lowing. From these prices the market throughout the month gradually, though not materially, declined. There was hardly animation enough in this market during the month of January to give it any pronounced characteristics. There was nothing in the outlook to impart confidence in an advance of prices, though the prevailing prices were considered comparatively low. The market during February was quiet, but at the close of the month, sales were made at 14 cents higher than on the first. The trade during the month of March was more active than during any of the preceeding months; prices, however, were not materially different from those which ruled during that time. During the month of April prices declined. Cash wheat, of contract grades, on the 30th sold at from 71 to 72 cents, and for delivery during the month of May 71 to 723 cents, showing a decline from the closing prices of the previous month of about four cents per bushel. An improvement took place in the general character of the trade during the month of May, which was the result of a very general impression that prices were abnormally low. About the middle of June general belief in a large crop and a want of confidence in the government's indicated figures of 650,000,000 bushels, brought about a decline, which swept away, for the time being, the expectation in any permanent improvement in prices. Sales at the close of the month of June were made at 65 to 66 cents for spot wheat and 65 to 66 cents for July delivery, showing a decline during the month of about nine cents per bushel. A reaction from these prices is shown in the course and range of quotations during July. "Seller the month " sold on the first of July at 641 to 66 cents and on the last day of the month from 67 to 67% cents, while sales for September delivery ranged on that date from 68 to 69 cents. From this time during the balance of the year the features of the market were such as to induce a more lively trade.

The following table shows the extreme prices in each year for thirty-seven years, indicating the month in which such prices were obtained:

CORN.

Trading in this cereal was active throughout the year occasioned by several features of the market favorable to speculation. At the very beginning of the year stocks were small, particularly of the contract grade, and there was developed a strong interest in corn for May delivery. The opening prices for No. 2 corn were 36 to 361 cents per bushel for "seller the mouth of January," and 36% to 371 for May delivery. There was but little change from these prices during the month. Transactions during February were more active, showing an improvement in prices and forecasting an unusual confidence in higher prices and a growing conviction that stocks were destined to be exceedingly small as we approached the summer months. In April, prices of No. 2 for May delivery ranged from 43 cents to 49 cents per bushel. The upward tendency continued and sales during May for "seller the month" ranged from 49 to 583 cents, closing on the last day of the month at 43 to 44 cents per bushel. The trade in June was comparatively quiet without marked change in values. Upon the advent of the month of July, a lively demand sprung up owing to reports of severe drought extending over several states in the great corn belt. To such an extent was this drought and so severe was it, that it was estimated that the crop would not turn out much above 1,300,000 to 1,400,000 bushels instead of 2,000,000,000 bushels. "Shorts" now became nervous and "longs" aggressive. During August, September and October a smart market prevailed, speculators growing more and more confident, on the buying side. Sales on the 31st of October for December delivery, being made at 57 to 58 cents per bushel. Another substantial advance took place in November which was sustained throughout the balance of the year.

The following table shows the extreme prices in each year, for thirty-seven years, indicating the month in which such prices were obtained:

OATS.

In this market was centered an unusual and extensive interest. The country was bullish on oats from almost the beginning of the year. The drought of 1900 told upon the supply, and prices at country points were oftentimes relatively higher than those ruling at central markets. As the unusual demand for feeding, which was occasioned by a shortage of other crops, became realized, a powerful speculative business was developed, a movement that was based upon substantial and well ascertained conditions and that entered the market not for a day or a week, but for months, until the full effect of the facts concerning supply and demand should be felt. On the first of January sales were made at 231 cents per bushel. From this date there was a steady and strong advance in prices throughout that month and the succeeding month. The market became more and more an attractive one to buyers, and so urgent and regular was the demand for "spot" oats, that the prices for cash oats were higher than those for future delivery. The demand was not only insistent but widespread. On the last of April, prices for July delivery were from 25 to 263 cents per bushel and "cash" from 27 to 27 cents. Prices in May were still higher, growing stronger each day. The trade had for so long a time become accustomed to prices ranging from 20 to 24 cents that it was slow in accepting the situation justifying 28 to 30 cents per bushel. In July, owing principally to the great drought, prices which prevailed up to that time looked low, and quickly advanced to 38 cents per bushel. The trade was active during the balance of the year, prices reaching up into the forties, closing on the last day of November at from 42 to 42 cents, and astonishing the trade generally in December by sales at 48 cents, more than doubling January prices.