The St. Louis Republic., 1901-01-23
BULLS KNOCKED OUT
MARKETS DECLINE SHARPLY.
RADICAL CHANGE IN SPECU-
LATIVE GRAIN MARKETS.
Everything Was Bearish and All
Markets Closed at a Sharp
Loss in Values.

Loss in Values.
Another attempt at a bull market die
a-borning yesterday. Mondays very bullisl
and strong situation. which was beieye'
by many TO be the fo7erunner OF much high
er prices and TO have heralded the coming
of a bull movement. proved yesterday Il
have been another OF those false alarms
that have marked the course OF the specula
tive grain markets frequently OF late
most radical and convincing change tooh
place in the general situation. and where
there was strength accompanied by higher
prices the day before. there was weak
ness. bearishness and lower prices yester-
day. The change was a sweeping one,
all the markets being effected alike. with
the result that the encouraging gains that
marked the course OF the various markets
Monday were nearly all but wiped out and
lower level OF prices established There
was not a Giimmer or hope IN the situa-
ton after the downward tendency Of values
was once under way, an almost uninter-
Tupted decline taking place. and the close
was at OF near the bottom prices OF the
day. As regards factors ana influences Of
bullish character the situation yesterday
was In very marked contrast 10 that Of the
day before, there being very little that
could be construed as in any way en-
coHragfng from q bull standpoint. and
plenty that was otherwise. Yesterday :
wheat market here was a distinct disap-
pointrnent 20 the bulls. who. encoura ged
by the excellent showing made the day be-
fore. were almost universally OF the
opinion that IL was the beginning OF a bull
movement. which would continue Tor several
Gays. The market however, insteal "a
keeping on its upward course received 1
severe shaking down. and the bulls spent
a bad Gay from start to finish, especially
loaded
in the belief that prices would go much
higher.
Weakness and depression characterized
the market all the way through and the
loss In price during the day was quite q
severe one. nearly all OF the advance OF the
Gay before being wiped out. and the close
from i4c 10 sc lower. The bear literature
that was in circulation yesterday. en-
phasized the fact that the chapter Of ac-
cidents'' still favoTs the bears. Where the
news was bullish Monday It was nearly all
selling took the place OF buying. Prices held
fairly well at the opening decline during the
first hour or two. but the market crifted in
10 state OF dullness that has very seldom
been witnessed. and, after that and until
the close. the bears. encouraged by the
weak conditions prevailing, pressed their
advantage and their efforts met with such
success that they soon had control The
opening was al &c decline. as
cables were unfayOrable. Liverpool. after
opening I'd better, soon weakening and
reporting sd decline. On this poor showing
from abroad the May option here opened at
73ltQ735sc. sold at 15Ssc, and was bid $50
on the other hand. showed some strength |
and sold &c higher at 71Ac. The strong !
point Of the previous days markets on this |
side. the foreign acceptances were not in
signt yesterday. none OF The markets re-
porting any acceptance OF offers; and. In /
fact. bids from Liverpool were S4d lower.
Berlin. which was izc up. Paris 14c and /
sc. the latter being influenced by 4
Liverpool closed at I'd loss for the day. /
The receipts. which were again reported \
large. weighed heavily upon the market, and l
the clearances were only fair. at 3ZS,0O |
bu In -four and wheat For some time be-
fore noon and after. the market was SO
very dull that price fluctuations were nearly
nj and showed no changes of Importance. |
though May and July sold at T3Isc and 727sc
During the latter part OF the days session
on change there was not a solitary bit of
news received Of character TO bring about
buying support or to improve the situation
= any way The news on cash was eS-
pec.ally discouTaSing, only loads being !
eported taken for export, 5000 bu- here. and |
he general cash market was dull. To say
hat the longs were bitterly disgusted and
disappointed hardly expresses IL, and there
vas free liquidation OF wheat bought the
ay before, on which Nay sold off to I2&c, |
nd closed l9l5Ssc lower for the day at 725sc
eliers. July being Ac down at 724c asked, |
nd Jan. &c of at 7llzc nominal
The corn market here was almost as great
disappointment as wheat. though the loss
price was not as heavy. The weakness
hown was largely on account of the de-
lines in wheat. though there were other in
uences equally bad. Arrivals at nearly all |
he primary markets were large and the
Weather mid for the season of the yea-. |
Foreign adv1ceS were by no means encour-
Girg, on the contrary they were very un- |
ayoTable. No sales abroad were reported |
nd private cables were bearish. and Liver
ool was reported off 1snAd for the day.
.xport ciearances were also smaller at f5O,- |
" bu-, and the smallest for some time. !
ne opening in this market was 1-l6c lower !
I sIrtc for May. which then sold at 373Sc.
ate in the day some export business was
his did not help the market any IL ruling
weak to the close when ,
lay WAS offered at 37SsGIzc, or 1sc off for | ,
ne day and July also that much lower at
ltsc- while Jan. was quoted noninally un-
hanged at 5G1tc. and No. May white had {
nc bid.
Tho oats market did not show the weak
ess which was 50 conspicuous feature IN |
ther grains and most OF the time ruled |
7 m There was. however nothing of
timulating nature developed during the ,
ay, speculation was at a standstill and ,
lte weaker feeling was developed and
fter 25;sc had been bid for May, il closed 4
{ that sellers. Jan closing nominaIly the
anne as the day before at 25itc.
ON ON. THE CURB-Wheat easy. May sold
72siQ7sc; puts. 72l=c to 7etsc; calls. 7sabc