The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-04-15
GRAINS ARE ERRATIC
SPECULATION IN THE PIT IS FE-
VERISH, AND THE SHORTS ARE
BADLY SCARED
nnDN ETAVEC DTN TEADc
CORN MAKES BIG LEAPS
General News Is Bu1Iish, and Farm
ers Are Reported Feeding Fa-
VOred Cereal to Cattle and
Hogs at a Profit.

CHICAGO, April 14-Speculation was
fever-sh today. Corn shorts were badly
scared over the continued bulges in the
Southwestern markets, and, fearing pos
sible manipulation of the market by
bulls in its present peculiar condition,
hid prices up &c Wheat had an early
bearish tendency, but had to follow the
corn lead and jumped 1c.
All pits showed marked activity. and
prices fiuctuated erratcally. After the
early excitement, conditions became
somewhat normal, and May wheat closed
&c lower, May corn &c higher and May
oats 12c up. Provisions closed a shade
lower to &c higher.
Shorts in the corn pit We're the cause
of the panicky action in grains At the
start there was an inclination to sell
stuff because of the early feeling in
wheat It took only few spurts of the
| St. Louis market, however, to create
a strong demand by the unfortunate early
sellers. The naturally bullish situation
on the corn trade. with continued re-
ports Of depletions of stock at all prom
inent centerS, and an improved demand
scared the shorts badly.
The rumor that was started in March
of a possible corner was renewed again.
and hot start resulted. Great buying
force was under the cereal, and prices
We're rushed up &c almost before the
market was we'll under way May open
ed 1sc higher to &c lower at 615sG6l3sc
and jumped to 6312c. This was an ad-
vance of about &c over the low price on
the decline of a week or ten days ago,
and almost 4c since Saturday morning.
st. Louis Is a Buyer.
st: Louis was buying here, supposedly
begun Saturday. Offerings were not
enough to supply the demand. Every
body in the pit was nervous. After the
early excitement there was considerable
selling by people who thought corn had
all the twist needed for the prezent
Business quieted down and as wheat re-
acted from its sympathetic higher prices
corn eased. Liquidation at top prices
brought good Offering.
The cash article, together with
strong cables. helped in putting a bull
ish Interpretation on every bit of news.
Traders in all pits were talking of the
remarkable outlook for speculation and
man pul2ti0n in corn. News continues
of farmers feeding corn to stock because
advanced prices for. cattle and hogs
make good profits. MAY corn al South
prices.
The visible supply decreased 1000, 600
bu--nOW 100000 blu, against q 900, 900 bu
a year ago. The country, traders say,
little of that After high prices May
corn sold off to 617sc, but rallied again
and closed strong. &c up, at 62Hc. Re
ceipts were only So cars
Wheat Cables Are UnrespOnsIve.
Wheat started out with a czckly aspect
on unresponsiVe cables and rains in the
southwestern wheat country. May open
ed 12C to 1sc lower at 723sc to 73c but al
once felt the influence of the soaring corn
market In very short time covering
and an investment demand sent May to
$3.50, AS corn began it's decline after
the opening bulge, wheat eased off. Then
a big line was sold for a leading bull pro-
feSSional and as the 'ta1lers filed in to
sell, the market slumped off below Satur-
days close. The Southwest sold and the
market was lower. Commission houses
We're on 10th sides of the market but
principally sold. Liquidation for profits
was popular. The visible decrease of
lSO0,00 bu was little more than ex-
pected, but had no effect. Trade was ac-
tive. May closed weak at its lowest
point, &c off at 722sc.
Local receipts were % cars, 2 of con-
tract grade Minneapolis and Duluth re-
ported lS3 cars, making a total for the
three points of 208 cars, against 287 cars
last week and 400 cars a year ago. Pri-
503, 600 bu last year. Seaboard clearances
in wheat and -four equaled 271 600 bu.
The British budget presented today i'm
posing an import duty equal to about &c
a blu on wheat and an equivalent duty
on flour, was a weakening influence
Worlds shipments were S,062, 600 Blu,
compared to 10,l66000 bu last year. On
passage breadstuffs decreased $4,000.
Fair Trading in Oats.
Trade in oats was fair, and on the
COTu influence prices advanced. May and
July were bought literally by receivers
and commission houses. Offerings were
small. The crowd usually in oats de-
voted much of it's time to corn. The
crowd usually in oats devoted much of
its time to corn. Reports of more liberal
receipts caused some selling. May start
ed unchanged to &c up at 42c to 421sc
sold to ACC, and closed 1zc up at 421zc. Re
ceipts were 151 cars.
Provisions had a fair general trade
Hogs were steady, but the demand for
products was good and packers support
ed. Commission houses were also buy
ers The tone was stronger all day, but
up at s16.8212; May lard shade lower
realizing on the advance knocked off
some Of the gain. May pork closed sc
up at S16.8212; May lard a shade lower
at S97212, and May ribs &c higher at
S91212.
The estimated receipts for tomorrow
are: Wheat. 80 cars; corn. IS cars; oats,
go cars, and q, 600 head of hogs.
The leading futures ranged as follows:
. 7 fC.1-.