The Saint Paul globe., 1904-01-07

CHICAGO, Jan. 6.-An unfounded re-
port that hostilities had actually broken
out between Russia and Japan caused a
second sharp advance on both grain and
provisions today after a tremendous bulge
at the opening had been partly overcome
by profit taking. May wheat at once time
was up 21ac over yesterdays closing fig
ure, May corn 17sc and provisions 1732c
to Soc. Closing prices were strong at
nearly the top.
War news ruled the wheat market Re
awakened fear of hostilities in the far
East caused an excited opening and prices
were much higher. Shorts We're extreme
ly anxious to cover and there was also
good demand from commission houses.
NO one seemed willing to sell, while buy
ing orders appeared to come from all
sides. The opening price May rarged
between S71ac and SS%c, gain of is a
l1sc To 2ss92hc over yesterdays closing
hgure. July also showed a big advance,
opening &c to 21sc higher at SIC to S3Ac.
Ihe immediate cause of the urgent de-
maRd was a decline in the price of Eng
lish consols, indicating that the war sit sit
uatlon was regarded as most critical To
aid emphasis to this factor Liverpool ca
bles were higher. Receipts also Were
light. Notwithstanding the fact that
weather conditions were favorable for the
free movement of the crop. On the a1ac
advance in May there was general profit
taking and the market settled back, May
receding to S7azc, although the sentiment
from Paris, stating that spectators were
purchasing large quantities of wheat on
rumors that a clash had occurred in
movement later in the day and prices
again advanced, May again touching the
8S1sc mark
The demand continued excellent
throughout the remainder of the session.
There We're slight recessions from the
high points, but anything in the line Of
war news would always result in an ad-
vance. Closing prices We're near the top.
May being 2B @2Ac higher at SSAc. July
Clearances of wheat and flour were
equal to 225,900 bu. Primary receipts
were 939. 800 bu. against 600,500 bu year
ago. Minneapolis, Duluth and Chicago
cars last week and 406 cars year ago.
Corn Copies Wheat.
Corn opened at higher level with the
pit all excitement over the war news.
Shorts engaged in wild scramble to
cover and commission houses were active
On the buying side. May was 1sc to 1c
higher at the start opening at 47c to
4113c- The advance met with some profit
taking and there was some let down in
prices, but it was not long before the
market resumed it's upward trend. A
prominent provision interest was an active
buyer during the latter part of the ses-
sion, and this caused May to advance to
477sc late in the day. Closing prices
were near the top. May being up IL @
1ssc at 47& @47Ac. July ranged be
tween 1880 and 47Ac, closing at AIS %
47Ac, gain of A@13sc. Local receipts
Were 266 cars, with none of contract
grade.
Oats were influenced by the strength in
other grains, but active selling by prom
inent commission house checked the ad-
vancing tendency and resulted in only
moderate advances for the day. May
opened 7s@12c to 9s@Ac higher at 391kc
to 39Ac and, after selling between 39A C
and 39Ac, closed at 391s @399sc, a gain
of 1s@5sc. Local receipts were 35 cars.
Provisions, like grain, were up on the
war excitement. News relative to the
market itself was bearish. There were
liberal receipts of hogs and prices at the
yards were 10c lower. Commission houses,
however, were heavy buyers for outside
account and there was little pressure to
sell. May pork led in the advance and
closed Size higher at s13 .671a, after SELL
ing between $13 20 and 1910. May lard
was up 17kc at s7.I21a, and ribs were
17h @20c higher at $6.82h.
Estimated receipts for tomorrow:
Wheat, 20 cars; corn, 225 cars; oats, 80
cars; hogs, Al, 600 head.
Range Of Quotations.
The leading futures ranged as follows:
Omen High | Low / Close