The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1904-01-07
WHEAT AGAIN RISES FAST
ON NEWS FROM FAR EAST.
PROFIT-TAKING FAILS TO
CAUSE GREAT REACTION.
Corn Active From the Start and
Makes Substantial Gains
Provisions Much Higher.

Chicago. Jan. Can ~unfounded report
that hostilities lad actually broken out
between Russia ard Japan caused n sec
ond sharp advance in both grain and pro-
visions to-day after a tremendous bulge
at the opening had been partly overcome
by profit taking. May wheat at one time
was up 21ac over yesterdays closing fig
ure. May corn 13sc and provisions 11sc TO
60 cents. Closing prices were strong at
nearly the ton.
WHEAT.
War news ruled the wheat market. Re-
awakened fear OF hostilities in the far
East caused an excited opening, an prices
were much higher. Shorts were extreme
ly anxious to cover and there was also a.
good demand from commission houses.
No one seemed willing. to sell. while buy.
Ing orders appeared to come from all
sizes. The opening price on May ranged
between ee !, s7aS and Ss1sc, a gain Of lag
figure. July also showed a big advance.
opening &c to 2lsc higher at SIC to S3Ac.
The immediate cause of the urgent de-
mand was a decline in the price of English
consols. indicating hat the war situation
was regarded as NEST critical. To add
emphasis to this factor, Liverpool cables
were higher. Receipts also were light.
conditions were favorable for far' the free
movement of the crop. On the PIC adj
vance in May there was a general profit
tdhlTS, anu the MARKET SetIleQ DaCk, May
reeeding to s7ac. although the sentiment
still remained bullish. A cable dispatch
from Paris stating that SPECTATORS were
purchasing large quantities of wheat on
rumors hat a clash had occurred In Ko-
rea started another active buying move
ment later In the day and prices again
advanced, May, again touching the ssh
cellent Throughout the remainder Of the
session. There were slight recessions
from the high points. but anything in the
an advance. Closing prices were near the
top. May being 2hM2Ac higher at SSAc:
July was up 2Ac at s3%c. Clearances of
wheat and flour were equal to 225. 600 blu:
Primary receipts were $685. 800 bu., against
SOC. 500 blu. a year ago. Minneapolis, Du-
luth and Chicago reported receipts of 465
cars. against 633 cars last week and 405
cars a year ago.
CORN,
Corn opened at a higher level with the
pit all excitement over the war news.
Shorts engaged in a wild scramble to
on the buying side. May was NC to 1c
higher at the start. opening at 41c to 4I12c.
The advance met with some prof1t-taking.
and there was some letdown in prices. but
summed its upward trend. A prominent pro-
vision interest was an active buyer during
the latter part of the session. and this
f faase Say Nay S,d 20 ady nrIses 10 Were 4s9sG ne ia.e th ,e
top. May being up 1HQ1ssc at sAG4sNc.
Juiy ranged between 46asc and 47Ac, clos
Ing at 47hai7he; a gain OF lAQ1Sc. Local
receipts were 266 cars. with nom OF con-
tract grade.
OATS.
Oats were influenced by the strength in
other grains. but active selling by a prom
inent commission house checked the adj
vancing tendency. and resulted in only
moderate advances for the day. May
opened SG1sc to &GAc higher at 39i2c
to 39%c. and after selling between a9Ac
n 39Ac. closed at 39I7d3sAc. a gain Of
kQSc. Local receipts were IS cars.
RANGE OF FUTURES.