The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-02-19
SHARP DECLINE IN WHEAT.
MAY OPTION CLOSED 3-4c TO Use
LOWER AFTER AN EARLY
SLIGHT ADVANCE
OTHER PRODUCTS FOLLOWED
Wheat Went OF Half Cent, Oats
Quarter, and Provisions
Also Showed
OTHER PRODUCTS FOLLOWED

CHICAGO, Feb. 1S.-The corn pit fur
nished a spectacle of excited activity to-
day. The May option, after an advance
early, broke under liquidation of enor-
nous lots by longs and closed 4Q1sc
lower. Other markets were affected SYM
pathetically, wheat closing $8012c, oats
74c and provisions. 712ql2l22 depressed;
Corn held undiSputed sway on the
Board of Trade throughout the session
The volume of business was heavy the
first two hOurS-it was enormous the re-
ed by the addition Of traders attracted
from other avenues by the activity of the
coarse grain. The market for May de-
livery opened sc higher at 4ll4c to 41Bc.
There was nothing particularly striking
either in the crop situation or the statis-
teal reports, but shorts were clamor0us
in their demands. Several millions Of
bushels changed hands at tha /sSpening
figures, and after touching 41B@4AC, the
market was suddenly bid up to 41l4c.
Scarcely any corn changed hands on this
bulge. 1t seemed as # everybody was a
would-be purchaser. Suddenly the mar
ket began to crumble. Where a few
minutes before scarcely any corn was to
be had, millions of bushels were for sale.
One Spectator was credited with getting
rid Of 100000 bu, ard others were not
far behind. May declined to 40A040aSc,
and closed at 403sc, a net loss of AqBc.
Considering the excessive pressure the
market showed remarkable strength.
Receipts were AS cars, two of contract
grade.
Wheat yielded the palm to corn and
followed without a protest the larger
market with great docility. The pit most
Of the sessions was half deserted. May
opened unchanged to 1s9L4G higher, at
75llcs To T55sd75%c, influenced chiefly by
the epeHing corn strength, = although
steady cables and moderate Northwest
receipts were contributory factors. Some
commission house buying, coupled with
covering by nervous shorts, caused an
early advance to 755sc. The corn break
later caused reaction to 75c, and the
close was easy, May, 3s61kc lower at
75dI51sc The market was not without
some good support on the decline. but
prominent bulls for the most part were
not interested. The decrease in the Wis
ible, S120 600 bu, was as expected ThS.
sass is now the largest ever known at
this. seSson. by 100000 blu. Exporters
reported Twenty-Five loads taken for for
eign shipments and seabOard cIearances
in wheat and -four Bere equal to 467, 900
bu. Primary receipts aggregated 66l 900
bu, compared with 914, 600 bli last year.
minneapolis and Duluth reported is cars,
against GIG last week and 723 a year ago
graded contract
An active trade was done in corn and
oats, and as was the case in the corn
market there was heavy coverine of
shorts and unloading of longs The mar
Eet followed the corn lead. May sold
between 25Ssc and 257sc, and closed &c
lower at 201ac.
Provisions were notable to withstand
the local receipts of hogs. which were
1900 head in excess of the number es,
timated Saturday, and the swift change
In. the previous bullish condition of the
corn market Transactions We're NOT
important. May pork sold betweer
$l407z and $l3.7711, and closed 1915
lower. at I4021a; May lard between 81. ~
and H.421A. closing 71aG10c down al
S.421hc, and May ribs between $7.071S and
Sl021a. with the close TIC depressed at
SLOPE.
The estimated receipts for tomorrow
are; Wheat, 65 cars; corn, 500 cars; oats,
BIS cars; hogs, $4,000 head
a.. The Ieadino f11t,,ree ropco5 80 e.i1o--.-.