The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-04-08

CHICAGO, April IA decided drop in
temperature North and West was utilized
as tonic in the wheat pit here today
against sympathetic effects OF extreme
weakness In corn. July wheat closed NC
up Corn is down IL SIC. Oats are off u %
&c and provisions 12h @27hc-
Higher cables and favorable weather
were early factors in the wheat market
dramatically opposed to each other. AS
result prices held comparatively steady
during the early part OF the session. In
itfal quotations on July were unchanged
to 16c higher at 1914 DS7c. For an hour
there was little change In quotations, but
suddenly sentiment became beariSh, with
prices declining rapidly. Weakness in
of liberal selling by commission houses
and pit traders. With only a relatively
small demand July sold off to 36Ae. La
ter in the day a trader who was conspic-
uous figure in the corn pit became an ac-
tive purchaser Of wheat, presumably with
the object of indirectly forcing up the
a better market upon which to throw
lot of his long corn. The Northwest was
also fair purchaser, led on by sug-
gestion of a postponement in seeding
ceived telling of a radical change in
weather conditions in that section, snow
and much lower temperature supplanting
all at once widespread Vernal mildneSS.
The consequence was a quick rally in
prices. Many of the early short sellers
were forced to cover and this helped III
the upturn. The close was, firm, with
July at SIC, after the price had touched
S71sc. May ranged between 94Ac and
s5zc and closed at 945sc.
Clearances of wheat and flour were
were 374,2O0 blu. compared with 358, 100
blu year ago Minneapolis, Duluth and
Chicago reported receipts OF psf cars,
against 202 cars last week and 1873 a year
ago.
Corn Trade Is Nervous.
1f1r ~ vr,o- - o,.-,, pd
the market was extremely nervous. The
leading long bought large quantities for
July delivery early in the day, but in
spite Of this active support the market
generally beariSh under the influence of
increased receipts, with improved grading,
and selling from that source was heavy
middle OF the session there was liberal
selling by several large commission
houses. supposed to be for the account
Of the big. holder. Under this. pressure
the market broke severely, July option
declining nearly &c from the high point.
The close was weak and at the low point.
July opened &c lower to &c higher at
and closed at 51Ac. May ranged be-
tween 53c and 55c and closed at 53hc.
Local receipts were 225 cars, with So of
contract grade.
Oats were weak in sympathy with corn.
The pit crowd was inclined to the selling
side Of the market. but the volume of
of demand. The principal buying was by
shorts. The market closed about steady
at moderate losses for the day. After
opening shade lower to a shade higher
at 3S@38Bc July sold between 375Sc and
$3.50 and closed at 3734c. Local receipts
were 1870 cars
Early in the day commission houses
were free sellers of provisions, due to low
er prices for hogs. This started a raid
on the market by local bears and the
result was considerable weakness in all
products. The sharp break in corn was
an influential bear factor. The market
closed. weak and near the bottom, July
pork being down 271sc at $12.85. July
lard was off zoe at S. 827k, and ribs 1914 c
at $3.50.
Range of Quotations.
The leading futures ranged as follows: