The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-02-17

CHICAGO, Feb. ia change In rules
governing deliveries was largely RESPONSE
Die Tor heavy liquidation in wheat today
Issuing res In July closing 2@2Bc below
the maj ngures Of yesterday NAV wheat
closed 1H Q1Ac down. May corn Is off Y
3Oc. i9ioiis ~ "
Decentralization was rampant In the
wheat Pr, starting with confusion caused
py lhe inauguration of new rule in ref
srence 10 the delivery of No / and No 9
h 1 wheat on future contracts. Until to-
day No. 2 red and No / and No , hard
winter wheat has been deliyerable on cor
tract at DC discount, but the board voted
70 make the rate after July | at 2 cents
dlscount. Announcement Of this decision
Drought out heavy realization sales in the
July and September options Prices de-
cilned throughout the day The opening
was comparatively steady. influenced by
me e,, early Liverpool cables, which showed
slight advance. initial quotations on Nav
being unchanged TO nc higher at g7sz "a
9oc. July was unchanged to PC lower at
SsVQsOEc. Large Quantities of July and
september wheat came out during the
nrst hour on liberal selling by commits
sion houses and local longs There was
very little support to the market and
decidedly weak tone soon developed There
was nothing apparent in the general news
70 bring out such heavy selling orders.
Foreign adyices were still bullish on the
cash situation. Moreover. the cash de-
inand in all domestic markets was no.
ticeable feature. Cold weather in the
Southwest was also bull factor In the
race OF these favorable circumstances,
however, long wheat continued TO come
out the entire day. The weakness in the
outside markets and in the corn and oats
pits undoubtedly had some effect. Ii was
also claimed that a natural reaction from
the recent bullishneSs accounted for a
considerable part of the depression. The
close was weak and near the bottom.
After selling down to 96Ac, or INC below
the high point, May closed at 961a Gp965sc.
IIIl nj n ~ -.E.t.~
87asc.
Clearances Of wheat and -four were
equal to 282. 200 bushels Primary receipts
We're 6s5,7OO bushels. against $4,000
supply according to Bradstreets. showed
an increase of 217, 900 bushels. Minneap-
Oils, Duluth and Chicago reported re-
ceipts of 349 cars. against 362 cars last
week and 4OS cars a year ago.
Corn Acts Like Wheat.
Corn met with a good demand at the
opening. from local traders, and for a
short time the market was quite firm
The demand, however, was not long in
filling up, and when the break In wheat
occurred there was a lot of long corn
for sale and the market turned weak
The decline was checked temporarily by
the purchase Of million bushels by one
OF the leading interests, but as soon as
weakness was manifested. Foreign news
was less buiiish, closing Liverpool cables
being unchanged. The weather was ia
vorable for the movement, but receipts
show no tendency to increase. May
opened shade lower to B@Ac higher at
561s Q563sc. and sold early at 563s @5615c
The close was at the bottom at 54Rc
July closed at 529sc, a net loss Of p 0Rc
Local receipts were 52S cars two of con-
tract grade.
Oats Were very nervous and easily af-
fected either way. There was break of
nearly a cent in the price of the May
delivery on general selling. brought out
by the early decline in wheat and corn
but fair demand from one of the prin-
cipal commission houses induced other
buying, and a full recovery resulted. The
market again declined, however, late in
the day, due to the weakness in other
grains. and the close was near the bot
tom. May opened unchanged to 1Ac higher
at 441s GD44Ac. sold between 42Bc and
443s @44hc, closing at 42Bc. Local re-
ceipts We're 327 cars.
There was early strength in provisions,
with good buying of pork and ribs. The
advance in prices however brought out
heavy realizing sales, which were in
creased by the extreme weakness in
grains. The early gains were all lost and
at the close prices were considerably
lower than yesterdays final quotations.
May pork showed the greatest loss, being
down SOC at $14.70, after selling between
$1470 and $15.20. May lard was off 121s
@15c at $760@7 .62h. with ribs 712M10c
lower at $40. Estimated receipts for to-
morrow: Wheat, 20 cars; corn. 1870 cars;
oats. $50 cars; hogs. $4,000 head.
Range OF Quotations.
The leading futures ranged as follows: