The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-05-04
NAY CORN AT ONE TIME TOUCHED
THE MISUNDERSTANDING
PRICE OF 5Sc
MAY OATS ARE ALSO SCARCE
Price Almost Reached 3Oc-Wheat
Lower, July Closing 5-SQ3-4c
I.over-PrOvisiOns Went
Off LEE 20 20 1-2c.



CHICAGO. May S.-Shorts set another
record-brealdng price for May corn to-
day, and the close was &c over yesterday.
July closed a shade up. July wheat
broke after a period of firmneSs on glow
ing crop prospects and other bearish con-
SideratiOns, closing 5scQ%c lower. Oats
closed sc to 3sc down, and provisions
712c to Zl1@c depressed.
The wild course of prices for May corn
had little to do with general market con-
dttions. It's manipulated condition was
more than ever apparent July delivery
was comparatively as placid as a sum-
mer sea. but it was at least an index Of
corn values when all the stuff in sight
is not in the hands of one man. But the
May option was the center of attrac-
tlon. Shorts were panc-Stricken, and bid
the market up in trem endOus leaps from
5jc and SEC at the opening to 56c, COM
pared with yesterdays close at 521&c.
Phillips, who controls the market, sold
100000 bu to shorts between 66c and 5Sc.
failing longs, fearing that their leader
was about to unload, dumped their lines
into the pit, and the market broke to
53c before 1t was realized that Phillips
was not yet prepared to loosen his hold.
. He sold nothing under 56c, at least not
openly, and the market reacted and clos
ed PC higher at 5512c. The fact that out
of 224 cars received today. but q graded
contract, had much to do in causing fresh
alarm. July opened strong and enjoyed
a general demand for a time, but liberal
realizing caused q decline. Part of this
was recovered later in anticipation Of
wet weather West July sold between
477sc and 4614c, and closed a shade higher
Wheat was fairly active, but the
strength Of the market started under the
influence of light Argentine shipments,
and firm cables failed to hold. July OPEN
ed Ssc to 1ac higher at 74ic to 743sc I'M
der heavy local demand. Southwestern
people, apparently convinced that the
crop has "a glowing future, despite al
legations of damages from bugs, started
the selling which later became quite gen
eral among local people, who had bought
earlier or during the past few DAYS The
bears Joined in the movement, and as
result the market slumped to 727s@73c.
and closed weak, 5s@%c lower at 1850
7314c. A private crop report making the
general condition 9l.5, indicating win
ter yield Of 45O.0O0O coo Blu, and the Kan
sas condition 100. was an influential fac
tor in the weakness. Liberal receipts
and disappointing dullness in the cash
market also were bear items. Exporters
reported eleven loads taken. Seaboard
clearances in wheat and -four were equal
to 100000 Blu, while primary receipts were
$50, 900 bu, compared with $40 900 bu last
year. Minneapolis and Duluth reported
22S cars. against 229 last week and 305
year ago. Local receipts were 80 cars.
one of contract grade. Argentine ship
ments were 100000 bu, nearly 1000, 900 less
than for the corresponding week a year
ego. Continental markets were reported
strong.
Oats. were active. but seemed to be
more inclined to sympathize with other
grains than to follow an independent
course. Both May and July gained on
yesterdays top-notch prices at one time
under big time and light offerings.
Later commission houses liquidated
heavily and prices declined.
The bulk Of trad was in July, while
May furnished shorts with symptoms Of
heart disease by occasional reminders
that the bull leader in corn might also
have the oats stock under his thumb
The fact that some Of the commission
house selling was credited to Phillips
gave the sales more influence than they
would have had otherwise. Receipts were
81 cars. May sold between 297sc and
2S2sc. and closed sc lower at 29c July
ranged between 2714c and 265sc, closing
Provisions opened steady, but declined
on liberal offerings, mostly In the way
of realizing. July pork sold between $15. so
and SIS. 0219. and closed 271zc lower at SIS;
July. lard between IS. o5 and $7.95, closing
Zoe down at So. 95, and July ribs between
$.O2l5 and 1922, with the close TIC de-
pressed at S7.921h.
The estimated receipts for tomorrow
are: Wheat, 40 cars; corn, 23O cars; oats,
260 cars, and 1900 head of hogs.
Inc leading futures ranged as follows: