The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-01-06
WHEAT AT HIGHEST
IN SIXTEEN YEARS
Closes in Market Here al
S1.37 - a Bushel-Was
St.3t 1-2 on Tuesday.
EXPORTERS EAGER BUYERS

Another million bushels Of wheat we're
snapped up by Europeans yesterday
These tskngs were principally OF domestic
grain The excitement abroad was
literally greater than at any time in tho
history Of the. trade according to private
cables.
At Liverpool bids were raised from 4
10 nearly i cents bushel Argentine
wheat, which is supposed to be competing
with American wheat was taken at
about isc premium. There would have
been a greater export trade here but for
the freight situation and the chaos in
the country resulting from the uprush OF
values
IL was not astonishing that quotations
scared \ very broad and tcVerish mar
ket was witnessed. The list touched a
level exceeded only four times i'm tho
past forty years. In lS9S-the Letter
year--tho price Of wheat recorded was
s1.s5. while In the Patten ycar--on the
last day of May, l90q---s level OF Sl.35L
was established. The realization that the
market was at an exceptionally steep
plane induced countrywide liquidation
yesterday, but this selling was absorbed
and some Of tho confirmed bulls added to
their holdings. cmbudcncd by the past
successes and the temperance OF certain
foreign speculative interests on their side.
The export situation was paramount, all
other features being subordinated as mar
ket factors. Fear that the United States
would overcNport was more generally
voiced. There was an opinion expressed
by leading shipper. however that
Federal authorities would not be called
upon TO regulate tho supply and demand
situation in wheat 1t was said that
should an actual scarcity develop the
shortage would become most acute at the
end of the season and not a great many
weeks before tho new crop would lie
available. Extremely high prices should
then obtain. 1t was said, which should
automatically check the foreign draining
OF our supplies.
European crop news continues very
much mixed and it is not regarded as
very reliable. The promise in the Ameri-
can winter wheat belt is quite satisfactory
as yet. but there remain weeks Of winter
hazards. after which normal moisture and
temperature conditions will he required
There is a large discount for the new
crop delivery at Chicago. based partly on
the possibility OF a summer ending OF the
war and the knowledge that an immens.
wheat area has been sown.
Corn.-Nalues closed net. unchanged for
the day. There was a large trade, but
II was well distributed aud mixed Tho
strength at the outset was in response
TO the eNcitemcnt in wheat and importa mt
advances in the Liverpool and Argentine
markets. Offerings from the country in
creased, however, and there was realiz.
weakened technical position. Receipts
were larger amounting to 1905, 900 bush
els against l,6960OO a week ago and
$4,000 year ago. Toward the close OF
the session there was a recovery on
further advances abroad. which ed Ia
the possibility OF an important export de-
mand IN the near future
Oats.-Although there was considerable
profit taking the undertone was firm. II was
evident that the big wheat advance was
creating a substantial domestic and for
eign cash inquiry. There appeared to be
plenty OF bulls to replace those who &c.
ceptcd their gains Farm offerings were
somewhat larger but these were coun.
terbalanccd by reports of a cent. up.
turn in Argentina
Provisions.--Prices were at fair ad.
vances. The sharp rise In grain had ma
terial influence. A decline In tho hos
market and the selling by packers were
features offset by the general expansion
In the demand for hog products.
Chicago prices