The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-03-24

WHEAT SUSIAINS LOSS.
SELLING is BROUGHT ABOUT BY
GOOD WEATHER
Reports Of Crop Damage In Indiana Bring
About a Rally, but It Is insufficient
to Overcome the Decline.

CHICAGO, March 23.-Startling crop
damage reports from Indiana caused
sharp rally in wheat late today: De-
favorable weather were not entirely over
come, however, the July delivery closing
at a net loss of 3s@hc. Corn is up
shade: Oats are down &c and provisions
PIC to PFC
Brilliant verna1 weather caused during
the greater part of the day a general dis
phs. By so lower Liverpool cables al
though the weakness abroad was due
largely to bearish American adyices.
July opened A@asc to k@%c lower ve a.
lower, at 9f96c to s1Ac. Commission
houses and apit traders were alike eager
sellers Buyers were hard to find: In
consequence of the lack OF demand tn, the
execution of a number of stop loss orders
was a fresh element of weakness, an
other being a decline in coarse grains.
mills closed. Furthermore receipts from
the Northwest showed an increase. Sud
denly at the last hour radical change
became apparent Many traders had sola
short to a rather dangerous extent. In
"a rush to protect themselves the shorts
forced prices up rapidly: Reports from
Indiana claiming much damage by
drought in that state were mainly respon-
sible for the late buying furore. AdY1ces
were to the effect that in many places the
crop was practically dead. AS a result
point of the day The close was at
$3.50. May closed with a net loss OF Ac,
at 92c.
Clearances of wheat and -four were
We're 4o4, 100 bu, against 349 900 bu year
ago. Minneapolis. Duluth and Chicago
reported receipts of 277 cars, against S3S
cars last week and 205 ears year ago.
Corn Does Better.
Heavy liquidation of the May delivery
<Jt fJVCf
part of the session. There was apparently
no logical reason for the general dis
position to sell as receipts were extremely
small and the weather most unfavorable
for the movement Late in the day under
the influence of active buying by COM
MISSION houses and shorts the market
changed from weakness to strength. The
May option recovered the greater portion
of the early loss while the more distant
deliveries showed slight advances over
previous high figures. The close was
strong, with May a shade lower, at DC,
July opened 1sc to &c lower, at 49c to
49A c. and after selling between 497e and
49%e closed at 1875 @49hc. Local re-
ceipts were 65 cars. with two of con-
Oats suffered during the early part of
the session from the weakening inf1u-
penee of other grains There was some
selling of the May delivery ana d aitao 1'Iss
even lighter than the supply. As a result
the market ruled weak with lower prices
prevailing. Covering by shorts caused
partial recovery late in the day, the close
being firm After opening &c to 1sc lower.
at size to 1850, July sold between BIC
and S7%c closing at 375sc. May closed
hc lower, at 80 &c. Local receipts We're
102 cars.
In spite of decreased receipts of hogs
and higher prices at the. yards there was
general selling of provisions. Commits,
sion houses were the principal sellers and
the buying was largely by packers. Early
weakness in grains was the main cause
of the selling pressure. "A better demand
developed late in the day and some re
coyery- was made The close was steady
with May pork 121sc lower, at $1292A;
May lard was off TIC, at $3.50, and ribs
1a@5c, at $6.75@6.772.
Range of Quotations.
The leading futures ranged as follows:
Tl,-o,,- I II;r,l, 1 7 oyU 1 Close