The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-04-23

CHICAGO, April 22.-Revision OF ex-
pert reports making wheat conditions in
the southwest more bearish was largely
instrumental in starting heavy liquida-
ton of wheat today. July delivery closed
with net loss Of B@1c. Corn IS off
9s "a 12c. Oats are down 1bMRc. Pro-
Visions closed practically unchanged
For minute or two at the beginning
OF trading in the wheat pit there was an
ar or uncertainty. In consequence
transactions were rather light and prices
We're about where they left off yesterday,
with July sc to Nc lower at S5Bc to
80 Ac. Suddenly the market collapsed and
a decline of lie or more was experienced
IN all deliveries. Trading became active
and a general disposition to sell became
manifested. Reasons for the weakness
which had thus quickly developed were
various A correction of a crop experts
report of the Southwestern situation as
hrst received yesterday, and which was
originally exceedingly bulIish, largely null
1tled the first conception Of the situation.
Traders who bought on the supposition
that Western Kansas and Western Okla
homa We're the portions Of the South
western territory referred to in the re-
port as being past redemption had the
wheat for sale today.
The sellers had in the meantime as
certaIned that the irredeemable portion Of
the Southwestern wheat fields was con-
fined to Western Texas and Western
Oklahoma. A cable dispatch from Liver
pool stated that millers were buying con-
May-June shipment at the equivalent of
SIC bu. Such a contrast with the
prices at which wheat could be laid down
from here had much to do with the
was q large increase in Argentine ship
ments. No heed was paid to crop dana
age reports from the Ohio valley and In
diana, the general desire being to liquf-
date long wheat. Many stop-Ioss orders
We're reached accelerating the decline.
Ihe only demand came from shorts but
there was not sufficient buying from that
source to cause any great rally. The mar
ket continued in demoralized condition
the entire session, the close being weak.
After selling off to SAC. July closed at
and $3.50 and closed at $3.50.
Clearances of wheat and -four were
equal to 145,900 bu- Primary receipts
were 230, 100 bu, against 2S6,500 bu a year
ago. Bradstreet's reported worlds ex
ports as equal to 1,645, 400 blu. Minneapolis
Duluth and Chicago had receipts Of 161
cars, compared with 1913 cars last week
and 167 year ago.
Corn Is Weak
The corn market was weak partly in
sympathy with wheat and partly owing to
liberal selling by the big holder Of both
the May and July deliveries. Over OOO-
600 blu of May were reported sold by the
erStWhiIe bull leader There was a little
liquidation of May corn set in. The at
tending decline carried the price of July
and September down with it. Thereafter
the market was inclined to drag, about
the only support coming from shorts.
July opened unchanged to &c higher at
489sc to 1880. sold off to 47%c and clos
ed at 481s@48Ac. May ranged between
AZ 1ac and 4914c, closing with net loss Of
Use at 48c. Local receipts were 1873 ears,
with 25 of contract grade.
Pit traders were persistent sellers Of
distant deliveries of oats, due to more
favorable crop advices. AS a result of
this selling pressure, and under the in
huence of the slump in wheat and corn.
the market ruled weak, but the declines
were not as pronounced as in other grains.
The principal support came from shorts.
After opening unchanged to &c lower at
36$8c to 361ac, July sold down to 355sc,
and closed at 3578Q36c. Local receipts
were 81 cars.
Provisions were quiet and in view of
the weakness in grains the market held
comparatively steady. There was some
selling on a liberal run of hogs, but the
market received fair support from pack
ers and shorts. July pork closed down
TIC at $12. rs. July lard was a shade
higher at Sc. 1906 .771a. Ribs were off
shade at Sc 521a @6. SIS.
Range Of Quotations.
The leading futures ranged as follows:
/ 10Th, I r /