The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1905-01-21
OPENING SLUMP ON
STOP LOSS ORDERS
The Sharp Break Early Shook
Out Lot of Smail Fry and
Market Recovered Later

Minneapolis Chamber of Commerce, Jan.
20.-The Liverpool cables came as a great
surprise to the traders this morning, being
higher on all options in the face of &c
break in our markets. The shorts who
were selling SO freely on the curb yester-
day afternoon started covering/move-
ment ION the curb this morning, resulting
in the market opening slightly firmer.
There was. however, plenty of wheat for
sale and the demand having been filled,
the market became weak and bears made
a drive to catch a number of stop loss or
ders just under the market. They got
them. All the brokers had selling orders,
either for short account or for long wheat
below S1.13&4 and the market dropped sud-
denly over a cent within few minutes
after the opening to $1.13-
On the break shorts covered quite lit
tie and with their buying and resting or
ders in the market around that figure soon
absorbed the wheat offered and turned the
market upward. For some little time the
market was weak and only slightly above
the low point. AS soon as it was seen
that the slump had shaken out all the
loose wheat that had been held on small
margins, shorts started a covering move
ment and the market became animated
and strong. in spite of depressing news
from outside markets about the poor cash
demand and poor flour business. To off,
from Toronto of good sales of wheat and
flour for export and at the highest price
on the crop. 1t looks as though the
liquidation had been pretty thorough, the
into stronger hands, also there is an in
creased short interest. The congestion has
been relieved with little harm to the
patient.
May wheat opened at s1.14s, dropped
off to $1,13, rallied to $1.14ss and closed
at $114A @1.14as. July opened at s1.11,
dropped cent to $1.10, rallied to 81. IFS
and closed at $1.11@1.11M.
Minneapolis stocks show a decrease for
the week of 100000 hu. Receipts, 435 cars,
including AZ Canadian, against 269 year
Dnlllth 45p inst "a. ChjpaOO o0l
against 80; Kansas City "A, ST. Louis 49,
600 blu. Clearances of wheat and flour,
against 7o1, 900 blu last week. Primary re-
ceipts, 10000 blu, against 100000 bu a
year ago; shipments, 284 600 bu, against
1893. 900 bu. Argentine shipments, 1,176,00
co. co. has last week $4,000 0u' last year l's72-
Liverpool wheat closed A@asd higher,
London, Antwerp and Berlin unchanged,
Budapest &c higher, Paris wheat 10 cen
times higher, flour unchanged to 10 CEN
times lower
A Toronto correspondent wires: Our
cables are firm on Manitoba wheat and
flour. We sold flour at the highest price
yet today. Sold several loads of wheat
Yesterday and are bid same price for more.
Modern MillermThere is no change TIC
note in the condition of the winter wheat
crop, nearly all reports are to the effect
that the plant is doing well. The largest
portion of the crop is covered with snow,
which insured protection during the recent
cold weather and will give abundant mois-
ture.
Liveipool-The Argentine wheat mar
ketS are dull, with export demand still
small. New crop wheat is arriving in
small quantities and the quality is giving
satisfaction. The corn market continues
easy,a with but small demand for export
The weather continues favorable for the
maturing crop.
Broomhall-Wheat-Th closing weak
ness in American markets yesterday
caused opening decline of I'D in all the
months here. Later a better tone de-
veloped, with an advance of SD as the
result of covering by shorts and specula
tive buying. induced by the scarcity OF
frst-hand offerings in the Argentine. Corr
uary later advancing I'D and March 2s6
in sympat thy. the factors being a good de-
mand from the support for spot corn here
and covering by shorts.
Chicago Cash RESPONSIBILITIES wanted
very little cash wheat Thursday. Sale.
here We're 10000 bu. Prices dropped x
to &c Oh winter wheat and lie OH spring
There were light offerings: No. 2 red
+. o. b., was 81 IS; No.4 red sold at 81. 1.
to 81 10; No. hard in store S1hc under
may, and f. o. b. $1.14. Milwaukee solo
so 900 bu.
st. Louis had light trade, with fail
country offerings. No. 2 red 70. b.. wa.
Lie to 81 .17$ for fresh receipts, los.
of over 1c. AT Kansas City SO cars wer,
carried over from Wednesday, and witt
the So cars received yesterday there wer,
more than mills and elevators wanted
and prices We're easier, No. hard beins
81 .051s to $1.06.
Corn was sparingly traded in, with sam
pie prices Ne lower. Oats We're also low
er, with sales only 900 blu in small lots
The seaboard after the close reporte,