The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1904-02-07
STORM OF LIQUIDATION
BREAKS OVER GRAIN PITS.
SHARP LOSSES ARE SUS-
TANNED BY ALL CEREALS.
May Wheat Starts Out Well, but
Closes a Cent Lower-July
Oats Show Resistance.

Chicago. Feb. Ga storm of liquidation
broke over the grain pit to-day. in spite
of the critical situation in the Orient.
Sharp losses wee sustained in all cereals.
The market was unable to rally and clos
ing prices were near the low point. MAJ
wheat being off 1c from last nights close.
Ma corn closed 1asc lower. while oats
were down 9d21,c. Provisions were prac-
tically unchanged.
WHEAT.
Strength and activity marked the initial
trading in wheat. That the war outlook
was of a most serious nature was evil
denced by u decline in the price of Eng
fish consuls. Shorts were active buyers at
the start and bid up the prize of the May
option &c to sc above yesterdays close,
the opening quotations peing at s5htc 10
9osic: July was a shade to ssd&.c hisner
at Soc to S6ssc. But these prices lasted
only "A m There was such a guam
tity of wheat for sale-both May and July
deliveries-that within five minutes the
price of May had fallen 10 9iasc and July
to S5a.c. The selling craze was soon part
~ exhausted. On support from the lead.
ing long the market quickly recovered
947sc and July to SEC. Trading was com.
paratively quiet during. the remainder OF
the day until within the last half hour.
Commission houses continued to sell on
iNiliiOss III ma VA C'hNs-
every opportunity to secure profits. In the
face Of fresh war rumorS, the pit was
almost deluged with selling orders late In
the day.
There was not enough demand to alb
sorh the offerings and. in consequence,
May broke to 3334c. while the price OF July
was carried down to sSSc. The close was
loss for the DAY of 1c. July. was 1dIsc
lower at S4Isc. ,Clearances of wheat and
-four were equal TO 23.aN bu;, Primary
~ Ar4 - n -, nfn ~ Nj
bu. a year ago. Minneapolis. Duluth and
Chicago reported receipts of 25 cars, COM
pared with 2S3 cars last week and 434
cars a year 6
About the same conditions surrounded
trading in the corn pit as were witnessed
in the wheat market. Prices were 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 low
at tho bottom at 54Sc. a net loss for the
day of Use. July closed 14d1%c lower
at 52Mo2isc. Local receipts were 1875 cars,
none Of contract grade.
OATS.
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 were fair buyers
on the decline, but proflt-taking continued
on a 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 increase. The opening on
May was unchanged to Fac lower. at 45ssc
10 1910. while the close was 3a2isc lower.
at 441sdAi4c. after the price had touched
iiisc. Local receipts We're 12S cars.
RANGE OF EI-TI-RES