The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-02-09

CHICAGO, Feb. S.-Heavy liquidation
demoralized the grain markets today,
Notwithstanding the severance of diplo-
matte relations between Russia and
Japan. Corn and oats were especially
weak, May corn declining &c and May
oats Nc from the high points Wheat
recovered partially from the break clos
ing at about Saturdays final figures. but
IA @2$sc. Provisions were firm. the MAY
products closing unchanged to 10c high
er.
With war in the far East virtually COM
menced, ard all foreign grain markets re-
spending, there was a dash to buy here
at the opening by some hitherto stubborn
snort sellers Of wheat The result tenn
porarlly was higher prices. May opened
1zc to 1c higher at 941Rc to csc. and July
was up IS a &c at 85h@S5%c. In a very
snort time. however. the short sellers who
had turned buyers had cause for regret.
Both May and July wheat was offered in
large quantities. 1t was claimed that
line of several million bu held by large
local trader was sold out The throwing
out or this wheat induced general liquida-
tlon and the market became extremely
weak. May going down to $3.50, a drop
OF I9sc from the top. while July sold off
to S3Ac, or 25sc from the higher point
The May delivery, however. received good
support from the principal long interest
and the price of that option soon regained
a cent of the early decline, while July
rallied in sympathy.
The market was helped by a dispatch
stating that all offerings of wheat from
Odessa had stopped. A late break in corn
and oats had a depressing influence on
wheat prices. but additional support from
the interest credited with being the larg
est holder OF wheat caused fairly steady
tone at the close. May was unchanged at
94c, but July was down &c at S43sc.
Clearances of wheat and -four were equal
to 44O, 700 blu. Primary receipts were 760 =
300 bu, against S51 600 blu year ago.
The amount on passage increased 3,472,
sod
$4,000 bu. Minneapolis, Duluth and Chi
cago reported receipts of 500 cars com
pared with 463 cars last week and 1856 a
year ago.
Persistent Selling in Corn.
The feature in trading in corn was the
heavy and persistent selling by prom
inent commission house. The impression
among traders was that the principal bull
leader was disposing of part of an enor
nous line through this source. Several
other large interests were also on the
selling side of the market, including rep
resentat1ves of a number of Eastern spec
ulators. Offerings continued to come out
during the entire session and extreme
weakness prevailed. Stop loss orders were
reached in the downward progress and
this helped to send prices still lower. The
opening was firm along with wheat, May
being unchanged to &c higher at 54$4 c
to 55c, but within the first half hour the
price had fallen to $3.50.
Shorts took advantage of the lower
prices and covered moderately, causing a
slight rally at various times, but on each
small advance more long corn would come
out, and the market would decline lower
than before. The bottom was reached at
52c, drop of &c from the opening high
point. The close was at 527sc. July clos
ed 2@25sc lower at 507sc, after selling
between 5000 and 5215c. Local receipts
were 42l cars, none of contract grade.
There was the same eXperience@in oats
as in corn trading, and almost equal
weakness. The opening was firm on war
news. May being CSC to ~ % 5sc higher at
4412 @449sc to 44%c. Heavy selling by
prominent commission house led local
traders to the belief that these offerings
ing long, and this started small holders to
sell. There were not many oats wanted
and prices started downward. The low
point was reached at 411ac, or SIC below
late in the day on covering, but the close
was PA W23sc lower at 41Bc. Larger re-
celptS and better grading were bear fac
tors. Local receipts Were 307 cars.
The provision market showed strength
in spite of the weakness in grains. There
was a good advance early on an active
demand for pork and lard, but later part
of the gain was lost on profit taking,
caused in the break in corn prices. An
advance of 10c in the price of hogs was
war situation. The buying was by com
mission houses and foreigners. After
ranging between $13 so and $13 80 May
pork closed 10c higher at $13 .6712. May
lard closed unchanged at 81 .52R, after
selling between 81 521a and 81 62% Ribs
were up 21ac at Sc S215, after ranging be-
tween Sc. 80 and Sc 80
Estimated receipts for tomorrow are:
Wheat, As cars; corn, APO cars; ats, 80
cars; hogs, $4,000 head
Range of Quotations
The leading futures ranged as follows: