The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1904-02-21
MAY WHEAT GOES TO S1.07
IN SENSATIONAL ADVANCE.
WAR SCARE SETS BROKERS
WILD TO BUY.
July Advances to So Cents, but
Meets Realizing Sales
Provisions Higher.

Chicago, Feb. MA sensational advance
| Of 4Ac a bushel was scored in thirty min
| utes by wheat for the May delivery. The
| phenomenal price OF s1W was reached,
| the chief incentive being rumors or the
| Russo-Japanese War spreading to other
| nations. Talk Of stoppage of wheat shin
ments from Russia and from Argentina
was a secondary factor. The day on
change was one Of the most exciting in
| years. Compared with yesterday. the hna!
figures to-day are 3 cents higher for May
wheat and 2hc for July. May corn Is
up adlc. oats &c and provisions 15c to
37llsc.
WHEAT.
The wheat market opened excited and
strong. Shorts were active bidders for the
May option. and initial quotations On that
delivery were unchanged to 1Lc higher. at
S.02& to $1.N. July opened hc lower to
&c higher at 9asc to s3c. The advance
was due mainly to strong cables. Liverpool
futures being up q penny. Paris sc TO &c
and Antwerp 15sc a bushel. The gain al
Antwerp was taken to be especially sig
nificant. as caused by threatened stop,
pages of shipments from Argentina and
Russia. 4 report stated that railroad EN-.
ployes in Argentina were on the verge OF
a strike. The transportation OF troops and
WIZ IluLillOlS III ISOSSld Is ShSoliS ~
stricting the movement Of wheat in that
In addition to the bullish foreign situa-
ton, conditions in the United States were
such as to cause alarm as to the sufficien,
cy Of the domestic supply. The demand
from shorts was met rompt by selling
Smaller holders also had wheat for sale;
| After touching s1.04. May quickly dropped
to 81. o9ax. while July declined to 9ekc. For
a short time the market held compare
fivaIv Sfandv around these fiC1lreS AS
soon as the selling stopped. however.
prices again moved upward under urgent
would be closed on Monday, Washington's
Birthday, appeared to be materially eff
fective in bringing out the heavy buying
orders, traders being loath to remain
short over the two days recess. Late in
the session there was practically no May
wheat on the market and shorts were
bidding Ac to &c over the market price
In order to get it. h highest point was
reached at S1.O7. a gain of 4i4c over last
nights close. The demand for July was
almost as good as was that for May, but
there was more of the deferred future for
sale and the advance was not as sensa-
tional.
The price for that delivery rose to 96c.
or shc above yesterdays close. Realizing
while July fell back to S4Ac. Another
rally followed the last few minut of
trading. May closing at Sl05x and July
were equal to $4,000 bu. Primary receipts
were 415.OO bu., compared with 81 800 blu.
n year ago. Minneapolis. Duluth and Chi
cago reported receipts of 2I2 cars. against
1874 cars last week and 2S3 cars a year
ago.
CORN.
The early corn market was weak. There
was general selling after the opening. and
apparently not much corn wanted. May
opened unchanged to &c higher. at 56bsc
to S6te. but declined gradually to SSEc.
Toward the middle of the session the
market began to feel the effects Of the
extraordinary strength OF wheat. Shorts
became active buyers, and there was also
a good cOmmission-house demand. Prices
responded to the improved buying. Nav
advancing to 51asc. Although proft-takirg
carried the price down from the high
point, the close was strong at 56Ts657c.
July showed a gain of SQEc, closing at
oSc, after ranging between 5ssc and
55ZG5JSc. Local receipts were sSS cars,
none OF contract grade
OATS.
There was an active general trade in
oats with the best demand coming from
shorts. Selling early in the day in the
way Of liquidation caused a little easier
feeling. but on the decline the demand be-
came general and prices advanced easily.
The main influence in the situation was
the strong wheat market. After OPEN
ing unchanged to Ac higher at 451sc to
4Sasc. May sold between 45Ac and 461tc.
closing at $3.50. July was up 1:c at the
close. fnal figures being at l;sc. Local
receipts were 167 cars