The Saint Paul globe., 1904-08-24
WHEAT SAGS FURTHER
HAVING TAKEN PROFITS, TRAD
ERS UNLOAD FREELY
Longs Who Lead in the Unloading Are
Mostly Small HoIders-LittIe Better
j Tone Develops Because of North
western Buying

CHICAGO, Aug. 23.-Wheat traders,
who had profted in previous purchases,
untoaded freely today. Closing prices
compared with last nights figures show
a drop of &c for September and LIS q
13zc for December. Corn was up Nc.
Oats are off Bc. Provisions vary from
sc gain to- 27se decline.
There appeared to be little in the
early market news to cause the weak
ness Indicated by the opening prices.
While crop reports were fewer in num-
Der, those which came were scarcely
more reassuring than those which so
recently threw the trade into a state
of frenzfed excitement Nevertheless,
in spite of possible further damage to
efopS,-the local trade arrayed itself
largely on the selling side of the mar
ket. September, which started with a
loss of 5se to Be at $1.09 to $1.09A,
slumped to $1.07s, while December,
from an initial loss of u to 1c at $1.10
to $1.1eA, sold down to $1085s. Had
there been concerted short selling the
market would undoubtedly have suffer
ed more than it did. The longs who
led in unloading, however, were chief
ly smaller holders, many of the larger
ones having already sold out. At the
low points in both deliveries, a little
better tone developed on buying at
tributed to the Northwest. A report
from Manitoba that some of the wheat
in that province had been nipped by
frost also helped the tone to some ex-
tent. The result of the improvement
in sentiment was rally to $1.681a for
September, the closing figure, and in
December to $1.10 The latter upton
closed at $1.09A @1.09as, the final one
displaying much of the weakness prev
alent throughout the session
Statistics were against the decline,
but failed to attract much attention
from the trade Primary receipts were
796,780 bu, against $4,000 bu last year.
Clearances of wheat and -four were
equal to 10000 bu. Minneapolis, Du-
luth and Chicago reported receipts of
400 cars, as against ATS cars last week
and 342 cars year ago.
Corn Rises
The weather in the corn belt was
too cold for the peace >of mind of the
traders today and values were not per-
mitted to suffer with wheat. Even the
later forecast of warmer weather did
not appear to alIay fear of frosts
Starting with a firm undertone but at
prices unchanged to 1sc lower, Septem-
Der advanced from sac to 54kc to
56Be. December under an equal buy
ing pressure began &c, lower to sc
higher at 53c to SO u C and was lifted to
54A, before the demand was satisfied.
As the session advanced the market
borrowed strength from rumors of
heavy purchases in this market for ex-
port. Small local receipts-267 cars,
against an estimate of 467 cars-were
also factor. Some of the advance was
lost through the effect of the govern
ment report which showed the past
10 1a fox h Ia tn
growth. The consequent liquidation
brought prices back from the high
point, September reacting to 553sc and
December $500, the final quotations for
the day, but the tone at the end was
strong.
Oats were active and stood with but
slight loss the bearish influences of
heavy receipts and a tremendous in
crease in local stocks The material
advance in corn was the sustaining
power. An initial loss of Bc in the
September option at 33Ae to $3.50,
was more than regained through ex-
cellent scattered buying. The price
went to 34c, reacted to 3311sc and again
rallied to the closing figure, 33A, with
! a very steady tone. Local receipts were
| sol cars.
! Provisions were inclined to f1rmness,
| being helped at the start by an adj
vance of 5@10c in the price of hogs,
and later by the strength in corn. Trad
/ ing was chiefly in the way of changing
| from September to later deliveries.
| September pork closed sc up at $11.72A
Lard gained 21sc at $6.S71A@6.90. Ribs
| were down 71sc at $7.321s Obs.
Estimated receipts for tomorrow:
| Wheat, II cars; corn, SO cars; oats, 210
cars; hogs, 26,oO0 head.
| Panoa oS Ouofa+;one
| The leading futures ranged as follows: