The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-11-05
GRAIN VALUES STILL
MOVING DOWNWARD
Deflation Considered Natural
Result Of Brighter Peace
Prospects.
PRICES HELD IN CHECK
No Indications Yet of the Lift
ing Of Restrictions on
Speculation. .,

A canvass OF some of the leading au-
thorlties In the grain trade does not
disclose a unanimity OF opinion that the
much brighter peace prospects should be
bearishly construed on grain values. The
bearish theory Is that there has been an
element OF imitation, due entirely to the
war and that defiation II a natural conse-
auence also that Just a. the pendulum
rose for high prices further than war
ranted, the reverse action Ia also ex-
pected to be extreme.
At this stage there IL tendency in
many speculative quarters to sell grain
futures on the broad theory that with
peace there comes a lowering OF foodstun
values. There has already been D con-
siderable amount OF this speculative SELL
ing, and the feeling has extended TO
country points, resulting in liquidation
OF actual grain for farmers account. 1t
4, pointed out, however. that there are
restrictions on speculation as governed
by the officials OF the leading grain ex-
changes, and these regulatory measures
automatically hold down outside opera
tons in the market.
n will be recalled that the restrictive
measures were utilized last winter and
in the spring for holding down prices.
and there would undoubtedly be steps
taken II there developed q tremendous
speculation to undermine grain values to
q point looked upon as Jeopardizing the
best interests OF the country. Although
there Is an important restriction now In
the form that no trader can have more
than 100000 bushels speculatively open
at one time in any one grain. 1t Is APP
parent that any considerable number OF
selling orders for smaller lots coming
from varied sources would have great
bearing on values.
At Just what point exchange or other
authorities would be inclined to discuss
the wisdom of checking the downward
trend of grain prices cannot be ascer-
tanned now. II IL a fact that several
weeks ago. on the FIRST peace reports,
when the markets were Just about at
their present levels. there were efforts
made to stabilize the grain list and prices
showed a substantial rally. II is be-
lIeyed that one of the prime moving
factors in the desire to avoid unusually
low grain prices now Ia the wish to pre-
vent discoura ging conditions spreading
through grain growing sections II IS
well understood that farmers would b
more inclined to plant large acreages for
next spring with remunerative prices
than II the level of grain prices were I'M
inviting.
CHICAGO, Nov. A.-Desire that trades
be evened I'D for the election holiday
rallied the corn market to-day from de-
clines brought about by the signing OF
the armistice with Austria Prices closed
firm at the same as Saturdays finishes
TO Nc. higher, with December $1.13ss to
Sll3S and January $1.14h to $l14N.
Oats finished unchanged to ING. provl-
slons varying from 1oc. of to &c. adj
vance.
Oats showed Independent strength as
a result of Government buying Firm
ness OF the hog market steadied provi-
sions.
wHEAT-The visible supply of wheat in
the United States continues TO make new
high records. The increase last week was
to 1874 $4,000 compared with H,sos.ooo q
year ago.
CORN-Market only moderately active,
but the action of values was thought 20
early peace. At any rate. after an early
decline OF over cents bushel prices
net gains OF y to sc, In the local cash
market No. yellow corn quoted at
tl.5s; No yellow '1,is' cost and freight
New York
nrner: standard quoted at ~ TO 77hc.;
No. 8 white. IS to lie; No. white, ?s9
7shc.; ordinary clipped white. 76l. to
ITMc.. all elevator.
RYE-Market steady; No. Western
Ill. elevator export.
BARLEY-Market steady; feeding, 81
milling. sI.o5. cost and freight New York
BUCKwHEAT-Market steady; sound
milling, $3.50 cost and freight New York
HAY-Market steady: No. ., Sc tc
s1s5; No. 2. Sl.sS to $40; No. 5, Si.55 tc
Il GO,