The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-02-03
CORN is AT THE TOP
TRADE is OF LARGE PROPORTIONS
AND PRICES RISE
Manipulation by Leading Operators Boosts
Oats LIkeWIse-Interest That Is Long
on Wheat Buys May Corn and so Do
Commission Houses.

CHICAGO, Feb. 2-Trading on q mann
moth scale was witnessed today in corn
and oats. Manipulation by prominent
operators caused a marked advance in
both cereals. May corn showed a final
advance of 11sc, while oats were I'D II a
9sc. Wheat prices were affected largely
ny the strength in coarse grains, May
wheat closing Bp1c higher. Provisions
also Were strong, the May products clos
ing 17Rc to 45c higher.
A remarkably broad market in corn
developed almost at the very opening. The
keynote apparently was sounded when the
representative of the interest that is
supposed to be long on May wheat began
to buy May corn. Large commission
houses were also liberal buyers. The ad-
vance resulting in prices for corn was GER
family not lacking In CELEBRITY. 1t was es-
upward of 2,o00,0 900 1bu of May corn was
taken by the one house. popularity credited
With being the largest holders of wheat
for May delivery. Shorts were also ac-
tive on the buying side Of the corn mar
ket. A new bull incentive was found in
reports from Liverpool that American
corn was arriving there in poor condition.
There was also considerable complaint in
the Illinois crop bulletin of soft corn.
May opened 4s@Ac higher at 507c to
Ole, and, after selling at 50&4 @50hc the
price steadily advanced. At 52bc there
was considerable liquidation by smaller
holders but offerings were taken with
aVidity and little effect was made on
prices.
session and the close found May 1@c
higher at 51Ac. Locel receipts were Cos
cars. none Of contract grade.
A new record mark was scored for the
reaching 45A @453sc. There was enor-
nous selling for profits by the largest
holders, who took a good part of their
cats back on the breaks in prices. The
market throughout was excited and er-
ratio. The fluctuations were controlled
chiefly by the dictates of the principal
long. and the market was highly sensitive
to any impetus which the bull interest
saw fit to give. The opening was strong
with May IS @Ac higher at Az @445sc,
and within the first hour the price had
risen to 4514@45sc. AT this point there
was selling by the big holder and a quick
reaction followed. the price declining to
44Ac. With a renewal of support from
the bull, another upward movement was
selling at 45c Trading continued on
large scale the entire session. The
close was strong. with May " @5sc higher
at 447s@45c. Local receipts were 22S
cars.
Styong Tone tn Wheat.
Trading in wheat was moderate in vol
ume. A decidedly strong tone was mani =
Tested. Early factors in starting the ad-
vance We're strong English markets, re-
port of damage by unfavorable weather
in the Southwest, and the apparent con-
gestion in the market for coarse grain.
May wheat opened unchanged to &C high
er at 90%c to 91hc On an active de
mand from shorts the price quickly rose TO
81 3sc. The advancing tendency, however,
was soon checked on selling by commits
sion houses, who were supposed to be
acting under instructions Of the leading
long. The market gradually receded un-
der this selling pressure until the end
OF the first hour, when May was again
quoted at 91Ac. The market dragged for
a time owing to the absence of many
traders who had found more alluring at
fr9CtiOnS n "A do
crease in the wOrldt available stocks
brought out an active commission house
demand later in the day. and prices again
started upward, aided by the strength in
other grains. On this squirt May adj
vanced to &C. but realizing sales caused
a slight reaction. The close was strong,
however, and near the best prices, May
being % ole higher, at y15s @91Ac. July
sold between 827s @S33sc, closing at the
top. with gain of 1a@9sc.
CIearanceS of wheat and flour were
equal TO l23, 500 bushels. The worlds Wis
i6le supply. according to Bradstreets,
showed a decrease of $500, 900 bushels.
Primary receipts were 664, 300 bushels
against 553 400 bushels a year ago. Min
neapolis, Duluth and Chicago reported re-
ceiptS of 332 cars, against 215 cars last
week and 315 cars year ago.
Provisions ruled strong on active cover
ing by shorts, together with heavy buy
Ing for investment account The opening
was strong, Influenced by higher prices
for hogs at the yards, and on the advance
In the price Of coarse grains, the pro-
vision list became still stronger The
Selling was chiefly by longs. May pork
showed the greatest gain, and closed at an
advance of 45c, at $1345, after ranging
between $13.15 and $3.50. May lard was
up 20c, at $3.50, with ribs 171R G]20c higher,
at $6.75.
Estimated receipts for tomorrow
Wheat, 80 cars; corn, 215 cars; oats, 100
cars; hogs. $4,000 head
Range of Quotations.
The leading futures ranged as follows: