The Saint Paul globe., 1905-04-25
MAY WHEAT LOSES
OVER SEVEN CENTS
Liquidation In May Wheat Con.
tlnued Corn and Provi--
sions Sympathizinq

delivery sold down to 921zc bu, a de-
closing quotations. At the close the mar
ket had rallied to 93c. The sensational
decline today. following the big break OF
last week, was the result OF general liqui-
dation participated in by John w. Gates.
the erstwhile bull leader. Millions of
pusheis OF May wheat changed ownership
during today's exciting session. At the
close OF trading IT was claimed by close
observers that all of the enormous line
held by the Wall street clique had been
hquidated- The market became steady
late in the day on an improved demand.
Armour & Co. being credited with heavy
purchases Of both the May and July op-
| tions.
The slump in May created extreme
weakness I'm distant deliveries, the July
opuon closing at net loss of &c. Corn.
by the break in wheat, May corn being
off 1zGlssc at the close. July corn is
down 1hc: July oats show loss of 4 q
7sc. Provisions are down DC to 71Ac
Wheat
The break in May wheat began with
initial transactions. opening quotations
being &c to &c lower at sc to csc. July
T, Mas on Z q &c to 93sc at sec to S61zc.
Armour & Co. made an effort to give
the market some support but traders
in general regarded the move merely as
an attempt 10 create. higher market on
wheat. The selling was so general and
| so persistent that soon all efforts to stop
the decline were abandoned. Everybody
seemed to have May wheat for sale and
few appeared willing TO buy Before the
session was half ended the price of May
had dropped to s2lsc. Meantime the July
| option had sold off to S4&.c Many trad
! ers were of the opinion that during the
heavy selling early in the session the re-
! mainder of the Gates line of May wheat
was entirely sold out.
In addition to the slump in the price. of
May distant deliveries were affected by
| heavy rains throughout the winter wheat
L lot lE -. 70
follow increased the bearishness. During
the last part of the session the market
was comparatively steady. The July OPP
ton was given support by Armour & Co,
and fresh rumors Were rife that Gates
has associated himself with Armour for
a bull campaign in the more distant oper-
ations. There was also a good general
demand, buying being based on the theory
that the price of May had reached level
consistent with so-called legitimate con-
ditions. The fact that May wheat in
this market was selling at lower price
than at Minneapolis helped TO stimulate
demands. Notwithstanding the improved
tuations in May during the last hour be-
ing confined within a cent range. At the
close the May delivery sold at 93c, a net
loss of &C. July was down &c, at S4%q
S47sc.
Clearances of wheat and flour We're
equal TO 1884, 600 bu. The amount on pas
ible supply decreased 555.00O bu. PTi-
mary receipts were AIS, 600 bu compared
with 277.OoO bu year ago. Minneapolis:
Duluth and Chicago reported receipts of
2S4 cars, against 230 cars last week and
154 cars year ago.
Corn
The corn market was unable to resist
the break in wheat values, heavy liquida-
taking was especially heavy in the May
delivery. July opened Sc to sc lower at
47isc TO 473sc, sold Off to 463sc and closed
at 461sc. May sold between 457sc and
closing a
l54 cars, with Z of contract grade.
Oats
In sympathy with wheat and corn SEN
timent in the oat pit was bearish. but
| prices showed only a small loss. July
| opened a shade lower at 299s 929i2c. solo
| between 29lsc and 2915c and closed at
| 29ls @29i4c. Local receipts were so cars.
Provisions
Notwithstanding higher prices for live
| hogs provisions were extremely weak.
| The break in the price of grain was the
main influence of selling. Selling of May
products was exceedingly heavy, the VOL
many weeks. At the close July pork was
| off 30G321zc at $12 45. Lard was down
i0c at 81 .25: Ribs were 7h9l0c lower at
Estimated receipts for tomorrow:
| Wheat. POS cars; corn. 1873 cars; oats. 157
| cars: hogs. 20. 900 head.
Cash quotations were as follows: Flour
easy. No. ; spring wheat, 92c; No. g.,
| S59s5c; No. red. 921A @9Sc. No. corn.
4Gc; No. 2 yellow, 46%c. No. 2 oats. PCS. c;
No: 3 white, 30A qS2c: No. 3 white. 291s
| @Sll2c. No. > rye, 75c. Good feeding
| barley, 37G39c; fair TO choice mailing.
40q47c. Flaxseed, 1.25; No l north
western. $l.4O. Prime timothy seed. s.. 90.
Mess pork. per brl, s12 .104l2 15. Lara.
sides 0oose). $6.75G6. S71k. Short clear
! sides (bOxed), $6.S71A az CO.. Whisky,
| basis of high wines, S1.23. Glover. con-
tract grade. $13 80. Receipts-Flour. 20. =
| 900 brls; wheat, 141.OO0 bu; corn. 1542 zoo
| bu; oats, 12S.500 bu: rye. 1000 bu; barley,
| $1,000 bu. Shipments-Flour, 1920 brls;
| wheat. $500 bu; corn, 437. 500 bu; oats
| S45,400 bu; rye, 200 bu; barley. 122OO
| bu On the produce exchange today the
| butter market was easy; creameries. 24aD
! SOC; daiTies 20I26c. Eggs easy; at mark
cases included. 14ls G14Ac; frsts, 15Izc;
prime irsts, Ice; extras, lie. Cheese
| frm 1ic