The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-02-02
SUMMARY OF THE DAYS TRANSACTIONS IN THE MARKETS
WHEAT PRICES STRONG
6EARisH AT FIRST, FOLLOWED BY
A BETTER TONE
Depression Is Caused by Closing of Min
neapoIs MIIs-"The Leading Long"
Supports the Market and May Winds Up
With a Gain.

CHICAGO. Feb IA decrease in the
worlds available stocks impaired strength
to wheat prices today. Prospects of re-
ductlon in primary receipts also contribut-
closed with a gain of 15c. May corn was
up &c. while May oats were &c higher
PROVISIONS were unchanged to SC lower.
Before the opening hope for Improve
ment in wheat values was submerged by
a deluge of news of bearish character
Foreign grain markets were lower, worlds
shipments for the week extremely liberal
and the quantity afioat for Europe and
Great Britain heavily increased. In ad-
dition there was the report from Mime
apolis that flour mills there were all clos
ed on account of overabundance of sup
plies. With such bearish information open
ing prices here were lower May being off
Ac to 12c at $3.50 to 90c Commission
houses and pit traders were liberal SELL
clined still further. When May had reach
ed S9ssc the market became steadier on
fair demand. which was supposed to be
from the leading long. Prices showed some
advancement as a result of this buying,
May rallyfng to the opening figure. A de-
cided change in sentiment occurred to-
ward the noon hour.
Buying orders appeared to come from
all quarters. The market responded to
the improved demand and within a short
time May was selling at 911sc, or gain
OF lac from the low point. The mood
was helped by the visible supply figures,
which showed a considerable decrease.
Reports from Kansas stated that there
was little wheat left in the farmers hands
in that state. Weakness in Wall street
thought possibly to reflect fresh war news
was another factor in Strengthening the
situation. Both May and July wheat came
out freely on the bulge. In the decline
resulting the nearby delivery suffered
most and sold off to sos 990%c. The
market was firm the last half hour, but
ed Zee higher at 90%c. After ranging be-
tween 819sc and S27sc July closed at
s2A @S27sc, gain of 7s@5sc.
Clearances of wheat and flour were
equal to 351 500 bu Primary receipts were
ia. 500 bu, against 790. 600 bu year ago.
The amount on passage increased 3.348.-
900 b0. while the visible supply decreased
$50, 900 bu. Minneapolis, Duluth and Chi
cago reported receipts of 463 cars. against
461 cars last week and $40 year ago.
Strength In Corn.
A strong feeling pervaded the corn pit
more from a lack of offerings than from
any prominent buying. The market was
q little easier early in sympathy with
wheat and on lower cables Reports from
the country. however continued to show
a good feeding demand. and shorts show
ed some alarm over the smallness of re-
ceipts. With the advance In wheat prices
the corn market became decidedly strong.
There was some realizing on the up turn.
but offerings were readily absorbed. The
close was strong and near the top. May
opened unchanged to Ac lower at soc to
50Bc, declined to 49Ac. ra1lying later to
50Ac. The close was at 50%c. Local re-
ceipts were 35S cars. five Of contract
grade.
There was a large trade In oats, and
prices were on a higher level. Commits
sion houses and shorts were active buy
ers throughout the day, but offerings were
altogether too small for the demand.
There was a slight decline early in sym
pathy with other grains. but the dip was
short lived. Buying of May oats by the
long interests precipitated a general rush
by shorts to cover and rendered the mar
ket very strong. The close was near the
top. May opened Ac lower at 42bc, and
after selling at 42%c advanced to 441z a
449sc. closing at 443sc. Local receipts were
1S9 cars. Liquidation by commission
houses and selling by packers caused
weakness in provisions early in the day.
The lower prices at the yards were
factor In bringing out the selling orders.
There was a fair demand for lard and
ribs later. and in consequence part Of the
early loss was regained. The close was
steady with May pork 21Rc lower at $13.
May lard was unchanged at $3.50, with
ribs down sc at Sc. 55@6.571a.
Estimated receipts for tomorrow:
Wheat, so cars corn. 675 cars; oats. Els
cars; hogs. $4,000 head.
Range of Quotations.
The leading futures ranged as Follows:
4 / Z l