The Saint Paul globe., 1904-10-01
WHEAT TURNS STRONG
OPEN SELLER MAKES
PURCHASES coVERTLY
Market Becomes Strong After Period of
Weakness Due to Heavy Argentina
Shipments and Liberal Northwestern
Receipts

.1a& CHICAGO Sept 30.-Stimulated by
reports of covert purchases by a promi-
nent trader who was ostensibly an open
seller, the wheat market today turned
from weakness to strength AT the@close
December was up q q &c. May showed
gain of 1@11se- Corn is down shade.
Oats and provisions are about un-
changed.
AT the opening sentiment in the wheat
pit was rather bearish. The cause of the
easier feeling was heavy shipments from
Argentina, liberal receipts in the North
west and weakness in foreign grain
markets. Initial quotations on December
were shade higher to Il 1tc lower at
$lllss to $l.11zs. May was &c higher
to Ac lower at SLIPS to 81. 121a. After
touching 81. II. December steadily de-
clined to Silly while May sold off to
$l11%. TIL main feature of trading was
a series of operations by a leader of the
bull crowd. The belief was quite general
that although this operator was an open
seller his purchases through brokers more
than offset the sales. The pit crowd was
influenced by reports of alleged purchases.
The result was q rally in prices. A re-
port by a st. Louis trade journal con-
t1nued as bullish increased the strength.
According to the St Louis paper many
complaints have been received regarding
delayed plowing and seeding in the state. In
this connection the claim was made that
any flour mills south of the Ohio river
are already drawing at accumulative
points for supplies. Under fair de-
mand December advanced TO S1.12R a
l. l3 and May to 81 .13S4 The market held
firm the latter part of the day. although
Final quotations on December We're a
81. 125s. May closed at $l.13z al. .13J%
ClearanceS of wheat and -four were equal
to 112.200 bushels. Primary receipts Were
J, ,351, 300 bushels. compared with ]. .113 200
bushels year ago. Exports of wheat and
-four for the week. as shown by Brad
street., were equal to ], 1,182. COO bushels
Minneapolis. Duluth and Ch4Sago re-
ported receipts OF $50 cars against 997
cars last week and TAG cars a year ago.
Corn Declines
An easier tone prevailed in the corn
market early in the day. the causes be-
ing liberal receipts and an alleged bear
lSh Missouri crop report. According to
the figures of the Missouri crop official the
total yield Of corn in the state would be
1900, 00e bushels in excess of the gov
ernment estimate Later in the day an
announcement was made that the official
Missouri report had not yet been pub
llshed. This denial resulted in a con-
siderable rally in prices. The market
weakened again, however, on realizing.
thee close being easy. December opened
unchanged to Il lower at 503<c to 50mc,
sold between 5015c and Size and closed
at 50% 6D50Mc. Local receiptS were 152
cars, with 16 of contract grade.
As result of the liberal new crop
sentiment in the oats pit was beariSh. A
feature OF trading was fair purchases OF
May by the pit crowd. December opened
4sc lower at 301sc, ranged between 301sc
and 30A and closed at 305sc. Local re-
ceipts were 12S cars.
Provisions We're firm. Higher prices for
hogs and decreasing stocks of provisions
were the bull factors. There was con-
tinued liquidation of October pork and
ribs while shorts covered quite freely in
lard. At the close January pork was
&c higher at $13 .1215. Lard was up 215 615c
at 50 1907 421a. Ribs were up 26c at
Sc So.
Estimated receipts for tomorrow:
Wheat, 6S cars; corn, 153 cars; oats, 146
cars; hogs, 5000 head
Range OF Quotations
rr1In 1andir,or f,,t,,r,c,- rn ,ncrnd 90 fnI1nrra.