The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1901-03-17
BEARS RUSH TO COVER ON
FRESH ADVANCE IN WHEAT.
KAUFMAN OF ST. LOUIS WAS
SHORT.
Market Opened With a Break,
Then Came Recovery and Ap-
prOach to a Panic.
REPUBLIC

ASi tDLiN sfF.tIhlL
Chicago. ILL.,. March 1s.-wheat opened
weak end W this morning. May selling
at 761sc, or &c under the close last night:
Out 1t subsequently recovered and finally
became excited selling up to TIC.
The early weakness was due to the fact
that Liverpool did not respond to our ad-
vance yesterday. as that market was only
sd better. where We had closed nc higher
Friday.
But the demand soon began to increase
and there was not much wheat for sale, so
that the price soon improved, and finally
the shorts got into a panic.
Ihere was a wild rush to cover, and be-
fore n;30 1t sold at TIC. a gain Of lac from
the low point early. the closing being TIC,
Wheat.
There was a wild rush to cover. and he.
way of news that was especially bullish.
but the trade seemed to more fully an
preciate the news that We have had. The
sentiment Of late has been so bearish that
a big short interest has accumulated, and
when it turned there was a rush to cover
which caused excitement.
Kaufman Of st. Louis was short a bi1
and took in the last of it to-day. while
other big shorts were also making active
efforts TO even up.
AS there will be the Sunday Intervention
and no further opportunity to cover Until
Monday, there was a general effort to cover
to-day.
There is evidence Of a decided decrease in
the visible this week; the cash demand yes
terday and to-day was quite active, and
there was continued talk Of the import DUTY
on wheat by England and a disposition by
EMglishmen to buy in anticipation of it.
The interior receipts were liberal. pr1.
mary receipts being $3.50 900 bu., against 60
COO bu. last year, and the Northwest had 126
cars, against 1888 cars q week ago and IN
cars a year ago.
The cables were all strong and higher,
antwerp selling up, sc, Liverpool I'D and
Paris was Aa1c higher.
May wheat ~ from 76xc down to
I6lsc, up to TIC at which price It closed.
Corn.
Corn followed wheat, prices becoming
nrm. following a weak opening. The fea-
ture was good buying by cash houses pre-
sumably against sales for shipment.
Changing of May to July continued on q
large scale. The latter was at 1-so pre-
mirm. Phillips was buying May and SELF
ing. July. Commission houses had consfd-
land.
Elevator people were moderate sellers.
country. offerings in some Instances being
larger than or late. The weather was more
favorable for the movement.
Local inspection was a29 cars. "A Of which
Staosa contract Liverpool was steady to
80 higher for futures, and spot grades
corn to-day were as follows: Opening. Ihc:
low Ahc; closing at 4Hc.
Oats.
Oats was traded in moderately, prices
nrm1ng up somewhat IN the advance in
wheat. local shorts covered and shippers
were fafr buyers against cash sales, The
selling was scattered.
Receipts were $50 cars. May oats opened
AZ 25zsc; selling as high as 25Hc, and the
close being 2SAc.
Provisions.
Hog products were firm, May pork selling
% 1850 or Soc per barrel higher than il
'losed yesterday. Receipts Of hogs con-
tinued light. and commission houses were
good buyers, particularly Of pork. Shorts
freely and longs took profits on the
ADVANCE. Cash demand was good, especial-
for lard.
Liverpool quotations on lard were Cd hi<h-
.: meats unchanged. Toward the cloes
Nay pork sagged on and closed at S15,M.
which was &C higher than the low point az
he day.
was again very quiet and frm. ThWp
7as some demand. but light offerings pre-.
ented trading. Both cash and futures held
rmly. The receipts were 2 cars. There
'as withdrawn from store here $500 b
No export clearances from the seaboard.
10 2 in store nominally 50Zc, and car lots.
resh arrivals. free on board, quotable at
,G5Sc. No. 2 rye. quiet and firm; March.
5OAc; May, sic bid. and 61Xo
sked.