Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-10-07
PRICE OF WHEAT RALLIES
ON PEACE TALK DENIALS
Further Handicap for Bears Is Re-
ports of Extended Crop Damage
in Argentina From Drought.

! CHICAGO. October 7-Denials of
peace talk led to rally today in the
| price of wheat Quotations were
strengthened also by reports that the
| British government would commander
the Canadian surplus. A further handi-
cap for the bears was the fact that no
rain had fallen in Argentina, and that
| the damage from drought was said to
! be extending to the south and west
Opening prices. which ranged from
| y to II higher. with December at
1.5s to 1.5s and May at 1874 to 1857
We're followed by reaction, but then
| another upturn.
Corn Prices Are Bearish.
| Prospects of a larger crop movement
| next week had a bearish influence on
| corn. The bulge in wheat formed only
| a temporary Offset.
After opening u lower to Y up the
! market hardened a little all around and
| then underwent moderate sag.
| oats weakened with corn. There was
| no evidence of any urgent demand
Higher quotations on hogs strength
| ened provisions Packers seemed to be
| giving support to the market.
Net Gains Feature Week.
that breakup of the Argentine
drought seemed not altogether I'M
| likely, substantial net gains in price
averaging more than 3 cents a bushel
have been the outcome of wheat trad
ing here in the last week Until yes
terday. in fact. changes to high record
tot
as to be taken as almost matter of
course
1t was easily apparent that If the
peace gossip had been confirmed the
selling wave which struck the wheat
pit late yesterday would have had more
radical consequences. but even before
the lack of official authority for the
peace talk was known the rumors were
received with general incredulity. Had
the market not been previously de-
pressed by bearish advices regarding
probable showers in Argentina the
closing figures for yesterday would,
perhaps. have hardly been out of ordi
nary limits, compared with twenty
four hours before.
One plausible theory current after
trading hours was that the peace
| rumors might have some connection
with the floating of the new French
rumors themselves such talk was
without any definite personal sponsor.
Bulls Have No Obstacles.
Aside from the hints of Forthcoming
peace developments and the chance of
rain In Argentina, wheat bulls had
virtually no obstacles to contend
with. There was general agreement
that serious damage had been done to
the Argentine crop, and about the only
outstanding question with traders was
whether the spread of the injury would
soon be brought to halt. Varying
changes of fortune on the different
European battle fronts seemed to have
become temporarily almost negligible
as influences affecting the market.
Corn and oats moved up moderately
during the week in line with the action
of wheat. Provisions also show gen.
eral gains. and in the case of nearby
deliveries of pork an almost vertical
rise of more than $3.50 a barrel, ap
parently the result of shorts meeting
with difficulty in fulfilling contract OBJ
legations.
Higher prices at Buenos Aires helped
to lift the wheat market here late in
the session. The close was strong at
IN to 3A net advance, with December
1891 and May 1881.
Subsequently the corn market re-
sponded to the continued advance in
wheat. The close was steady at a
gain of "a net
Wheat-No 2 red nominal; No. red
15Sa1. SO: No red, 163Aa1.6412; No.
hard. 1.57a163.
Corn-No yellow, S91aaso; No
yellow, ssta: No. white. nominal.
Oats-No. 3 white nominal; standard,
4SRa4SA.
Rye-No. ?. 127a1.2s.
Barley-73a1.1S.
Timothy-3.50a4.75
Clover-11 00a14.00.