The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1901-01-17
ANOTHER BAD BREAK
MARKETS WEAK AND LOWER.
NO ENCOURAGEMENT FROM
BULL STANDPOINT.
Most of the News Encouraged Sell
ing and 1t Was INDUCED In Suf-
ficiently to Break Prices.

The bears made another killing yester-
day, and at the close Of the day were In
full control OF the speculative grain situa-
ton, The bulls when they got through with
them not having a leg to stand upon Bear
convictions were once again TO the fore in
all the markets. and weakness was one OF
the chief features of the general situation.
while. unlike the day before. when the
losses were small, they succeeded. without
much exertion. in making a deep impression
upon market all and everything Of a
speculative nature closed largely lower.
Speculative interest was again almost who'll
~ of a professional character, the feeling
and sentiment expressed was bearish and
the news largely favored the selling side or
the account. There was nothing TO encour-
age buying In the early advices, but as
some wheat was wanted around the open
ing, May sold &c lower at 75lac, and quick
" recovered to 75%c, only to sink back to
5hNA.c just as soon as this demand was
satisfied. which was In a very snort time.
The most harmful news at the outset was
that the Argentine was pressing her wheat
for sale. the effects OF which were plainly
to be seen in Liverpool cables. which re-
ported that market depressed and I'D lower
since Tuesdays close. Following these bear
ish cables came reports OF receipts In the
Northwest, which were said TO exceed those
Of a week and a year ago. while the 8rri-
walls here were eO.5e4 BIZ. During this time
there was not an item that could be consid-
cred as encouraging from a bull standpoint
Late cables were very bearish. and reported
a further decline at Liverpool. which market
closed I'D of for the day. cash Argentine
wheat being down Id, which seemed TO con-
firm the report that wheat from there was
pressing on the markets abroad. All Con-
tinental markets were lower; ntWer ana
Berlin sc. Paris kq&c, and Buda-Pesth &C,
and the only news that was IN the least en-
couragiLg was the clearancsS of 4Io,OO bu-
There was no further let-down on these I'M
favorable advtces, the market holding up
well, and May did not sell below 7is4i-c.
Then a frmer tone came to the surface on
an advance at Chicago and a report that
Gates was buying there. on this May here
7s1to bid for July.
The cash news from the seaboard was bet
ter than It has been for a long time, it be-
Ing reported that exporters were making
large sales, and as many as 80 loads had
ever. failed to respond, the bulls being
timid and no good buying resulted; on the
Srery, there was a pressure OF long stun
and a sharp break resulted. and a report
that a certain Chicago house. supposed to
be long for Wall Street, was selling out
only made matters worse. The market here
53&c and closed at l1sc lower for the day,
at 73z95tc buyers. Jan. closed nominally
sc on, at 13sc, and July closed nominally
&c lower. at i
Weakness, accompanied by dullness of
speculation. was again the feature of the
local corn situation. and prices during the
day gave way sharply and closed lower.
The postings showed no apparent let-up TO
the arrivals from the country and this in
itself was enough TO weaken the market,
ana as there was no encouragement to be
gotten out Of foreign advices, the market
right from the outset was lower. May
orened kc lower at S7isc. but later 37hqAc
was bid. Speculative interest was nearly
nil all through the day and in the aggre-
gate the transactions IN the local pit were
small. Notwithstanding that foreign news
was nearly all bearish, exporters still re-
ported business impossible at present
prices According to the cables, Liverpool
closed lad, with dull and slow markets, but
me DAYS clearances were large at 100000
bu., showing that corn bought on this side
some time back was leaving for abroad In
large quantities. On this the market here
improved a little and May sold at S7ssc.
The late in wheat had q bad eff
fect on corn. and as there was nothing en-
ccurag1ng on the cash situation, and moth
ing OF a favorable character developing, the
1ower for the day at that bid. Jan. was
nominaiiy lie on at 35%c and July closed go
down at Else nominal.
1t was the old story as re9arda IN. Ioca,
market for oats No interest appeared to
De taken and no speculation was ndulzed
curing me entire day, a merely nomina
consequence came TO hand and nothing de-
yeloped OF a nature to induce trading. with
me result that nothing was done. A weak
Jan: closed n~ominaliy &c lower at and
a bid OF 40 lower OF 2hc for May aid NOT
md a seller. as cash was too firm.
ON THE CURB-wheat weak; Nav soJd
and was offered at 7szc: puts 73kq&c 10
1SAc; calls 74hQSc to 74b9Ac.