The St. Louis Republic., 1901-01-03
NEW YEAR USHERED
IN WITH A BAD BREAK.
WHEAT OPENED LOWER,
THEN ADVANCED.
Corn Held Up Comparatively Well,
There Being No Changes Of In
portancc, but Oats Sold OF.

The speculative gram iilslFhtl az Alil' l'itlA
failed 10 keep up the good work that
marked tho going out of the old year.
big break in wheat prices being the feature
OF the nrst trading day OF the year 1901.
Bunish sentiment was stlll IN the ascend
ant when the markets opened up and trad
crs were fully expecting n continuance OF
tho upward movement inauguratcd iu prlc -
Monday. but they found out their mistake
right at tho opening. they receiving
shock ns severe as 1t was unexpected. Al
the markets felt the effect OF the setback
IN tho hlghcr-pr!ced grain. and corn, while
~ dd not 60 of near so much as wheat.
ruled depressed and heavy throughout tho
days session. but oats wcrc largely lower
NJ tho wind-up. The check received by
prices had tho effect OF curtailirg specula-
tlon, and q slow condition OF affairs In tho
aggregate prevailed nearly all day. the one
prominent feature being the collapse In
wheat.
Tho local wheat market yesterday went
through severe vicisstudcs and wound up
n most disastrous session for tho believers
and advocates OF higher prices for tho
opening OF tho new year. with IA big break
that closed the market right at the bottom
and from asc TO sc lower than last Mon
day. The course pursued by this grain yes
tcrday was q great shock TO its friends
who were looking forward TO another
strong bull day. and the actions OF the mar
ket we're d9ubly Disappointing. The carly
advlces from domestic and foreign sources
were not II the least what had been ex-
pected. English cables were higher, ~ -
true. but not as high as our advance OF
Monday warranted. Liverpool reporting an
advance OF sd TO "a for spots. the greatest
london was reported asd higher. With the
single exception of those In tho Northwest.
the arrivals were b6. ll6 hu. here. shipmcn
being reported at $3.50 bu.. and stocks 10
cally showed a further Increase. The worst
news received shortly after the open ng
was the official report OF the Minister %
Agriculture OF the Argentine RepGbl.c
which brought the information that there
port from that country. II was THIS news
that started the break, causing both bul
and bears to become sellers. with the re-
suit that the May option opened lzc lower
than IL closed Monday at 76jzc. from which
there was a further decline to 75ac. But
. at this point buyers came TO the rescue
10 1850. from which there was anothe.
break 10 761tc again. This period OF wea>-
ness did not last a great while being sue
ceeded by strong upward movement that
brought about an advance Of lisGISsc. May
hulging to ,7fsc. and being BID 7itsq24,.
This was due to the excellent buying on
professional and outside account, the only
bull news being the clcarances Of wheat
and -four. which amounted TO I.OJ5OO bu.
since Monday. Continental market cables
were also higher. Antwerp sc. Buda-Pesth
&c. and Berlin nc. The market after h.
and on a report from VI nresDolis TO the
effect that mills had closed down. there was
a decline to Mlsc for MAY; Brsdstreet's
report was bullish. that authority stating
that available supplies had decreased 1.715-
900 bu.. of which 10000 bu. was in an
ahoat for Europe, where year ago the de-
crease was reported at 1.1ii.o0O bu. On this
the market reacted 20 only 772sc, and then
turned very weak: a number Of traders
not liking the looks of the situation ami
selling freely. and there being no buying
support. May went down TO 76lsc. which
closed buyers. Jan. closed nominally ssc
lower at 731.c.
There was not very much doing in corn
yesterday. and the market was far from
strong. though the losses I'm price compaT ed
with those in wheat were slight. The feel
ing was weak, however. the declining tend
ency OF the higher-priced grain having a de-
pressing effect upon corn. which was far
ceipts and the weather was cold and clear
with no indications OF let-up I'm the move
ment from the country. According to the
postings. the arrivals were 1Ss, 400 bu. locally.
cables were not encouraging from a bull
point Of view, the Liverpool spot market be-
Ing unchanged to 14d lower. and futures I'm
London unchanged Export cIearances from
America, however. were heavy at / SOS 900
bu The opening for May was &c lower, at
s5@sc. Jan. was offered for sale in the mean
lime at %1se; II then sold up to 36c and
down to 351tc. The decline in wheat late
in the session. and the publication OF Brad
streets report showing an increase of 4S9-
goo bu. in available supplies. against !, ass, 900
bu increase in the regular visible. and
which indicated 101a 00o bu. decrease al
points outside the visible had n weakening
effect. and May sold back to 3Gd36Jsc. which
was 1-16c Off for the day, and at which II
closed sellers. No. white May had &c bid
and Jan. closed unchanged at S5c bid.
The future market was strong early on
smaller receipts, and in sympathy with
wheat and corn. when at their best. and
May sold at 2ikc and 24ssc. but closed at
loss since Monday OF &c at 241zc There
able supplies which was 213,OoO bu. greater
than the visible.