The St. Louis Republic., 1901-01-08
WHEAT DISAPP0INTS
ITS FRIENDS BY SLUMPlNG.
LOCAL MARKET ERRATIC, UN-
DERGOING UPS AND DOWNS.
The Cheaper Grains, on the Other
Hand, Were Much Better Main-
tained and Closed Better.

The speculative grain markets at this
point yesterday were inclined 10 be erratic'
a condition that was particularly noticeable
in the higher-priced cereal. but not so much
so in the cheaper, those grains holding up
remarkably well. and as compared with the
frst-named in n much more encouraging
condition from n bull standpoint. being not
only speculatively active. but decidedly
stronger. while closing at a small advance
in values which wheat did not do. This
market Yesterday from n bull point OF view
especially. went through a very bad strain.
and greatly disappointed those friendly to
it by acting just the opposite TO their eX-
pectations. Bullish sentiment. which was
expected to have increased over Sunday,
owing TO the stronger close Saturday, and
the statement IN the Sunday papers TO the
effect that Wall street was IN the market
on the bull side for campaign. was not
noticeable to the degree looked for, and in
stead OF a rush TO buy the pressure was on
the opposite side. ana selling right at the
opening and at intervals during the day
was largely in the ascendency. The market
was an erratic cne all through the day,
the ups and downs OF prices were frequent
and of a wide range, and many excited and
interesting features were witnessed before
the strain was relieved by the gong sound
ing the hour for adjourning for the day.
Speculative interest. aside OF that known
as professional was not so much IN evidence
as the bulls anticipated, and they were not
only greatly disappointed in that fact. but
also in the responses abroad TO our boom
ing market last week. Liverpool cables
reporting that market up only sd. and that
of London ed. which was not what had
been looked for by traders in this country.
The receipts here were large at slSS2 bu,
and the arrivals at Northwestern markets
exceeded those of week ago by 100 cars,
though they were over 80 cars less than
those of a year ago. The worlds shipments
were rather light at 5.2sSe0O bu.. there be-
ing falling of in Russian and Roumanian
exports. and the amount ahoat was also so
decrea sed $4,000 bu-. compared with eo0,VVo
bu. last year. During the opening hour
there was more disposition shown TO sen
than to buy, and as a result the sltuatlon
displayed more weakness than strength,
the May option opening &c lower at n14c,
rallying to 71l5c, and then declining 70
77isc July in the meantime being offered
at 755Sc. Shortly after this bad start there
was an effort made TO bull things. and al
though II was partly successful, the May
option being advanced several points 10
7fS4c, It slowly eased off. and by the hour
OF noon was as low as nc The only thing
in sight at this time on which TO bull prices
were the export clearances from this sldc
of 6S2 600 bu. Late cables still refused 10
report any undue excitement ABROAD over
our late advances and the markets when
manner, and there was no evidence OF Ior-
eign buying on this side. Liverpool lost
2.d OF its early gain. and closed that mncn a
better for the day, Antwerp was up ssc.
Paris unchanged to l4c lower, Berlin sc
higher and Buda Pesth i.c of. The visible
was decreased $4,000 bu. against one OF
3es 600 bu last year and on the strength
of this there was another attem9t 10
switch the market over to the bull side,
and was. so successful that May sold as
high as TIC. The buying, however was
not continued. and values again commenced
to go back. and as there was nothing OF a
bullish nature TO support II, q lew LONGS
began TO realize. and May in a short time
was selling at 16Ssc, which was ifsc on Ior
the day, and at which it closed bio July
closed sc lower at 75l9c nominal, and jan
1c down at 73ssc nominal.
The local corn situation was in very
marked contrast to that of wheat. Bullish
sentiment seemed TO have been strengthened
in no small degree over Sunday. ana the
market was Was d IN tse ngatve gni taken
and the character of the news received
during the day. and which in a great many
cases was of a bullish nature. The advices
from abroad were especially effective on
the bull side this morning. the markets
there responding quite freely to our strength
of last week. and. although the worlds
shipments were larger at 6.7SOOO bu-, IS
per cent of which was from America. and
the amount afioat was increased l2s2,oeo
bu.. the Liverpool market reported an ad-
vance for the day Of sd. The arrivals at
Western markets were very good, but coun-
Try accSpIlnCeS were 10 De llbnI anu
the weather was soft and unsettled. There
was right good speculative demand early.
and but little seemingly for sale. and the
result was that strong and advancing
market was experienced at the start. May
opening at Saturdays closing selling price
OF 37l4c and Immediately selling up to S71sc,
while for Jan. 36Isc was bid. A weak spot
appeared on the surface after this advance
and May went of to 37fsf37Ac. then back
to 377sc and of to 37%c. The export clear
ances for the day were reported at 46O.0 900
bu. only. The visible of this country was
increased 1,3G7,000 bu., which was $4,000 bu.
greater than the increase a year ago. As
the session drew 20 n close the feeling be-
came stronger and May rallied to 377sc, but
the sharp decline in wheat sent the May op-
tion to 37ssc. and II closed &c Up for the
day at that. Jan selling &c higher for the
day at 36kc.
A strong market was experienced most
OF the day for oats. and during the early
hours May sold at 5Z7zc to 26c, but late
there was general weakness and that month
closed the same Saturday at 25zc bid
Jan. was nominally &c at BIC, after being
bid 24Ac. The visible was increased Z3e 00O
bu.. against $4,000 bu. decrease one year
ago.
On the Curb-wheat stronger: May sold |
at 7sss I761zc 70 7e1ac: puts 75Xc to 75s.c: |
calls. 7ltc to 77asc. |