The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-04-04
BEAR DAY IN GRAIN
Sun COMES OUT TO DAMPEN THE
HOPES OF BULLS, AND WHEAT
DRAGS ON THE
MARKET
PROVISIONS ARE ALSO WEAK
Packers and other Longs Take
Profits on Pork, and Decrease
in Lard Stocks Induces
Selling.
PROVISIONS ARE ALSO WEAK

CHICAGO, April st was another
bear day today. Wheat had plenty of
good bullish news, but the sentiment pre-
vailed that yesterdays bulge was more
than conditions warranted, and late bear
ish crop news sent prices downward I'M
til May wheat closed 7sc lower; May
corn, 3s@Ac down, and May oats I'M
changed. Provisions also had set
back, and closed 10Q2712c lower.
Trade in wheat dragged much of the
time, and only once showed any snap.
Foreign markets were slightly up, but
disappointed the bulls in their unreSpon-
siYe character. The sun also came out
to brighten the views of the bear traders.
Much Of the early crop news was bear
ish and showed it's effect on opening
prices. Opposed to these factors were the
thing like 100000 bu of No northern be
ing scotland reports Of probably reduced
stocks at Duluth and Minneapolis.
There was a Semi-of1cial report that
the shortage in Oklahoma and Kansas
would be 100000 to 0.000, 600 bu, because
of the crop damage. May started Hc TO
&c lower, at 71A@717sc, and worked up to
721sc on the bull news, but there was no
force to the market. Offerings were lib
eraI, outside markets dragged badly, and
then came the report OF statistical con-
Germ that, allowing about three-quarters
of last years production for Kansas and
Ohio. the six principal winter wheat
states would raise as much wheat as last
year.
May Has a weak close.
In an already weak wheat market this
had a slumping effect and May Slid down
to a weak close 7sc lower, at 711Bc. Local
receipts were 30 cars, none of contract
grade. Minneapolis and Duluth reported
1874 cars. making a total for the three
points of 224 cars, against 225 last week
and 265 a year ago. Primary receipts
were only 900 blu, compared to 532, 900
blu a year ago. Seaboard clearances in
wheat and flour equaled 70S, 900 bu. The
seaboard reported 50 loads taken for eX-
port.
There were new tactics in the corn pit
today that set ten crowd guessing again.
Prices started out at small declines be-
cause of the Indifference of the foreign
cables. Suddenly the prominent bull
crowd that has been active in July OPP
tons began to sell off that delivery, and
bought 100000 blu of September. This
pushed the late future up, and the crowd
began to tail in. The nearer deliveries
suffered in consequence, and showed no
tendency to recover. When the offerings
of Septembr proved in excess of the de-
mand, that delivery eased off again, and
wheat eXerted weakening influence.
Weather was reported favorable for the
crop. Aside from the one incident in
September, corn was slack, with a ten
dency toward the selling side. Nav sold
between G0h@6O5sc and $3.50, and closed
weak, 5s@a4c lower, at 59%@59Bc. Re
cefpts were 104 cars.
Provisions Are Weak.
Oats showed independent strength for
a time today on buying of May, that led
to the belief that a movement in the cash
cereal was at hand. The market, how
ever, was very dull. and aside from the
May strength-whch was dissipated by
the late weakness in wheat and corn
there was no feature. May sold at 431sc,
and closed steady and unchanged at 425sc.
Receipts were 101 cars. Seeding and
starting Of plant growth was reported
progressing well.
Provisions were weak, and the decline
looked much like continued manipulation
at the hands of the packers. The hog
market was weaker and the small de-
crease in lard stocks induced selling Of
that product. Pork however, was the
bone of contention, and packers and
other longs took profits and threw stuff
over so quickly that many shorts who
had recently run to cover did not have
a chance to put out again the property
they had bought under pressure. May
pork closed 2715c lower. at $16.45; May
lard, zoe down, at $3.50, and May ribs Ice
off. at $SS712.
The estimated receipts for tomorrow
are: Wheat, % cars; corn, 50 cars; oats,
IS cars. and 20 000 head of hogs.
Total sales for the day. 701, 800 shares.
The leading futures ranged as follows: