The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-04-15
selves through the joint product Of corn and
live stock?
RECORD MARK FOR MAY.
High Point of the Letter Bull CAM
paiEn at Chicago.

CHICAGO, April 14.-May wheat today
closed at 81. 111hc the highest point for the de-
livery reached during the long Letter CAM
paign. War news and enormous sales Of cash
wheat caused sharp advance In July also,
but this was lost under heavy realizing, and
July closed unchanged. The market was a
spasmodic one. Corn left off 1sQAc advance
Oats closed unchanged Provisions showed de-
clines of 5G121ec.
The wheat market was in many respects a
peculiar one. Although tremendous business
was done. most of the activity was crowded
into the half-hour Immediately following the
opening, and preceding the close. The open
ing was very strong. May again being es-
pecially prominent. Traders were for the most
part influenced by the sharp advance which
took place at Liverpool, futures In that mar
ket showing 1AQ2d advance early, and in
creasing later in the day. The heavy sales of
wheat for export yesterday by Letter were
outdone today, that trader stating that he
had disposed of 100000 bu overnight, at the
advance ruling yesterday. The effect on open
ing prices here was marked. May, which
closed yesterday at 81. 08Ac, started today at
from $1.10 to $1.10l2c, and the rush of buying
orders carried the price almost Immediately
body who wanted wheat and the result was
reaction to s1.1O. and later to s1.09, but no
indication of weakness was shown.
The bulk OF the trading. however, was done
in July, and great nervousness was shown
among traders in that delivery. Opening
prices ranged from soc to S9ssc an advance Of
1AQ1$c over yesterday. But long wheat
which had been accommodating, came on the
market in immense quantities, holders being
satisfied with their profits, and under this
liquidation the price was hammered down to
SSAc 1t worked back again under gradually
decreasing trade to S9A@S9asc, but there was
evidently plenty of wheat on tap at around
soc and the price soon got under that figure.
For about two hours the price swung back
and forth now above soc then below 1t, but
with the tendency in the main toward lower
level, as the short interest became eliminated.
Short selling in expectation of a good re-
action finally started, and half an hour from
the close the selling movement had become
general, many Of the early buyers offering
market for short space of time, not only
the early advance being lost, but full cent
besides. 1t looked as If the market would wind
up with the advantage with the bears, but
to bull the May price. They were eminently
successful, and new seasons high mark
s1.111ac, was established. This strength in
May was quickly reflected in July. Liquidation
stopped and shorts covered extensively again.
July from 871sc, to which figure 1t had de.
clined, rallied to and closed steady at 87Bc
May wound up at h.111ac.
Corn early was active and firm. Extensive
and general selling ensued. and the market
became comparatively weak, remaining in that
condition until late In the day, when the large
export business and the final rally in whea.
steadied the price. May ranged from 301sc to
SOkaSoAc, and closed 1s@Ac higher at 3OA
GS0Ac. Oats followed wheat and corn May
ranged from 265s@26a4c to 26c, and closed un-
changed at 26Ac
Provisions was the one really weak market
on the floor. Prices were lower from the start,
and the market at no time showed any
strength. May pork closed 15c lower at
S9.771ac; May lard Sc lower at s5121sc, and
May ribs sc lower at s5121sc.
Estimated receipts Friday: Wheat, 70 cars:
corn $50 cars; oats, 1876 cars; hogs, $4,000