The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-03-21

CHICAGO. March Interpretation that
the atmosphere of the speculative markets
generally would be cleared in consequence
Of the Sully incident caused a feeling OF
strength today in the wheat pit. Other
Influences that aided we're an excellent
cash demand and bullish crop advaees.;
July %@Ac Corn is 11kc higher, oats
are up 1h@1Mc: Provisions are I'M
changed to 15c higher.
Plenty Of buying orders for wheat were
IN evidence at the opening. The theory
was quite generally advanced that the
Sully affair would cause freer scope to
be given to the influence of so-called
Legitimate conditions. Initial quotations
higher at ss ss Ss Sse sho a9se especially
were active buyers. and with limited OF
May selling up to 93c and July to 87Ac.
Reports from Kansas and other sections
of the Southwest were to the effect that
the rainfall of the last few days was
quite inadequate to the needs OF the
growing plant, and that hopes of sat
isfactory crop of winter wheat were be-
coming fainter as the season progressed.
ever, in spite of the prependeranee OF
bullish Information there was consider
able wheat for sale, supposed to be for
account of Eastern spectators Under
this selling May declined to 91Ac, while
July reacted to $3.50. On the break there
was free covering by shorts and buying
by pit traders on the theory that the
market had been largely oversold. An I'M
in speculative trading and caused sharp
rally. May advanced to 93Ac, and July
to 87Hc. The close was strong. with
May "a at a ssA e Final figures on July were
Clearances Of wheat and -four were
equal to 3e5,79e Blu. Primary receipts
We're 479,300 bu. against 1885, 500 blu year
ago. Minneapolis, Duluth and Chicago re-
ported receipts of 336 cars. compared with
1886 last week and 1877 year ago.
Corn Is Nervous.
A material improvement was manifested
in corn at the opening but the market was
very nervous and sensitive to moderate
trading on either side. The market was al
fected considerably by the action OF wheat,
but apparent preference was given the ad-
vanceS rather than the declines of that
commodity. Covering by shorts was fea :
ture of the early trading. Some OF the big
longs were fair buyers on the declines.
Late in the dav the sentiment became de-
cidedly bullish, prices advancing SHARPLY.
The close Was strong and near the Top
figures May opened meg u na5l5 ing TO re-
and 527sc and closed at 527sc. July ranged
between ACC and 5e&c, closing with a
gain of w @1Mc at 59as @50Ac- Local re-
, ceipts were Isl cars, with l OF contrace
grade.
Oats made a substantial recovery from
the closing weakness OF the previous SEES
sion. The pit crowd had overdone the
selling and there were liberal demands
throughout the day to cover short sales.
There was some liquidation on the decline
In wheat, but offerings were readily taken
and the market showed only slight east
ness. A strong tone developed during the
last hour, and the close was we'll toward
the top. May opened 1sc lower to NC
higher at 3sAc to $3.50. After selling be
Z tween 3914c and 403sc the. close was at
4oh @40Ac. July ranged between 3SA C
and S9c, closing with gain Of sc at
36Mc. Local receipts were 145 cars.
The features in trading in provisions
were selling of pork by commission houses
and buying of lard and. ribs by packers;
about half an hour before the close The
price on that product rallied late in the
day the close being unchanged at SIS. Is.
May lard closed with a gain Of 15c at
6971k. Ribs were up 10c at $685.. Estf-
mated receipts for Monday: Wheat, 15
cars; corn, ITO cars; OATS 165 cars; hogs.
&c. 900 head.
Range of Quotations.
The leading futures ranged as follows: