The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-03-12
WHEAT GAINS 2 CENTS
REPORTS OF DECREASE IN RE-
SERVES ARE CONFIRMED
Shorts Rush to Cover at the Opening
Liverpool and Argentine Advices Assist
In the REHABILITATION Occurs, Fol-
lowed by a Rally.

CHICAGO, March 1f:-OfficiaI statistics
confirming reports of large decrease in
wheat reserves resulted today in a net
advance of 2 cents a bushel in the price
of the May delivery. July shows a gain
of rs @1hc. May corn is up %@Bc.
Oats are off Hc. Provisions vary from 211ac
lower to 10c higher.
At the opening a rush of shorts to
cover and a fair demand from commits
sion houses left little doubt as to the
manner in which the government wheat
report had impressed the majority of
traders. The report was seemingly taken
as virtual confirmation of all the vague
reports of heavy domestic consumption of
wheat and the consequent scarcity that
had arisen. Initial quotations On May corn
were up 11sc to 2, at 9515c to 96c. July
opened %@%c to rs Ole higher at soc to
96Ac. Additional reasons for the busush-
ness with which business commenced
were a sharp advance at Liverpool, and
advices from Argentina stating that the
strike was not definitely settled, but that
difficulty. was being experienced IN ad-
justing terms of settlement. The early
advance brought out considerable iquida-
ton. One of the leaders of the bull crowd
was reported to be selling May in fair
holders to take profits. AS result May
declined to CSC, while July, in sympathy,
fell to $3.50
Z The demand. however, continued on
the selling had ceased. prices easily rail-
lied to the former high point. Later the
offerings of May become so scarce that
the price of that delivery was forced UP
to 97c. Pit traders were eager purchasers
of July. causing an advance to 9lBc in
in that month. The situation continued
bullish throughout the entire session. On
realizing by some of the early buyers. the
from the higher point, but the close was
strong. Final figures on May were at 96c.
July closed at 9OMc.
Clearances of wheat and flour were
equal to 12S,OO0 bushels. Primary re-
ceipts were 800 bushels, against ILL.,,
400 bushels a year ago. Exports of wheat
and flour for the week, according to
Bradstreet's, were equal to 1889. 600 bush
els. Minneapolis, Duluth and Chicago
reported receipts of $40 cars, against 275
cars last week and 293 cars year ago.
Corn Nervous and Higher.
The opening In the corn market was
very nervous but prices at the same time
showed liberal gains The market was
influenced by the government crop re-
weather for the movement. There was
some influential buying at the start, but
lot OF corn came out on the advance,
check the downward tendency until the
greater part of the gain was lost. The
late strength and high cash markets
brought out a good general demand the
May opened &c to 15sc higher at 53c to
$3.50. After selling between 521se and
SO &c the close was at 53@531s &c. July
ranged between 503sc and 511hc and
closed 1sc higher at sic. Local receipts
were 129 cars. with 9 of contract grade.
Oats were firm at the opening in SYM
pathy with the strength in other grains and
On the buI1ish tenor of the government
report. The market weakened under
heavy selling of May. The big commits
sion house which usually acts for the
leading long was the principal seller, and
the action Of this interest induced profit
taking by smaller holders. Commission
houses were moderate purchasers during
the last hour and shorts took advantage
of the weakness to cover freely. The
close was. steady. May opened 1sc to &c
higher at 411Ac to 41%c. After ranging
between 1880 and 4134c, the close was at
41Bc. July closed unchanged at 391kc.
Local receipts were 147 cars.
Provisions were held comparatively
steady by two conflicting influences A
decline of from 10c to 15c in hog prices
was offset by the strength in grains, and
in consequence hog products showed little
change in values. Packers were the main
from shorts. The close was steady. with
May pork 7A@1ec higher at s13.s5@
- 971a. May lard was off 21Ac at $3.50.
Ribs were up PIC at 1925.
Estimated receipts for tomorrow:
Wheat, 80 cars: corn. 165. cars; oats, 1870
cars; hogs, $4,000 head.
Range of Quotations.
The leading futures ranged as follows:
Open. High Low Close.