The Saint Paul globe., 1904-02-25

CHICAGO. Feb PA large decrease
IN the worlds visible supply of wheat
caused an advance today of 2lac in the
price Of the May delivery Strength in
English markets aided in the upward
tendency. The July option closed at a
net gain of 2Ac. Compared with last
oats 1sc and provisions 121sc to 571sc
The wheat market opened strong
Higher prices at Liverpool in the face Of
me severe break here yesterday were
taken as sufficient inducement to buy
Initial quotations on May were 1c to La c
higher at 81 .05 to 81 .e5a4 C. July was up
Sc TO 1c at $3.50 to 94Ac. The advance
brought out liberal realizing sales. The
leading long was reported to be selling
freely For time general liquidation en-
sued resulting in May declining to 81 .041s
and july to 9312c. On the break the prin-
clpat Dull operator apparently changed
tactics and became an active buyer, Civ
ing especial attention to the July de-
livery. Prices started upward and soon
recovered all the early loss. Bradstreet' $
report OF the worlds wheat stocks was a
bullish factor. showing that for the week
there was decrease Of 3, ,644, 900 bu, COM
pared with an increase of 1926 900 bu
the corresponding week last year. The
strong cash situation was an additional
pun 1nfiuence. During the final hour of
trading there was an active demand from
all sources. Offerings, however. Were light,
and IN consequence the market became
exceedingly strong, May advancing to
81 o5es, gain of sc from the low
G.
The market closed firm at 81 065s for
May and $3.50 for July.
Clearances of wheat and flour were
equal to 147, 100 bu. Primary receipts We're
S18,3O0 bu, against 5S2 500 bu year ago.
Minneapolis, Duluth and Chicago report
ed receipts OF 290 cars, compared with 299
cars last week and 245 cars a year ago.
Heavy Buying OF Corn.
The feature in trading in corn was
heavy purchases by several of the prin-
able corn for sale early in the day by
commission houses, but offerings were
We'll taken. The selling was mostly by the
small holders. A prominent provision
house was an active buyer late in the ses-
sion. The comparative f1rmness in foreign
markets had a strengthening influence on
prices here. A report from Nebraska
claiming that the movement of corn from
that state had practically stopped was
also a bull factor The demand was of
the best possible character late in the
day and closing prices were practically at
the top. The opening on May was nc to
2c higher at SEC to 56Ac. After declining
70 $3.50, the price gradually advanced to
o1Ssc The close was at 57Ac. July rang
ed between 545sc and 55Mc, closing 1s "a
1Ac higher at $3.50. Local receipts were
498 cars, of contract grade.
Oats also sold higher in sympathy with
wheat The pit crowd was inclined to fa-
Vor the buying side, and the big commits
sion house which usually acts for the
principal long operator also bought lib
orally. The buying of this one house had
sufficient influence on the market to cause
very light offerings. The close was at the
best prices of the day May opened Ac TO
sc higher at 45sc to 45Ac, sold between
447s Q45c and acc. closing at the top. July
was sc higher at 41A. Local receipts
Were 266 cars
Buying for investment account was the
feature in trading in provisions. May pork
received the most attention and the ad-
vance In the price of that commodity was
571c. There was scattered selling early in
the day on the break in grain prices.
Later, however. offerings became light and
the market readily responded to an i'm
proved commission house demand. After
selling between $15.70 and SIG. rs, May
pork closed at the top. May lard showed a
final gain of 1914 Q15c, at $S@SO2k, while
ribs were up S0@32hc at $7.871k al. 80.
Estimated receipts for tomorrow
Wheat, 20 cars; corn. IT'S cars; oats, 80
cars; hogs, 49, 900 head.
Range of Quotations.
The leading futures ranged as follows:
! Gnan High | Ou I Close