The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1901-01-17
LONG WHEAT UNL0ADED
IN CHICAGO MARKET.
MARKET FELL UNDER THE
STRAIN.
Weakness in Wheat Was Reflected
In Corn and Oats-PrOvisions
Closed Lower.
REPUBLIC SPECIAL.

REPUBLIC SPECIAL.
Chicago. ILL.,. Jan. 1.-THE -long-expected.
as well as the unexpected. sometimes hap
pens. as exemplihed to-day in the wheat
market by the unloading of long wheat.
one at least Of these Eastern holders who
nave been the almost sole support TO the
market for the last three weeks, abandoned
MS line. and that brought out some long
wheat held locally in hope of the success
OF the New York men. The market dropped
as low as 75Ac for May, and was 75lsc SELL
ers In the end. compared with nc at the
cloee yesterday. Corn and oats suffered a
little. and so also did provisions. from the
weakness In wheat. but the latter had other
causes for weakness. and closed at a con-
siderable decline.
Wheat.
Liverpool wheat market declined about
the equivalent of yesterdays drop in price
mere; Paris was down equal to &c a bu. for
jap delivery. and sc for the March-June
TERM and Antwerp declined sc a bu. Liv-
erpool ascribed some Of its weakness to free
onerings Of Argentine wheat. With news
oI that Kind presented at and soon after the
opening. the local traders were more con-
nrmed than ever IN their previous bearish-
ness. They were sellers OF much wheat at
- AAtA 1NSAA .
ngures' and even at sc lower. or &c und er
during the first hours trading. They did
thelr selling with one eye fixed upon the
brokers' representing those commission
houses credited with representing the Wall
street longs. prepared TO take the other side
instantly upon any sign of supporting or
aers' and TO Illustrate any attempt at SELL
ing ahead of themselves. any considerable
line OF long wheat. So marked was the lat
Ter attitude OF the local contingent. and so
narrow the market that the instant a lead
ing commission house was seen trying to
sell May wheat at 1tssc. that being the price
current at the time. about half an hour
AFTER the opening. they Immediately turned
ton. which had only 10000 bu. to sell, had
70 accept 16l2c for II. With all the local
pe~arlshness, there was an undercurrent of
DeIier IN the crowd that IL would not take
much buying TO cause a sharp upturn, and
consequently they had to keep their necks
on a pivot on the lookout Tor the bogy
man from Wall street. In addition to the
weakness OF foreign markets. local receipts
or wheat were IS cars. as against 20 the
previous day. and at Minneapolis and Du-
Iuth 81. compared with II carloads the
previous year. The aggregate quantity re-
ceived at the chief Western markets was
soasg GI' or zSoo 6S; in excess Of the
TO 474.Coo b..
LIVERPOOL quoted La Plata wheat on the
spot Id down end American grades from I'D
10 "a lower. One elevator firm here report
ed having sold I75,00o bu. wheat for ship
ment. but generally the demand for wheat
called decidedly small.
The price yielded very reluctantly until.
within an hour OF the close. by which time
arrival of their angel from New York
and let their cherished long wheat 60 into
other hands. Some Of the selling. which
Toned. was concluded to be New York hold
ings. and upon that local longs and shorts
Joined hands in the selling. tumbling the
price to 7Sac for May. with sellers at 75lso
at the close.
Corn.
Corn opened weak and about &c under
tne price 1t closed the preceding day. and
In the course OF an hour II was kazsc low
er than the resting price Of yesterday.
Country acceptances OF Chicago bids for
corn were said to be the smallest Of the
season, seven elevator firms having only
1000 bu- In response to their bids. Tho
local receipts, however numbering Al
cars, were 81 more than estimated the day
before and 2Q In excess Of the receipts the
similar day last year. There were 2 cars
OF contract grade In the days receipts and
the same number in the corresponding day
lures without change from yesterdays
prices, but declined I'D later. Total receipts
al primary Western markets were LOS 600
bu-, az against 5000 bu. the like day OF
the year before. Seaboard clearances were
10000 bu.. or about equal to the entire re-
or the day at Western markets large
- WIZ INC TX
The last bad break in wheat caused the
market TO close at its lowest point,
but not any lower than 1t had been earlier
In the day, May corn leaving or at 3sc. or
&c under final prices OF the day before.
Oats.
Oats were moderately active at times and
again extremely dull for considerable inter-
walls. The range of fluctuations was narrow,
In keeping with the generally expressed
opinion OF the operators concerning the
probable course Of the market in the near
future. The demand for oats for shipment
was fair. and some export business was
done direct. Some selling for account OF
elevate firms was supposed to represent
against country purchases. Local
were 29 cars. compared with 13i
the corresponding day of last year: ship
ments were $4,000 bn, as against lss.co blu.
The timat number OF cars for to-mor-
row was rs. Export clearances from At
ports amounted to 1l5.0O bu.
May oats opened at from 24AG7sc to 2f7so, |
considerable extent at 2sAc, where there
appeared to have been a good many rest
Ing orders to buy. The market for oats |
felt the effect OF the drop in wheat. and
sold at 4%G%c, bQisc lower than 1t closed
the day before. and rested at the lowest
price
Rye.
Rye. TO begin with. was &c higher. but
when wheat started to decline II followed
also weakening under the pressure to
sell. and at the close was &c below the
previous days final prices. with only q
business done at the decline.
Jan rested at 4I&c. nominal and Feb. at |
tsEc, without trading. May opened at
S Sid an sGid .s aS"n Sellers IL e' s poe s;osf ! I az o. ,' 5
sold at S2izc and No. J (. Q. b, SOC. With
drswals from store were 5000 bu. of No.
car and shipments 4.4Sl bu- There were
no exports from New York.
R.ure of Fufurea |