The Saint Paul globe., 1904-08-13
LONG WHEAT TIDAL WAVE
UNDER 1T PRICES ALMOST TURN
TURTLE
September Option Closes at Loss of
Nearly cents-crop News From the
Northwest Is More Favorable

CHICAGO, Aug 12-Wheat prices
nearly turned turtle today under tidal
wave OF long wheat. September had lost
31s @3I4c OF its advance. washed away
in the deIuge- At the close OF trading
that option showed a net loss of % C as
compared with yesterdays final figures
Corn Is down Il 9ssc Oats are of p C.
Provisions vary from sc to 35c decline.
News from the Northwest was less
suggestive of utter ruin to the growing
wheat crop than any time for week
past The market almost from the start
appeared to be struggling under heavy
load Of long wheat Sentiment at the inn
mediate opening wavered between conf
denee and suspicion of the new outlook,
with a leaning toward the latter. Ini-
tial bids for September at S1.0 q @L8411
were unchanged to sc higher. Then the
price began to suffer. There were many
traders who believed the grain cheap at
the fractional declines that ensued. and
nearly every reverse was followed by
a partial recovery. The weight of the
loaH of long wheat however. was too
much for the supporters OF the market
Step by step values settled back until
September was down to $1-0l lle1%. The
final efforts of the bulls only operated
TO steady the tone and bring about
share of Improvement in price. Sep
tember closed almost on the bottom, the
latest sales being at s1-01}s- Bradstreet's
the week of 1.2S2.0o0 bu. against 1880
bu week ago and 3.415.0e0 bu last year
Clearances of wheat and -four today
were equal to S5. 500 bu Primary re-
ceipts were 2S2.00e bu larger than year
ago. Minneapolis, Duluth and Chicago
reported receipts of 1872 ears. against 90
cars last week and 224 cars year ago.
Corn Goes the Same Way
Corn was affected by the favorable
character OF the weather. which showed
ffaf1
precipitation. September at the outset
nevertheless showed the uplifting infiI-
ence of light receipts. which were scarce
ly more than sufficient for current re-
duirements. Firm wheat prices at the
outset also helped September, the lead
ing option starting unchanged TO &c
higher, advanced on free covering 10 bic
With the setback in wheat. however:
quantities of long corn came out and
prices declined. September corn closed
shade above the bottom at 53a 53A c.
Local receipts were 14s cars.
= Oats eventually suffered in pathy
with the easier tone of wheat, although the
market maintained an undertone or con-
fdence. as evidenced by smaller offer,
ingS on the decline. September opened
firm. with gain of bc, at S4&c, taking
its tone from the early fruness In wheat
and advancing under moderately ilDefal
support to 347sc. Later on reaiizlng sep
Just before the close. when shorts COW
cred Final trades We're shade aneVe
the bottom at 337sc-. Local receipts We're
375 ears.
In provisions the selling out of Sep.
ieraber holdings under the influence OF
lower prices for live hogs had weaken
ing tendency Pork was especially af-
feeted. making net loss OF SIC. closing
at s1i so Lard was more in demand.
and although at one period showing
loss of sc. closed steady, with &C net
gain at s675 Ribs closed TIC down at
S7.59. ,,-
Estimated receipts for tomorrow:
Wheat. 124 cars. corn. l2S cars oats, o1f
cars; hogs. 1000 head.
Range of Quotations
The leading futures ranged as follows:
/ Oman / High | Low / Close