The Spokane press. [volume] (Spokane, Wash.) 1902-1939, 1909-12-17
Furnished for the Night Pink Edi-
ton of The Spokane Press by
Walter J. Nichols g. Coz
GRAIN NEWS.

GRAIN NEWS.
CHICAGO, Dec. 17.-Wheat: This
was the greatest bull day In wheat
since the present campaign. The
trade had many things to indicate
a remarkable situation, as was
stated in our advices before the
market opened, but the buying
force which developed and the ad,
vance which ives recorded were
both far beyond what most people
in the trade anticipated.
The important news OF the day,
partly not confirmed yet, came
from Argentine. Quotations from
the Buenos Ayres exchange gave
the advance in that market yester-
day at "a cents, and the real ex-
element of the day began here at
midday, when there was an official
posting of a further advance of
rs to 2 Is in the Argentine
market at the opening today. This
semed to prove largely the unfavor-
able claims coming here by direct
cables to a Chicago house, stating
that harvest reports in the north
are proving disappointing, and this,
together with the recent frost in
jury in the south, causing estimates
of surplus to be reduced.
The Danvers estimate of 100000
900 bushels surplus was very bull
ish. Late today New York house
wired us that certain Argentine
authorities are estimating the ex-
portable surplus as low as 10000
900 bushels. This lacks confirma-
ton, but is sensationally bullish for
both Europe and this country if
true. 1t was ON the Argentine
quotations and the rumored cut in
the surplus that excited buying of
the day that took place and estab-
lished top prices on the strong
swell.
The northwest movement was
much lighter than expected. Stocks
at Minneapolis decreased 275,000
bushels where they increased $780,
600 same week last year. Kansas
City has reported further de-
crease in wheat stocks. st. Louis
quotes cash wheat one to three
cents higher.
With diminishing stocks in this
country very bullish news from the
Argentine crop and strong proba-
bllity that Europe will turn to this
side for supplies to make good the
quantity expected from south of the
equator, there can be nothing but
a remarkably strong situation in
this trade.
Corn--The corn trade was up
against a somewhat bearish out
look today, and naturally could
not follow the upturns in the wheat
prices. and it is probable the great
strength in the wheat alone pre-
vented corn from showing material
declines. Local receipts were 2S5
cars. Argentine weekly shipments
were 100000 bushels. Weather
is much colder and it should cause
a larger movement and better grad
ing.
Oats-May oats firmed to 45c
on early trades. weakened to A 1-2
cents. and closed the same as yes
terday, at IA 1874 cents. Cash
prices were unchanged. Shipping
sales daily are in excess of re-
ceipts and this is holding the mar
ket steady.
STOCKS.
NEW YORK. Dec. 17.-Activity
today was confined TO very few
stocks. Steel was in active demand
IN 70 Il 10
Southern Pacific continued to be
absorbed in anticipation of per
cent dividend rate. Harvester COM
mon is being accumulated ON the
expectation of a substantial divi-
dend In the near future. together
with a possible increase in the
stock issued. Railway returns do