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of Boston, 4,498,785 tons; of Philadelphia, 3,871,928 tons; of Baltimore, 2,763,342 tons; of Bremen, 4,437,218 tons; of Rotterdam, 11,684,209 tons; of Glasgow, 3,825,890 tons; and of San Francisco, 2,196,959 tons.

WHEAT.

The market opened at from 78J to 79 cents for contract wheat seller January. With the exception of a few sales early in the month at from 80 to 80$ cents, prices eased off and sales at the close of the month were made at 74$ to 75-J cents per bushel. The February trade was dull and did not show any material change in prices. Sales for May delivery were made during the month of February at a range from 77$ to 78$ cents per bushel without indicating any very decided trend to the market. The course of prices during March was downward and at the close of the month sales were effected at 70 J to71f cents for delivery during the month of May and round lots sold on the last day of the month at from 69| to 70J cents per bushel. From this time throughout the subsequent months until September, the market was weak and declining, save as temporarily revived by some^local or spasmodic condition. September wheat sold on the last day of April at 74£ to 75f, and on the 31st of July at from 69$ to 70f cents per bushel. The trade during August was exceedingly dull as shown by the statement of daily prices for "seller" the month and for delivery'in September and December and during the month of May, 1903, on page 76 of this volume. An improved demand for cash wheat favorably affected prices in September for "seller the month," and on the last day of that month round lots of regular cash were sold at 72$ to 95 cents per bushel. It was developed during the last ten days of the month that a strong hand had control of the market and prices during the last days of the month were quite strong, culminating on the 30th of the month, as has been quoted, at 95 cents per bushel for regular contract grades in round lots. Sales for delivery dur. ing December were not materially affected. The highest closing price, viz: 95 cents, showed an advance of 20$ cents per bushel from the highest price on the last day of August, and 24$ cents from the lowest price for round lots on the 31st of August.

On the first of October sales were made for "seller the month" at from 69 to 73 cents per bushel, the market being relieved from its pressure and resuming its normal condition. December wheat during November ranged from 70| cents to 77f cents. This price was but temporary and on the closing day of that month sold at 73^ to 74$ cents. By this time considerable trading was done in wheat for May delivery and on the last day of November, May wheat sold at 75f and 76£ cents per bushel. Trading during the month of December did not exhibit any marked characteristics. Sales for May delivery were made on the first of the month at from 74$ to 75£ cents per bushel, and on the last day of the month 76-J to 76f cents, varying but a trifle from the prevailing prices of the previous month.

I refer to pages 62 to 85, inclusive, for daily prices of regular contract grades for delivery during each month and for delivery during future months. I also refer to page 11, showing prices on the 1st and 16th of each month for a series of years. I would likewise refer for further information to page 9 showing the range of prices during each month of the year for several years, and a statement of weekly prices of various grades may be found on page 8. These all afford a most complete opportunity for a review of the course of the markets in this important cereal.

The following table is a statement of the extreme prices in Chicago of wheat each year for the period of thirty-eight years, indicating the month in which such prices were obtained:

WHEAT.

Months the lowest prices were reached.

1902 October

December.. February...

August

November.. December..

April

August

November.. September.

October

February...

July

August

October. ...

January

August...

January

December..

October

December..

March

October

August

April

June

February...

July

October.

July

July

January

August

April

October December.. January.... July

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Months the highest prices were reached.

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January.

November.

May.

July.

August.

July.

Feb'y, April and Sept

August.

July.

April.

August.

December.

May.

April.

December.

January.

October.

April and May.

June.

February.

April.

January.

June.

Septemlwr.

February.

August.

April.

February.

April.

April.

May.

November.

December.

May.

May.

June.

December.

September.

CORN.

The history of the corn market during last year was in many respects quite exceptional. The unusually small crop of corn, viz: 1,522,000,000 bushels, gave great encouragement to speculation in this cereal. Although the volume was the smallest since the year 1894, the farmer was more than compensated for the loss in volume by the increased value of this crop. The general quality of corn was unusually good, particularly in the States of Illinois, Missouri and Kansas. Somewhat severe frosts early in the season and a wet fall damaged the corn in the more northerly corn producing state?. Conditions in this market contributed to active and sometimes excited speculation during the year and business reached very extensive proportions. There was at various times great nervousness and excitability in the market. The visible supply of corn on the 4th of January, 1902, was 11,702,000 bushels. From about the middle of the succeeding March the supply uniformly diminished until reduced to 4,261,000 bushels on June 7tb, and after regaining somewhat the latter part of that month and during July and early in August, again shrunk and was only 2,264,000 bushels on September 30th. During December the quantity increased to some extent, and on the 27th of that month was 7,112,€00 bushels, as against 11,252,000 bushels on the corresponding date of the year 1901. As already remarked, there were abundant opportunities throughout the year for speculation in this commodity, which were fully improved.

On page 23 may be seen a statement, which corresponds in its essential characteristics to the general situation, of the quantity of grain in store each week during the year. I also beg to refer to page 21, showing the volume of annual shipments of various grains for a long series of years and also showing the quantity of corn shipped from Chicago during the last year to be less than during any year since 1875.

I would refer to pages 62 to 85, inclusive, for daily prices of round lots of regular contract grade of corn for delivery during the month when the sales were made, and also for delivery during the months traded in for future delivery, principally during May and December.

I beg to refer to page 11, whereon is recorded the prices of the various grades of corn in store and on track prevailing each week during the year, and also a statement showing the highest and lowest prices of No. 2 corn cash in this market during each month of the year from 1873 to 1902, inclusive. Also, on page 15 may be seen the prices of No. 2 corn from 1896 to 1902 on the 1st and 16th of each month of those years.

The following table is a statement of the extreme prices in Chicago of corn each year for the period of thirty-eight years, indicating the month in which such prices were obtained:

CORN.

Year.

1865.. 1866.. 1867.. 1868.. 1809.. 1870.. 1871.. 1872.. 1873.. 1874.. 1875.. 1876.. 1877.. 1878.. 1879.. 1880.. 1881.. 1882.. 1883.. 1884.. 1885.. 1886.. 1887.. 1888.. 1889.. 1890.. 1891.. 1892.. 1893.. 1894.. 1895.. 1896.. 1897.. 1898.. 1899.. 1900.. 1901.. 1902..

Months the lowest prices
were reached.

December
February
March
December
January.
December
December
October.
June

January...
December.
February..

March

December.
January...

April

February..
December.
October...
December.
January ..
October...
February..
December.
December.
February .
Decemlse"
January...
December.
February..
December.
September
January and February

January

December

January

January

December

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Months the highest prices were reached.

January and February.

November.

October.

August.

August.

May.

March and May.
May.

December.

September.

May and July.

May.

April.

March.

October.

November.

October.

July.

January.

September.

April and May.

July.

December.
May.

November.

November.

November.

May.

May.

August.

May.

April.

August.

December.

January.

November.

December.

July.'

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