The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1904-11-30
INITIAL WHEAT QUOTATIONS MARK
HIGHEST POINT OF ENTIRE SEASON
Oats Cover Their Usual Range,
and Provisions Close Steady
to &c Lower.
REPUBLIC

REPUBLIC SPECIAL.
Chicago. Nov. GA sad case of mis-
placed care developed in wheat to-day.
Confidence in the market was due to a
rumor that some big interest was accumu-
lating wheat. buying by spencer's house
being attributed 10 Armour. and that at ali
events 1t wa a safe purchase. Under
this sentiment prices held firm for over
half the session. in fact. gaining half
cent for May. in spite of easier liverpool
cables. large Northwestern receipts. a
weak cash demand at Minneapolis, and
reports that the mills there and at Mil
waukee would close down Monday. As on
each Of the several shutdowns of the
Minneapolis mills during the late summer
and fall there had been rallies in wheat
prices. there was confidence the result
would be the same again.
There was good commission-hou3e buy
ing. and on the &c rally to SlC5a. bid
referred TO, some local shorts were driven
in. some of them possibly went long. But
early buyers 0eemed disappointed that
prices did not advance more. some OF
them lost their confidence. and those who
lost 1t first were fortunate. for as soon as
they stopped buying and turned sellers
Their. was a quick. sharp break of 1fic,
with heavy liquidation on the decline ana
close Was very near low prices, at net
losses OF 1c for Dec. and May and &c
for July. The May range was from sl09ll
Ml.oy1A to Si.cSiS- the close at sl0S-.
Argentine news was conflicting, the best
prices here following a report a local crop
expert now in that country had cabled
his employer that wet weather had cone
considerable damage to wheat. There was
HttYa M rI- INHU no aH.H-NT - 1TA
strength Of Shows report that no If
r%eparable damage had been done to the
rowin crop in his country by drought
outside of Kentucky and Tennessee. and
this selling helped overload the buyers TO
the limit Of safety. COntributory cause
for the early iirfnnes.5 were the very ngnt
receipts in the Southwest. S2."O bu. at
Kansas City and st. Louis. reports of a
and higher prices there.
Duluth reported Il better European in
quiry for Manitoba Uheats. and another
cargo Of 1900 bu. las been bought by an
Eastern miller to come to this country.
Minneapolis messages said the cash de-
mand was the poorest on the crop.
CORN WEAKER.
Country acceptances of corn to arrive
continue liberal. and the market respond
ed TO the Influence of heavy hedging
sales, clear weather through the corn
belt IN place Of the rains predicted dis
H'Seu buyers OF yesterday 10 sell out. and
there was a break In May of &c to iJzsc.
with the close at 45lsc. Dec. was a shade
weaker. losing *. TO 4sssc. Cash prices
were nc to lc lower. Brokers claimed
other markets in Illinois. Indiana and
Ohio were underselling Chicago. but sales
here were 21!o59 bu.. part for Jan. ship
ment. The quality of corn arriving here
still shows steady Improvement. There
were 40 cars in to-day's arrivals, esti-
mated at 2i cars.
OATS IN USUAL RANGE.
Oats covered their usual range OF about
&c, and closed Unchanged to &c lower, the
feature Of trade being renewed liquidation
OF Dec. through commission houses and
purchases of May against these sales
at about nc difference. Armour taking
the other end of the spread. Receipts
keep light. 14 cars in and Sc estimated for
today: Cash prices steady to &c lower:
sales 1000 blu.
Further liquidation by provision longs.
Cudahy Packing Company leading, caused
fair declines. but closing prices were
steady to sc lower. n rally following COW
ering by local shorts. Hog receipts keep
liberal. 1900 received and 1900 estimated
for tomorrow. Prices at the yards de-
clined &c.