The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1904-02-14
SPECULATION IN wheat
FAVoRS THE BULL SIDE.
REACTION OF HIGH PRICES
PAID FOR CASH ARTICLE.
Corn Market Strong, but Volume
of Business Is Smail-PrO-
visions Are Lower.
INVESTMENT CO.,

Chicago. Feb. 1s.-speculative trading in
the wheat pit here to-day was a refIec-
ton of the higher prices being paid for
the cash article IN all outside grain mar
ket.. The strength aD'oad was also q
bull factor. The market here closed firm
with May wheat 141Ssc hu;her than Thurs
days final figures. Ma corn was up
Provisions were easier. closing &C to loo
lower.
WHEAT.
Tho wheat pit was affected more per-
haps by the strong cash situation reported
from al quarters than by any other fac-
tor. Tit demand wis principally for the
July delivery. the congested condition OF
the May option offering small induce
ments to the majority of traders. Wheat
prices at Liverpool and Paris We're conSfd-
crably higher than yesterday and the fact
that these markets showed gains In tho
face OF increased shipments from Aus
dcnce into the minds of the traders here.
My opened l4Masc to fs9Ac higher at
9tttsc to oslo. while July was up Ac to hc
at Ssc to Ssl.c.
There was an early advance to SS1s0S9o
for July on an active general demand. but
the Afay option held bout ste1dy During
vantage of the advance in TIE price OF
July ard sold ont Il considerable Enc.
Smaller traders followed the lead. and in
consequence !: break to ;Stzc occurred.
The downward trend Of tine July delivery
affected May. forcing tie price DOWN to
Sac. St. Louis houses covered a bis line
of July during the latter part of the Vay-
The market responded TO ;he improved
demand and prices again reached the top
figures. Some of the advance was sub
close was firm. with May st esiac. July
had Il net gain of lu1Iac. closing at $40
$3.50. Clearances of wheat and -four were
sSs. 700 bu.. against saI.s 500 blu. a year ago
| Minneapolis. Duluth and Chicago report
ed receipts of 4H cars. compared with 85
| cars last week and 4J cars a year ago.
CORN.
The corn market was strong. but the
volume of business was small, owing to
a lack OF offerings. The fact that the
| principal holder of wheat has taken q
prominent position on the ts. long ing, SIDE, OF
to favor the buying side. While there
was considerable long corn on them mar
ket at times a larger demand ~ from lsrss
Much Of the buying was based on the
superstition that there Is very little good
corn in the country. An increased ship
kets were additional bull factors. The
opening on May was 1s6Ac to xGaso
higher at S4x,c to a2sc; and after selling
54ac. July was up Aahsc. ciosinEsat
52!sc. Local receipts were 1A cars. one
of contract grade.
OATS.
The feature of trading IN oats was b
heavy buying of both May and July de-
iiveries by the leading bull houses. Of
ferings were small throughout the day,
and in the market ruled
strong. While the strength in other
Strength was derived from the fact that
the break in prices early in the week DIS
couraged farmers from marketing their
grain. so that receipts are again bscom.
ing light. The close was practically ut
the top figures. May was unchanged to
lie higher. at the start, opening at $50 to
4ILsc. July closed &c higher. at q aft
er selling between 3914Gel92sc to 39.sc. EO-
cal receipts were 100 cars.