The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1907-05-15
BULLS ON WHEAT ARE
GIVEN A SETBACK
Part of Ground Lost Through
Heavy Realizing Regained
Later in the Day.

CHICAGO, May 1.-the bull campaign
IN wheat was temporarily checked today
ny an enormous realizing sales which
forced prices down about } cents from the
high points OF the day, Almost all Of
shis loss. however. was subsequently re-
gained on renewal Of bullish activities,
the market closing strong with the July
delivery unchanged compared with yes
terday final quotations, The Septem-
Dor and December options were each g1
&c lower than yesterdays close. July
corn was off h@tc, Oats were down 3c
and provisions 17Ac TO soc lower.
The wheat market opened amid Intense
excitement, and, for a brief period 1t APP
peared as though the market might de-
thai OF yesterday. Initial quotations on
the leading options ranged all the way
from ac lower to 12c higher than the pre-
Nious close Within a very short time
however. 1t became evident that the cli-
max OF the sensational advance had been
reached and that, temporarily at least,
prices would tend to seek lower level.
This was made plain by "A decline of from
lc to &c within the first half hour of
trading, due TO "a deluge of profit-tal1ing
orders that flooded the pit
over night many commission houses
had sent out messages to all Of their GUS
toners advising them to 'iget from un-
der" and the ease with which prices
slumped Off during the first few minutes
tors had quite generally needed the warn
Ing. Liquidation was exceedingly heavy
all day. but despite this liberal selling
prices several times made fair rallies
because of the urgency of the demand
from those spectators who still believe
that this eountry's crop would be insuf,
also provide for the probable require
mcnts of European nations.
Much of today's selling was based on
OF wheat at Liverpool, but the larger
part came from those who thought that
the market had been "overbought." Cold
weather still prevailed in the spring
Nebraska and Kansas gave inspiration to
sellers, An advance OF 1sc in the price
Of wheat on the Minneapolis curb was
here at the opening.
The market made a sharp advance
during the last few minutes which was
due to some extent 10 report that o
heavy snowstorm was raging in the
Northwest.
The market closed strong, with nearly
AL the loss regained. July wheat opened
off TO 932c, rallied again 10 96c, and closed
at 95s@957c. September opened 1c low
er to &C higher, at 97l@9Sac. sold off 10
closed at 97s@e7@c. December opened
unchanged to &c higher AT 99m99lc. sold
at 81. and then declined to 97c. Final
quotations were at 9asm9S5cs
The corn market was affected by the
slump in wheat and for the greater part
OF the day sentiment In the pit was
hearish. The close was easy. July
opened a shade TO 30gc higher. at 525@
52gc. sold off 10 51sc. and closed at sac.
Local receipts were 2Si cars,
Oats-Prices in the oats market were
steady, but weakened later. on heavy
selling for profits. The price of cash
grain was off &c. July opened t4sc
higher at i5c, sold off to I4sc and closed
at 4SJ@4f4c. Local receipts were 1858
cars.
Provisions were weakened by active
selling OF lard and ribs by leading
local packer The weaker tone OF grain
acted also as n bearlsh factor. AT the
close July pork was down zoe at SIG 65
Lard showed q net loss Of 17bc at S9.325
Ribs were off 22bc at S,02!.
RANGE OF THE LEADING FUTURES