St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-03-14
GAIN OF NEARLY A POINT.
Only a Moderate Business Transacted,
But Firm Feeling on
Wheat.
Moderate Milling Demand and Reports
From the South Of Crop
Damage.
Financial Operations Of the Money
Kings-The General Quo
tati0nS.

CHICAGO, March 13.-The strength
which developed in wheat to-day was a
surprise to those who sold the market
for downturn early on the very pleas
ant weather. No one was surprised,
perhaps, more than Hutchinson, who
sold several hundred thousand bushels
the first half hour and, perhaps, 1,000,-
900 bu before the advance fairly set in.
His was the only heavy selling of the
day up to o'clock. The markat started
steady at 1873 for May. The very sell
ing referred to put the price Oft to 7S11sc.
but very free buying by Mccormick and
Jones. Kenneth helped to stop the de-
cline, and later news put the trade in a
better buying mood. To begin with,
private cables were about the only sup
port of the market. Then there was
confirmation of injury to wheat fields in
Tennessee and Kentucky, by letter and
wire. Then the Price Current estimate,
giving 100000 bu less eXportable surplus
than Dodge gave early in the week, was
received. Then followed reports of
sales of cash wheat by Dunn & Co. for
export, and advices from Sawyer, Wal
lace & Co., New York, that sixteen
loads had been taken there for Lisbon.
On top OF this Boyden & Co., it was
said, bought $4,000 blu No. 2 red wheat
&c under May. The clearances helped
still more. New York cleared 100000
bu wheat, and Baltimore cleared $4,000
bu and $4,000 bblS flour. Gradually, as
this information was received, the mar
ket gained strength, Jones and KEN
nett bought more heavily. Cottrell,
New York, bought here freely. Logan
q Co. and Schwartz-Dupee joined the
buying forces. Even Hutchinson, after
enormo us sales early, bought quite
round lot on the advance around 7S19c.
The bulge took May up to 7S9@7S34c
at noon, with slight drop to 1880
1890, and on second and stronger
bulge the price went to roc, just at l
O'clock. June sold at ne and 7S7Sc,
July at 1858 @76Ac. The last half hour
saw scramble for wheat. Hutchinson
called: all "calls" around 1873 @7S24c,
and proceeded to take the wheat.
Everybody else wanted it, and the Offer
ings were light. The receipts to-day
were 40 cars of wheat. 423 cars of corn
and 121 cars of oats. Shipments:
Wheat, 10,207 bushels; corn, 214, 1886
bushels; oats, $780, 1868 bushels. Corn was
rather quiet and the undertone was
weak at the opening, though there was
no material decline. The finer weather
was taken as an indication Of
increased receipts, and there was more
disposition to sell May. Armour & Co.
and Bartlett s. Frazier were sellers,
with scattered demand, mostly to
cover shorts. Receivers had few sell
ing orders, but they were not numerous
enough to constitute much of feature.
Later corn improved some and ad-
vanced to the closing figures. Oats
were quiet and steady and the market
without special feature. May sold at
214@21a5c. This was no pressure to
sell, and while the buying was sufficient
to hold the market the aggregate bust
ness was light. Provisions were more
active and higher. Pork was especially
nervous; the continued light ar
rivals of hogs and the firmer
prices at the yards furnished le-
ultimate reason for firmer product, but
in addition to this pork was strength
ened by rumors of impending manlpu-
lation, which excited shorts and started
them to covering. May pork was ad-
vanced from S1O.2715, the opening price.
to $1,000. but weakened some later on
realizing sales. Norton and Worthing-
ton were said to have bought very
freely. Lard was firm, May selling at
Sc. 1O@615. LANCE & Co. sold a good
deal, but it was all readily absorbed.
Ribs ranged at s4.971l@ .o71s for May.
The leading futures ranged as follows: