The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-02-10
PORK PRICES SHOOT UP
OPENING OF WAR CAUSES sENSA,
TIoNAL RISE IN MAY
Commission Houses Purchase Heavily
Active Speculative Demand Comes
Largely From Shorts-Wheat, Corn and
Oats Are Also Boosted.

CHICAGO, Feb. 9.-The influence of the
disturbances in the Orient was keenly felt
today in the pit Active demand sent the
price OF May pork $1.22k a arrels1above
yesterdays closing figure. Grain prices
We're also affected. The close was strong
IN both grain and provisions, with May
pork up $1.0212,- May lard 25M271ac, and
ribs soc. Compared with last nights quo
tations, May wheat finished 101hc high
er, May corn 114@15sc higher, and oats
up 15se.
The active speculative demand which
caused the sensational advance in May
pork came largely from shorts who had
become alarmed at the seriousness of
the war situation. Commission houses,
however were heavy purchasers, several
prominent houses taking on lines from
1900 to 5000 barrels. Packers reported
eign shipment. Higher prices for live
hogs at the yards caused a firm opening
in provisions, May pork being up 21a @D7kc
at Sl3.10q 1915. May lard was 5Q7ac to
71ac higher at $7.571s@760 to $780, while
ribs We're 2hc higher at $6S5. On the
placing of large order for May pork by
a prominent commission house shorts
started to cover. Offerings were eX-
tremely small, however, and in efforts to
supply their needs the price was forced
rapidly upward until it had touched
$l490. There was some profit taking at
that Inquire and a reaction followed but
the close was $14.70 a net gain of SLOPE
for the day. May lard closed 25027Ac
at $L77k@7. so, after selling between
rs
after ranging between $685. and $7.1212.
One explanation Of the sudden and SEN
Sational- advance in the price Of May pork
is small stocks of barreled pork which
rendered the market nervous and exceed
ingly susceptible. There are only 90 900
barrels of pork in Chicago. 1t was all sold
here today, and probably So, 600 barrels
more were disposed of in the pit.
Wheat Is Buoyant.
Open hostilities in the far East had a
Influence nDX yh he tar
Initial sales on May were h0%c higher
at 941s G94%c, with July at S434 Gg847sc.
Trading was quiet the early part Of the
session. and the volume of business was
much smaller than for some time past.
The quietness, however. was due more to
scarcity of offerings than to any lack of
had buying ORDERS and the demand from
this source gradually forced prices up
ward. The market became more active
later in the day, and prices showed fur
ther advances. The cash situation in the
Northwest and at st. Louis was extreme
ly bullish, there being an urgent demand
for wheat for milling purposes reported
at Minneapolis. Receipts in the South
west were smaller than last year. In
addition to these domestic influences an
improved foreign demand was reported
from the seabOard AS a result of all
these factors the late market was de-
cidedly strong.
After selling at 91%c May closed 10
1lsc higher than yesterday at 95@951sc.
-
$3.50. a net gain for the day of &c.
Clearances of wheat and flour were equal
to 1877 900 bushels. Primary receipts were
1000 bushels. compared with 568, 200
bushels a year ago. The worlds visible
supply, according to Bradstreets, in
creased 600 bushels. Minneapolis, Du-
luth and Chicago reported receipts of 362
cars, against 3d. cars last week and 1896
year ago.
The feature in trading in corn was the
active demand from the principal bull
leaders who were heavy sellers yesterday.
Although the market did not display the
same amount of activity as Of late there
was a moderate volume of business, and
strong tone was maintained. The market
apparently had been oversOld and shorts
had to pay something for the privilege
of covering their lines. The strength in
the cash market a better export demand
in conjunction with the war news, were
bull factors. After opening "A Pee higher
at 53s a $3.50, May ranged between 52Bc
and 54$s Q5412c. closing at the top July
sold between 5OBc and 5215c, and closed
15sc higher at 5215c. Local receipts were
3S9 cars, l of contract grade.
Oats also made a good advance in
prices, although the volume of trade was
not large and without significant feature.
Local traders had been over enthusiastic
today was chiefly the result of their eff
fort to cover in the face of small offer
ings. The speculative trading was af-
fected by the strong cash situation. Clos
ing prices were strong and at the high
point May opened Il "a higher at 42M
042Bc, and after selling between 42O
42hc and 4312c closed at the latter fig
ure. July ranged between 38@3S1sc and
S9Ac. and closed at $3.50 Local re-
Estimated receipts for tomorrow are:
Wheat. 20 cars; corn, 1856 cars; OATS 1876
cas-; hogs, $4,000 head.
Range of Quotations
The leading futures ranged as follows: