The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-02-06
REALIZING IN WHETA
SALES ARE ENORMOUS, BUT WAR
TENSION SAVES MARKET
Losses of Two Cents Are Made In All
Cereals, but Rally Comes and Prices
Close at the Top, With Small Shrinkage
in Wheat From Thursday

CHICAGO. Feb. 5.-War tension today
oVefcame violent setback in grain prices,
que TO enormous realizing sales. Losses of
&c bu We're made in the Nav deliveries
OF wheat. corn and oats, but the war news
offset all other influences and caused
a recovery of all the loss, closing prices
belng at the top. Compared with last
night, todayS final figures were Ss1bc
lower for May wheat, &c higher for corn
with oats unchanged. Provisions were
easier, the May products closing 5nI71bc
lower ~
Exceptional activity was displayed in
the wheat pit at the opening. Prices were
extremely cratic and showed wide f1uc-
luattonS. Owing to the acuteneSS of the
war situation shorts appeared determined
to even up trades with little regard to
prices. In this effort the price of the May
delivery was forced 12c above the high rec
ord mark registered Yesterday the OPEN
ing quotation being ss@15c lower to y %
4sc higher at 956D96c. July was a shade
TO 9sc lower at S51b @S5&c. Within
touched csc. the price had fallen to 93hc,
a drop Of 212c. while July had sold off to
81 &c or FAC below the top figure. After
the first minute or two Of trading there
was a food of long wheat poured onto the
market. and 1t seemed as though every
body had wheat for sale. Under this heavy
pressure prices began to decline. Stop
loss orders coming out increased the
downward tendency and for a time the
situation looked extremely critical.
Armour Supports the Market.
The leader of the bull crowd. however
supported the market on the break and
Iair rally occurred From s33Ac, May
steadied around 8434c. Trading then de-
veloped into a rather tame affair but
the market was nervous Outside of the
signs Of impending war, the early news
contained several items Of exceedingly
bearish import. Receipts in the North
west and Southwest We're heavier than
last year Weather conditions on the
PacIhc coast and in the Southwest We're
materially improved. Argentina reported
much more liberal shipments than a year
ago. These factors were influential in
bringing out a lot of July wheat and in
May options.
Fresh war rumors were circulated in
the pit late in the day. resulting in an
0ther active buying movement, the big
Dull operator being reported on that side
of the market The demand became so
urgent during the last few minutes that
the early loss was all regained Just be-
fore the close July sold up to S61hc, and
for the day of Nc. May closed at 95c q
loss of 3s@1ac. Clearances Of wheat
and -four were equal to 207, 900 blu. Pri-
mary receipts Were $50. 100 blu, against
726.700 blu year ago. Minneapolis Du-
luth and Chicago reported receipts of 361
cars, compared with 253 cars last week
and 334 ears a year ago.
July Corn Is Strong.
Aside from the heavy liquidation early
IN the day. the most conspicuous feature
in the corn market was the relative
strength of the July delivery. Heavy SELL
ing of May by some of the prominent
holders caused severe break early in
the session. The violent decline in wheat
prices was the prime cause for a similar
action on the part of the corn market.
The opening on May was unchanged to
12c lower at 5512 @56c. Prices immedi-
ately started downward, and before any
support materialized May had sold off to
81 &c. There was some influential buy
ing on the decline and partial recovery
was made. Late in the day, on active
buying brought out by war news, the
market became exceedingly strong, and
prices advanced above the opening level
May closed &c higher at 56Bc. after SELL
Ing at 66Ac. July ranged between Sis &C
and 5319c. closing with gain of LIZ %
11sc at $3.50. Local receipts were 1873
cars, none of contract grade.
oats followed the course of other grains
suffering a sharp setback during the
first hour Of trading. Heavy liquidation
marked the early trading but as the SEES
sion advanced less pressure to sell was
manifested. The market rallied during
the last half hour in sympathy with wheat
and corn and the close was at about last
nights figures The opening on May was
Ginning to 44Ac, the price held quite
steady until near the close, when ii adj
vanced to 46Ac. The close was at the
top. and on level with yesterdays close
Local receipts were 80 cars
Trading in provisions was active. but
weaker tone prevailed. The decline in
the grain pits and lower prices for hogs
had depressing influence early in the
day. and the market was unable to regain
losses sustained under liberal liquidat alton
at that time. The close was steady at a
small decline. May pork being off 125zc at
$13 so. May lard was down INC at 81 So
while ribs were sc lower at s6.77h
Estimated receipts for tomorrow are
Wheat. 20 cars; corn. 200 cars; oats. 10
cars; hogs. 3d. 900 head
Range of Quotations.
The leading futures ranged as follows: