The Saint Paul globe., 1905-02-28
WHEAT BREAKS 4c,
CORN RALLIES 1c
Selling on Stop Loss Orders
In Wheat Starts Small
Sized Panic

CHICAGO, Feb. PA sensational
slump Of nearly cents bu today ap-
parently ended huge deal in May wheat.
The break was due to seeming abandon
ment OF the deal The market rallied con-
slderably on covering by shorts, but at
the close May was stfil rs @2c below
Saturdays final quotations. July showed
net loss of &c. Corn closed strong, with
gain of 5sm1c. Oats are up nc. Pro-
visions are 7hQ121kc higher.
Wheat
The break in wheat prices developed
after trading was well under way. At
the opening quotations were about on a
level with Saturdays closing figures May
1.1SA. July was u Gkc lower to shade
higher, at s1.01% q1.01A. During the
first hour there was nothing to indicate
the approaching storm. On a fair de-
mand from commission houses. May sold
up TO sl1Sas and July to s1.0lZ Then
without warming the market started to
OF the May option was hammered down
TO Sl-14h, break of 3kc from the high
est point of the day. July sold off to
991sc. Heavy liquidation by Wall street
originally the possessors of a line OF May
wheat estimated in millions of bushels,
was the cause OF the stampede. Indica-
tons that the May deal had been aban-
doned by the big holders started general
selling throughout the pit. Stop loss or
aers heavily Increased the selling pres
1OAdi SdicS VI May wheat tO0aX DX
The eastern coterie are said to have ag-
gregated 5000. 900 bu
The decline was finally checked by lib
eraI support from, strong bull trader.
VINO bought persistently. around what
proved TO be the low point of the day.
Other big houses also came to the support
OF the market. Shorts took advantage of
the break and covered freely. The pur-
cnases enected> a partial restoration of
confidence and brought about a rally which
landed the May price at s1.161s al. 161t.
1.OO%. The market in % general 4 was VVo% con-
trolled almost entirely by the course of the
Nav option.
Clearances of wheat and flour were
passage increased 2.S56.O0O bu and the
Visible supply decreased $50 600 bu.
Primary receipts were s16,900 bu. COM
pared with s6s, 400 bu year ago. Minne-
apoils, Duluth and Chicago reported re-
ceipts of 647 cars. against 632 cars last
week and 623 cars year ago.
Corn
In sharp contrast to the break in wheat
corn closed decidedly strong. Belief was
expressed that the western spectators
VINO had just disposed of their immense
me OF May wheat had transferred their
attentions to the corn market. During
the early part OF the session the market
was quite firm. principally on buying by
shorts. who were influenced by the firm
tone or cables and by the reported loss
OF 200 bu of corn in the New Orleans
fire: The break in wheat was the oc-
casicn OF considerable selling of corn As
result the market weakened consider
developed and a quick rally ensued. The
close was almost at the highest point OF
tne day. May opened a shade higher at
4e%e' 44e%e' % sold @ between Az @47%c and 4skQ
We're bI2 cars. with of contract grade.
Late strength of corn had a buoyant
erect on the price of oats. At the out
SCI the market was steady. The slump
of wheat started some selling of oats. re-
sulting in decline of about &c. An i'm
proved demand developed late in the ses-
sion In sympathy with the sharp upturn
In corn. The market closed firm. May
opened a shade lower to a shade higher
at SlQ31 &c, sold between 307sc and 3Iakc.
and closed at 31A @31%c Local receipts
were 2SS cars.
Provisions
provisions were firm at the start on
Ialr demand from packers. The break in
wheat started selling by frightened longs
causing reaction. The market however
soon became firm again. mainly as a re-
sui SUI OF tne strength OF corn. At the close
1866. Lard was up iOc at at s7.O21a. Ribs
were 71ke higher at se.77!k G6. so.
,,,E Estlmated receipts for tomorrow:
cars; hogs 34.O 600 head
Cash quotations were as follows: Flour
s1eady. No 2 spring wheat. 81. 13d1 II:
12o1k: No. corn. 451i @45Mc: No.
yellow, Ash @45&c. No. oats. 3i63Ihc:
No; white, S1&c; No. 3 white. 30SG
Sl1kc No; rye, 75c Good feeding bar
icy Ssc; fair to choice mailing 43D46c
NO 1 fiaxseed. 81. "a; No. 1 northwestern.
l.S5. Mess pork. per Dbl. So. .45612. so
Lard, per 100 lbs, s5.s505 S7h. Short
RIBS. sides Qoose), s6.571k G6.70. Short
basis Of high wines. 81 %. Glover, contract
grade, -Sl2 60. Receipts-FIour. 23.IO0
bbls; wheat; $4,000 bu; corn. 372. 400 bu;
72.900 bu. Shipments3FIour 90 zoo bhIs..
wheat. 24,400 bu: corn, 50. zoo bu; oats
5S,loo bu; rye. $500 bu: barley. $500 bu'
On the Produce Exchange today the but
Ter market was steady; creameries Dan
&c; dairies. 24G29c. Eggs steady. at
mark. cases Included. 25G27c; firsts. 27c:
prime frsts, 29c; extras. 31c Cheese firm