the money
+, furry began-9Ac below May delivery
price-in the morning, it narrowed
down by &c by closing time. There are
still nearly three weeks in which to
determine whether the buyers OF Sat
urday are the sort that will pay fol
the actual wheat on delivery day
Meanwhile the local stock Of whea II
will show very large decrease dur
ing the last week as the result OF
former sales. Current sales. however,
do not argue for continuation of this
movement out, as the severe slump IN
Manitoba wheat prices has conce1-
trated the English buying to the
stronger spring wheats to the eXcld-
sion of the soft winter wheats, which
comprise the bulk of the grain here.
Statistical reports in the near future
are likely to make strong shoWlhis'
but they will be of the surface soft.
Lessened receipts at primary markers
will only show that country station
BUYERS were out of business because
of lack of money. Meanwhile tue
wheat previously sold for export VIII
run out as usual Last weeks net de-
clines in wheat prices here were 2'Hc
for December. &c for May and NC for
July.
Government Report Weakens Corn.
The government crop report, Wn'.ch
showed about 1O0,000000 bushels more
corn than was indicated in the October
report. had a rather depressing erect
on values This was presumably oe-
cause of the simultaneous weakness IN
wheat and money troubles as much
as from the official figures, for
the latter also showed very poor
quality and therefore lessened reed
ing value. The total corn crop is fig
ured at 374,0OO,O00 bushels below the
bumper crop of the preceding year, or
still about $50 100000 bushels less than
the official figures indicated was con-
sumed during the last crop year.
AS to wheat, however, the money
troubles are potent. There has peer
| much long corn iquidated by loca
spectators during the last week, who
under ordinary conditions are strong
enough to hold their property thru al
| sorts of attacks. These were unwilling
to face unknown possibilities last Nreel
and generally marketed their property
The eastern demand for corn is re-
stricted by the money situation, but
there are indications Of possible re-
vival soon of the export trade. Me-
losses in corn here last week were
/ 21a M3c.
Oats Situation Is Weak.
Oats are in an unusual position. The
same conditions which placed country
merchants in such an embarrassing
position during the harvest period is
counting very seriously now agains
the marketing of the grain. The oats
| were too poor to grade contract in tn.
| Chicago market and they are nov
| proving too poor to satisfy consumers
Their feeding value is so low that the,
| require mixture with other grains t.
be of any value in sustaining live stock