The St. Louis Republic., 1904-11-23
WHEAT SHOWS REMARKABLE STRENGTH
FROM FIRST TO LAST OF SESSION
Oats Cover Wider Range of IA
Cent, and Provisions StrGng on
Buying by Packers.
REPUBLIC SPECIAL.

REPUBLIC SPECIAL
Chicago. Nov. 22-Because the I,iyerpool
| market responded TO the influence of wet
weather in Argentina, rather than to that
| Of the decline in American prices. with
| an advance OF 2sui5d, because liquidation
had for the moment Iun its course, aud
still more because of the large absorb
ton OF wheat by Armour yesterday, the
local market opened strong and excited
from &Qliac higher, with anxious cover
ing by scattered shorts, who had been
banking on continuation of the de-
cline. on proft-taking and selling by local
traders who feared the Armour wheat
would be on sale on any bulge.
There were reactions, but at its weak
est May showed Il gain of sc at slO9ls
and touched N.l0. net advance of 1I.c
Heavy offerings here forced another
sharp break but on all the dips. instead
of liquidation, was a fair speculative de-
mand. and the market always rallied
closing at Sl.09@s sellers. y net gain OF
l!sc for the day. Dec. gained 1S2c, July
clcsed &c UP.
Trade was of smaller volume than the
day before. and the market nervous. There
was no important change in conditions.
Northwest receipts still heavy the -four
generally rather dull. although there were
some scattered indications of improve
msnt. Local scalUers were timid about
buying. for fear of getting another food
of Armour wheat on the bulges. and pos
sibly because of this sensitiveness there
were no marked symptoms OF Armour SELL
Ing, and some open buying by that in
tereSt at the close.
The early buying was led by Bartlett
Frazier and by Spencer for the St Louis
bull, coterie. replacing sales of yesterday
There was selling on the bulges of Re
quena. kneeland. Logan-Bryan and Pea
vey. 'Hhe Southwest sent renewed COM
plants of drought damage and buying or
ders. a local miller had a bid from Lon
don for $500 sacks of flour. the first in
long time only &c out of line with the
wheat market at yesterdays close The
local cash market was dull SO far as
milling demand was concerned. and low
grades dragging, but there WAS some spec
ulative buying; sales altogether. 5000 bu.
CORN RECEIPTS DROP.
Corn receipts dropped to lower figure
than grain men. who had been expecting
arrivals of f,GCo cars a day this week.
looked for only 23S cars. according to the
estimate represented on the sample ta-
bles. and under n fair shipping demand
and covering ~ dealers who had been un-
able to fill sales made for shipment from
the country by November 20, cash prices
recovered ihc.
This was an important influence in the
pit. where prices ruled strong, closing near
the Top at gains or nearly &c Tor all de-
liveries, Dec. ut +ac sellers, May at 457sc
bid. Local cash sales were about 100000 bIi.
The good EXPORT demand at the sea-
board of 1885, coo bu. and runors that West
ern corn was arriving East in poor condi-
ton disturbed shorts who covered freely
on the upturn around 45c for May. There
was great deal for sale through COM
mission houses.
OATS IN WIDER RANGE.
Oats covered a little wider range of &c,
but there was no increase in speculative
activity, trade dull and the strength of
corn the important influence, under which
there was an advance OF lac in all deliy-
erles. Cash prices were steady, the ship
ping demand moderate, sales 5000 bu
Ecuntry acceptances are light and SO are
receipts. 1o1 cars inspected in sheet. and
to-day's arrivals estimated at 81 cars
Provisions were strong on buying by the
Cudahys of pork and ribs. On the other
hand, the smaller packers were selling
Hog receipts 5000, estimate 43Cl and