The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-02-08
WHEAT SUSTAINS LOSS
WAR NEWS DOES NOT PREVENT
HEAVY LIQUIDATION
Opening Is Strong and Actve-Prlces AS
cend, but Fall the Next Minute-Ar-
mour, as Usual, Supports Market and
Partial Recovery Results.

CHICAGO, Feb. "a storm Of liquida-
tlon broke over the grain pits today in
spite Of the critical situation in the
Orient Sharp losses We're sustained in all
cereals. The market was unable to rally
and closing prices We're near the low
point, May wheat being off 1c from last
nights close. May corn closed 1$sc low
er, while oats We're down 2O2kc. Pro-
visions were practically unchanged.
Strength and activity marked initial
trading in wheat. That the war outlook
was OF most serious nature was evil
denced by a decline in the price of Eng
llsh conSols Shorts Were active buyers at
the start, and bid up the price Of the
May option &c to &c above yesterdays
close, the opening quotations being at
95Ac to 95% &C. July was a shade to 5s O
&c higher at sec to $3.50. But these prices
quantity of wheat for sale-both May
and July deliveries-that within five min
utes the price of May had fallen to $3.50
and July to S5ac The selling craze was
soon partly exhausted On support from
the leading long the market quickly re-
covered part of the early loss. May rally
ing to SAGE and July to Soc. Trading was
comparatively quiet during the remainder
OF the day until within the last half
hour. Commission houses continued to
sell on all rallies, while small holders
seized every opportunity to secure prof
In the face of fresh war rumors the
pit was deluged with selling orders late
in the day. There was not enough de-
sequence May broke to 93%c. while the
price OF July was carried down to SAC.
The close was extremely weak, with May
at sac, net loss for the day of 1c July
was 1@11sc lower at S47sc Clearances of
wheat and flour were equal to 253 500 blu.
Primary receipts were SIT 500 Blu, against
luth and Chicago reported receipts of 2S5
cars, compared with 2S3 cars last week
and 434 cars year ago.
Corn Takes Similar Course
About the same conditions surrounded
trada%g in the corn pit as were witnessed
in t;le wheat market. PRICES We're strong
at the start influenced by the war situa-
ton, but weakness developed early in the
day on heavy liquidation of May by one
OF the largest holders. While there was
a fair demand for the July delivery, the
market failed to rally, and closing prices
were at the bottom. May opened &c lower
to Zee higher at sec to 561bc, and closed
at the bottom at 54%c, a net loss for the
at 52Q521sc. Local receipts were 1875 cars,
none of contract grade.
The feature in trading in oats was the
weakness of the May delivery and the
comparative strength of the July option.
With the sharp break in prices in wheat
and corn early in the day, May oats were
offered freely, resulting in a considerable
loss. Commission houses We're fair buyers
on the decline. but profit taking continued
on sufficiently large scale to keep the
price down. Part of the weakness in the
May option was due to the fact that
stocks showed some increases The open
ing on May was unchanged to 5sc lower
at 459sc to 1910, while the close was 90
2Bc lower at 441s @44Ac, after the price
had touched 441sc. Local receipts We're
128 cars.
Provisions were strong early in sym
pathy with higher prices for hogs at the
yards and on war news. After the first
hour. however, prices began to decline UNI
der the influence of the break in the grain
market AT the close all of the gain was
lost, May pork being off 21ac at $13. 571a
May lard was also down 212c at 81 .52i%,
but ribs were up 21ac at Sc 80.
Estimated receipts for Monday: Wheat
40 cars; corn. ass cars; oats, 280 cars:
hogs, $4,000 head.
Range of Quotations
The leading futures ranged as follows: