The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1907-05-24
NEEDED Rails CAUSE
OF BREAK N MARKET
Bulls Vainiy Try to Stem the
Tide of Selling That Fol
lows Wet Weather.

CHICAGO. May 93.-Whcat prices
broke more than 2c per bushel on the
board of trade today because OF the cnor-
nous realizing sales, which were based
on general rains throughout Nebraska
and Iowa The market closed weak. with
the July optIon showing a net decline OF
25M2sc. The September delivery was
down l3@lec. July corn was down 40
1Sc. oats We're &c lower. and provisions
were 1!c to 12Ac lower
The wet weather In the West swampcd
the wheat market with selling orders
when trading began. and opening quota
tions showed sharp losses. prices ranging
all the way from sc above to l7c below
IN closing figures Local and outside
longs Were free sellers, and there was Il
considerable selling for short account.
While heavy rains had fallen I'm Nebraska
ana Iowa, the Kansas crop, according 10
early reports was still without moisture.
Later in the day however, adylccS from
Kansas City claimed that reports from
several points in Kansas stated that the
much-nceded rain had made Its appear
ancc. This was the signal for 4 renewal
Of the bear raid on the market. which
carried prices down with rush, July
selling Off TO 9Ssc. September TO 992c and
December TO Sl.OOs, The bulls throughout
the entire day made strenuous efforts TO
bring about rally, but their attempt
proved Intellectual until within half an
hour OF the close, when, with the aid OF
shorts prices were raised more than l.
above the low point OF the day, Much OF
this buying by shorts was due to cable
gram which asserted that the wheat crop
OF Roumania was total failure. owing
TO drought.
The last five minutes OF trading wit
messed another sharp break in prices. due
TO renewed profit taking. y decline of
more than 4c per bushel In the price OF
cash wheat at Kansas City helped TO
cause this final break. The market closed
weak. July opened lc higher to 1gc low
cr. at Sl.OO TO S1.Ol2, sold of to 9S2c and
closed at 993m99bc. September opened 5c
10 lac lower. at Sl.02 TO Sl.03, declined to
99gc and closed at $l.O04@1 1.O0sc Decem-
ber opened &c TO 12c lower. at S1.02q TO
81 ,033, dropped to S1.00 10 S1.00g. and
closed at Sl.0lS. Clearances of wheat and
flour were equal TO $4,000 bushels.
Primary receipts were $50. 600 bushels
compared with 226.6OO bushels the CORE
spending day year ago. Minneapolis,
Duluth ana Chicago reported receipts OF
3li cars. against AZ last week and 13i
wear ago.
The general rains in Nebraska aud Iowa
brought out liberal profit taking i'm the
corn market and caused decline OF
about 2c per bushel in the price of corn.
The close was weak. July opened gm5c
10 l!ml3c lower at 52sc 10 J&sC. sold OF
TO 525c and closed at 52lc. Local receipts
We're IL cars with Is Of contract grade
The wet weather In the West had a
surprising effect In the oats market and
caused decline from Ic to &c per bushel
July opened unchanged TO &C. lower AT
ace 10 i13c, sold of 20 between i6Ic
and i1Ic. and closed at lIc. Local re-
Ccipts We're 81 cars.
There was little trading in provisions.
and the market was weak because OF
continued liberal hoG receipts and the
slump IN grain. AZ the close July pork
was of l2ie, a, Sl5.52i; lard w9s down
I2c. a. $9.l5 and rios were 1s@1GC lower.
al $3.50. Estimated receipts Tor tonlor-
row Wheat. 10 cars, corn. IA cars; oats.
l09. cars.