Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-08-17
FOOD STOCK SEIZURES
SETBACK TO MARKET

CHICAGO, August 16.-SeiZures OF
food stocks, together with a rapid
succession of other emergency pro-
ceedings to reduce the cost of neces-
saries, have given big setbacks this
week to the grain and provisions
markets. notwithstanding sensational
crop losses shown in the government
report.
Compared with a week ago, corn
prices this morning were Az to ~
lower, oats were A to 1 UP and pro-
visions down 62a1.25.
It was only for a single day that
the bullish influence OF the govern
ment crop report dominated the corn
market. to the exclusion Of contrary
leviate the strain of existing indus
trial and economic conditions. On
every day following there were new
declines in the price Of corn until yes
terday the May delivery touched the
lowest quotation yet this season.
The biggest smash in the corn mar
ket conceded with the first actual i'm
portant seizure of any foodstuffs in
Chicago. Acute weakness in foreign
exchange did a good deal to intensity
bearish sentiment, and so likewise did
severe breaks which the hog market
underwent owing to increased sup
plies arriving at the stockyards here
when race riots had ceased.
Seaboard buying helped to make
the oats market relatively stable.
Provisions gave way with corn and
hogs.
Sharp breaks which took place in
the corn market today were largely
owing ho$ or
change had dropped to 4.25, a new
low record. Corn closed heavy at
y to 3A net decline. with Septem-
Der 1872 and December 1.43X to La
Oats lost IN to TX and provisions
10 to 20.
Weakness in the corn market was
evident from the outset. Most of the
earlier selling. however, appeared to
be based on anticipation that rail-
road traffic, which had been restrict
ed by the shopmen's strike. would be
back to normal by Monday. Bears
assumed that therefore the volume Of
corn receipts here and at other I'M
portant terminals would probably in
crease. Week end covering by shorts
rallied the market, but at this juno
to center on the extreme weakness
of foreign exchange. Throughout the
rest of the day corn prices kept on
the down grade and finished at about
the lowest point reached.
Oats weakened with corn. It was
reported that the greater part Of
new crop offerings were unusually
light in weight.
Provisions gave way to the depres-
sion of hogs and grain. Upturns as
ISOLATED with the bullish showing of
the semi-monthly figures on ware
house stocks failed to last.
subsequently,, new low-record quo
tations on foreign exchange counted
against the bulls and there were
sharp declines. The market closed
heavy, IN to 3A net lower, with
September 1872 and December 1.43N
to IA.
Later weakness developed in gym
pathy with corn.
Quotations.:
Corn-No. 2 mixed, nominal; No. 2
yellow, 200.
Oats-No. 2 white, 75Na7saa; No.
3 white. 73ha77.
Rye-No. Q, 1.55Aa1.56; barley. 1913
a1.40: timothy, s.0Oa1175; clover,
Pork-Nominal; lard. 2s.4o: ribs.
2450a25.60.
NEW YORK, August 16.-Wheat-
Spot steady: No. 2 red. 2.34. track.
New York, export. to arrive.
Corn-Spot easy; No. 2 yellow. 2.16,
and No. white, 2.19. cost and freight
New York.
Oats-spot steady; No. white.
IS, nominal.
Iard-Easy; middle west. so.4o and
1880