The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-04-07
GURN STILL LEADS
ON CHICAGO BOARD
Phillips Stili Said to Be in Con-
troll OF Market
HE is LETTING NONE co
WHEAT WAS EASY OWING TO
FAVORABLE REPORTS.

Chicago. April 6.-May corn opened
with bids ranging from A to 445s, the
highest price Of the crop for delivery
next month. These prices were = to
Is cents higher than the close the pre-
vious session, and marked a complete
recovery from the demoralizing break
OF the first two sessions of the week.
Phillips. the bull leader, who is credited.
win having control OF the market,
bought moderately and declared that
lie sold nothing The demand was
broad ana heavy from country inter
csts and demands from local shorts.
The aggregate amount Of the days
transactions was undoubtedly enor-
NOUS For a few minutes at the open,
ing offerings were light, but they be
came frecr soon Longs Fronting Dy
recent experience, realized that the
market still has two sides and took
profits. There was. however, no indi-
CatiCu of any bear movement, but on
the contrary, some OF the shorts who
covered were those who had led in the
raid Monday and Wednesday. Ihe
market yielded with the greatest stub
bOrness. Shortly before noon May
touched "A From this it reacted to
4f1s 4414, and closed &c higher, at HIS
The strong opening was due 10 wet
weather west and light country offer
Ing. The reaction was Influenced TO a
moderate degree Dy the pronounced
bad weather. The pit was Jammed
fun. and. despite the activity of wheat
and oats, the coarsrr grain held the
speculative leadership ~ the floor. Re
ceipJs for two days were 5l5 cars, l07
OF contract grade.
The wheat market was a striking
contrast 20 ctru. I was easy at the
opening weaker as trading progressed
and weakest at the close. May opened
unchanged to &c lower, at 72A az, for
one BRIEF moment. supported by the
corn strength. There were no cables,
and the array of news offered anything
but cheer 10 the holders. Argentine
shipments were 1886. 600 bushels and
Shows crop report averl'Sd that in
twenty years the spring growth had
never been better at this season. THE
new century opens" said this report,
with wheat in uneXceHed condition
AID an acreage the largest on record. Z
Added to this was the expectation of
hearisb statistics Monday. The light
ness of Australian shipments and re-
potts of sharp casn inquiry and
heavy -four salts did little to check the
decline Bea-s hammered the market
down TO Il during the first two hours.
At this point stop loss orders We're
reached and a further slump to 1850
sO% followed The close was weak, 11zc
lower, at fO%. SeabOard clearances in
wheat and -four were equf to e76,O0O
bushels, While primary receipts were
Sz2,OVV bushels, compared with sos 600
b6Snels last year. Minneapolis ard
Duluth reported 49S cars, against 569
last week and 230 last year. Local re-
ceipts We're 155 cars, none of contract
grade.
oats We're handled in large quantities
and the market showed unusual
strength in sympathy with corn and
weather which was DELAYING seeding
There was heavy commission house
demand as well as covering by shorts.
while local longs did most of the sell
ing The reaction following the open
ing bulge was in sympathy with wheat
and corn. May sold between 265Z and
20 and closed a shade higher, ct 259s
Qz5A- Receipts were IS. cars
Provisions, especially pork, were
easier on liquidation by longs, although
there was nothing Of a particularly
bearish character apparent on the sur
lace Trade on the whole was dull
May pork sold between i5.25 and l4.S2IL
and closed 35c lower, at 1885. May lard
closed 7lzc down. and May ribs closed
slsc depressed, at S121k
me leading futures ranged Is follows: