St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-05-08
An Abundance Of Discouraging Crop Re-
ports Cause an Advance of Prices
on Change.
The Market Gains Additional Strength
From Unusually Heavy Purohas-
ing Orders.
The Wheat and Corn Pits Chief Cen
tiers of Interest---Oats Dull---
Provisions Quiet.
Reports on Wall Street That Proni-
nent Railroad Officials Have Been
Misappropriating Funds.
Chicago.
Special to the Globe.

Special to the Globe.
CHICAGO, May THE daily fight be-
tween the bulls and bears ON 'ehan&e
opened out with a little more Nigor uliS
morning. and the bulls were on top, mala-
tanning their ground up TO the close OF the
session. Compared with the close last htSNt
all the articles on the list closed higher al l
%. m. The advance in June wheat Mas 10,
in corn &c, and in pork Ice NheAs
opened quite strong at $3.50 9SkeAS 80
higher than last nights close. Inc &GNSlsSS'
was mainly due TO the cold wSSsees, ~lflNIs
extended over a large aSea u sAe WSSs,
and the bulliSh feelil,g wS> helped &ga&ss OS
the discOuraging crop rSpoEt> wttoEs RAVE
now bobbed up Serenely since the WsE &ewS
has subsidized C0nS0lS did lS0s cut ~ much
of a figure as they have ~ late The June
option soon nan up 80 we anu
when this point Was reached Ile
bears raided the market, halnnSertnS the
price down ON free selling 10 Sc but the
paws of the bears were not strong enough
to keep it down. Such hCS,S9> as George
c. Walker Il Co. {. +. GIff0SN} \ Co, r.
Driver i Co. and l.. EVerl0gham X Go.
stepped TO the front and bought right and
left. Before the else the June option sold
ND 10 S95Sc. influenced by the heavy buy
ing mentioned and the rush or the local
SHORTS To COVER,
The option closed firm NJ S9ssc, At the
opening the leading houses had great
many orders TO buy and these were quickly
filled The latest foreign dispatches re-
ceived by private wire were 10 the effect that
there was an unconhrmed rumor on the
London stock exchange TO the effect that
the Indian department had been ordered 10
cease war dispatches. and the OPINION
was gaining ground that England had
surrendered to Russia on all points. Out
siders have evidently come TO the eonclu-
sion that the market is good purchase on
its merits. and buying orders were unuSu-
ally heavy. The July option was favor
tie. but June was by no means neglected.
There was no change in the situation here
on the afternoon board, and the closing fig
ures were well up to the highest of the day.
May closed at S72Sc, June S95sc, July 81 &c,
August 93llc As a sample of the crop re-
portss which come in, it may be said that
they told of cold and wet weather, and of
a backward season in Missouri, Kansas and
Nebraska. The Missouri dispatches said
that the prospect for the winter wheat crop
was the poorest in the history of the state;
but the farmers were.
LATE IN PLANTING CORN
on account of frequent rains; that it was so
wet in Kansas that blowing could not be
proceeded with. and that the Hessian fly
was at work in Kansas and Missouri. The
Cincinnati Price Current gave, by counties,
the condition of winter wheat in Ohio and
Indiana. and from the data estimated that
the yield would be only 50 per cent. of that
of last year. A home production also en-
deavored to show that there would not be
enough harvested to supply wheat for the
fall seeding, while the extreme cold assisted
somewhat in the stiffening process. After
the early rush trading was almost entirely
local and confined to Scalpers, dragging
heavily toward the early close. Sample sell
ers We're kept busy, and the aggregate busi-
ness was up to average of uneventful days.
Corn opened displaying more strength
than was noted yesterday. 1t was due to
the Geld weather in the West and South
west. This. together with the light re-
ceipts-253 cars-of which 205 were con-
tract grade, and large shipments 900
bushels-imparted firm feeling to the mar
ket June corn. which closed last night at
471Sc opened 81 higher. 1t sold up a few
points,
BUT THE ADVANCE
was met by the desire of local operators to
realize, which was somewhat of damper
to the rise. After the first buying the
market eased off. 1t was apparent that
there is no desire on the part of
local traders to go short, and stronger
feeling is gradually springing up.
Visitors on the floor from the Western
country brought reports that the supply
was very limited. Farmers who expected
to have from Z 1000 to TO- 900 bushels to sell
have been obliged already to feed forty days
longer than usual, and are now buying
corn. Toward the close there was still
further advance, on reports of higher prices
in Kansas. and good \buying here. The
June options closed strong at 47$4c. On
the late board trading was light, the only
advance being sustained and closing prices
were nearly &c higher than those of yester-
day. The latest quotations were 47Sc'
May, 4755c June. 475sc July.
Oats were steady and extremely quiet at
quotations. A very moderate speculative
trading was done in the near futures, while
the sample market was rather neglected.
At the close quotations were 245sc May,
35c June, 355Sc July, 1928 August. Sep
TENDER was offered at 27ss.
THE PROVISION PIT
was almost deserted all through the ses-
sion. The market was the dullest which
has been noted for some time, although the
market opened shade firmer, early sales of
pork being about 10c higher than Yesterdays
closing figures. Lard and ribs were also.
stronger and shade higher. The offerings
increased at about noon and the market for
all the product receded to inside prices, but
toward the close of the morning session there
was better inquiry and slightly higher prices
were obtainable. This afternoon the feeling
was steady and firm, with outside figures Of
the day obtainable, but the market was. in,
active. Receipts of hogs are still liberal
and the majority of dealers expect them to-
continue so for some time. June pork
opened at S11. 10 and advanced to S11.26 in
sympathy with the grain markets, closing at
that figure. June lard closed unchanged at
$685.. Short ribs for June closed SC
higher at S5.7O, the highest figure of the
day.
At the stock yards there was large in
crease in receipts of cattle and prices on the
ordinary run of shipping sorts were a shade
lower. Receipts of hogs moderate, the de-
nand rather slow and values to 10 cents
lower. Sheep, light supply and prices
steady.
CHANDLER-BROW CO., +....
Chicago and Milwaukee Grain. and
Provision ...,----.-