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Show WTYiiiD News Upsets Market Just When It Begins to Recover. CHICAGO. Aug. 1?. News of the sinking sink-ing of the Arabic caused trcsii weakness in the w heat market ludiiy, after prices had begun to recover from a sctbacK due to t.v cilttit reports from trie harvesting of tne spring crop belt. With September at Sl.i'5(j, December at $1.0- S and May at Si.O, ii notations closed u rite tiled, fee to lie under last night's close. Corn finished fin-ished unchanged to 'u U higner; oats, t '3 kc off to ic up. and provisions witli -;ains of 2i'?i.ie to "w. Bears in wheat had the advantage from the start. As a result, for the tirst time this season the May option went lowr-r than last year, selling down to $1.0). Favorable weather throughout Minnesota, Minneso-ta, the Dakotas and the Canadian northwest north-west continued as on the previous day to a-t as more than an ofT'-et for rains in ihe territory southwest of here. As arbiter arbi-ter of fact, today's advices pointed, to a realization of one of the largest spring wheat crops ever grown in America, if not the verv largest. On the ensuing decline, Indications that a fair export business had developed led to a little reaction, re-action, but the bulis w e'e making only slow headwav when word came thai the Arabic was the victim of a pubmarine. Increased selling t hai followed tne re- eipi of bulletins telling of the fate of the Ara.iic depressed the hal market visibly, vis-ibly, but tne extent of de f;sli in values w:i3 not to exceed c on the bushel. This loss was irti.ally wiped oat before trading trad-ing reached an end for the cay. although trace of nrrvousnr were stdl evident when tne tinai gung cleared the pit. Corn at first t-aiged with wheat. I-ater though, the ma rk tt ha: dene-t owing to iinweii ome cool t empi-r.t in res a;n1 to pessimistic pes-simistic crop reports from the northern pnrtioiis of the corn belt. (tats nierelv la-ced after corn. Shipping demand was fair, but by no means urgent. Shorts coveiitm brought ahout a decided de-cided rallv in provisions, after nn early de.-line. The weakness of grain and lios cennd to have caused the bears to be trnp; i' I into selling too freely altogether. i'lo;-.ing quotations: Wiie.n September, $1 ,0"-3 ; T"ecemher. $1.42. iorn September, 'tr; December. '.its September. ";ic; le ember, TSir. I'ork S'-pte:i:.er. Jin.TT; October. Si:' '., Uaid S.piem:er, S 11: Ocioher. S.T'l. K;bs Sep'.em; cr. $S.7'i; ((-io.'er. J S. S0- UANUK oK THE I.r.APlNH Ft' Tt' RP? Vhnt Oe-i. lil-li lv Si-pt ti o.i, fi re,, j: oc, I).-.- 1 0l 1 V. t tii1 Corn "Pl :? l'.',- C1. 0-t 6."?, Orna - So'l 10 ::'" tv- "vv ; v. |