The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-02-07

CHICAGO. Feb. "a storm of liquida-
ton 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 were near the low
point, May wheat being off 1c from last
er, while oats We're down 2@2Bc; Pro-
visions were practically unchanged.
Strength and activity marked initial
trading in wheat. That the war outlook
was of a most serious nature was evil
denced by decline in the price of Eng
lish consols. Shorts were active buyers at
the start, and bid up the price of the
May option IA to y c above yesterdays
close, the opening quotations being at
95Ac to 95%c. July was shade to Is %
q higher at sec to S69sc But these prices
lasted only a moment. There was such
a quantity of wheat for sale-both May
and July deliveries-that within five min
utes the price of May had fallen to 945sc
and July to S5%c. The selling craze was
the leading long the market quickly re-
covered part of the early loss, May rally
ing to 94Bc and July to see. 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
its.
In the face of fresh war rumors the
pit was deluged with selling orders late
in the day There was not enough de-
mand to absorb the offerings and in con-
sequence May broke to $3.50, while the
price of July was carried down to 04A
The close was extremely weak, win Nay
at 94c, net loss for the day of 1c. July
was 1Q1kc lower at SAGE. ClearanceS or
wheat and flour were equal to 253, 800 bu
Primary receipts were 571 500 bu, against
100000 bu a year ago. Minneapolis, Du-
luth and Chicago reported receipts Of 285
cars, compared with 2S3 cars last week
and 434 cars year ago.
Corn Takes Similar Course.
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-
tion, 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 PC higher at sec to 5612c. and closed
at the bottom at 544c, a net loss for the
day of 1%c July closed Ia @13sc lower
at 52@52Bc. Local receipts were 1876 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 We're
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 increases. The open
ing on May was unchanged to 5sc lower
at 1850 to 46Ac, while the close was 20
21sc lower at 441S 044Ac after the price
had touched 441sc. Local receipts were
1923 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 I'M
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. 5715.
May lard was also down 21bc at 81 52b
but ribs were up 21ac at Sc so.
= Estimated receipts for Monday: Wheat
20 cars; corn, 455 cars; oats, $50 cars
hogs, 1900 head.
Range of Quotations.
The leading futures ranged as follows: