St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-03-31
BULGE IN MAY WHEAT
Foreign Adviees Come in
Strong to Strengthen the
Market.
Pillsbury Has a Private Dis
patch Quoting Odessa
Wheat Way Down.
The English Crop Is Back
ward and the Weather
Frosty.
The Wall Street Market Opens
With a Trifle Better
Spirit.

CHICAGO March 3).-The specul alive trad
ing was strongly III favor of higher prices,
and opened with immediate advances for all
the leading commodities. The tone thus
early impaired was maintained throughout
the session, but a considerable advance over
the prices paid Immediately at the start,
which subsequently occurred, was after
ward dropped SO that the gain in the end
did not exceed that secured on the first brush.
so far as wheat was concerned. fine pros
poets for the coming crop in this country
were arrayed against the damage already
done to the crop IN Europe and the days re
ports were strongest in the latter particular.
May opened l2c higher than it closed on sat
urday and at once advanced &c more. The
cause of the opening bulge was not at once
ascertainable. Easter Monday is a holiday
abroad, 50 there were no cable market reports:
the weather here was rainy. which furnished
arguments on both sides. and Northwestern
receipts were liberal. Later. il was learned
that private dispatch from Antwerp quoted
the market there stronger. and the first bulge
was attributed to that An advance of about
1c on this slight foundation was considered
too much by the bears and they at once began
selling, with The result that l2c was knocked off
the price. Ii was remarked. however, that
the market appeared 10 have wonderful
drop and il soon became known that the
Antwerp dispatch referred 10 was not the
only piece OF foreign news at the bottom of
the excellent buying. c. A. PillSbury, the
Minneapolis miller, had g private cablegram
quoting the stocks al odessa down to low
ebb, Russian farmers unwilling sellers and
considerable damage 10 the Russian crops;
aud prominent house received London
dispatch describing the English crop as being
backward and the weather there frosty. In
addition to the foregoing news free loading
or wheat at san Francisco for export was re-
ported and another jump 10 the highest point
of the day followed. The opening price for
the May delivery was Sl.04l4, and it advanced
TO Sl.04l2, then declined to Sl04, gradually
reacted 10 Sl.04Ss before making its greatest
break 10 Sl.0534. 1t then advanced to S1.05
The free realizing of profits on early
purchases was chiefly responsible for
the setback to prices toward the close. The
corn market was strong aid nervous. 1t
started al anywhere from Csc to 6S5sc for
May, but weakened and sold off TO 617s G.
There was very Irregular range i'll the sub
sequent fluctuations, but the feeling OF
strength developed at the opening was for
the greater part of the day fairly maintained
There was a squirt in the latter half of the
session which took May up to 69Ac. This
was caused by the scarcity of the cash offer
1nes compelling one of the heaviest local
users Of corn TO buy from the elevator stocks
at &c over the price current for May delivery.
The July future did not respond to the ex-
IRENE bulge in May, but it also ruled firm
and occasionally strong. The transactions in
oats at the opening prices were very
large; the demand was urgent and
there was nothing of consequence for sale;
hence an advance of I4Gll2c was recorded be-
fore the trade became general. Values were
fully 1c higher early, when there was consId-
cradle realizing, which caused corresponding
decline. The anxiety of the shorts to cover
turned the tide the other way for time but
the close was weak, with prices sR@l2c higher
than saturday. The provision market was
excited by the advance in the price of hogs
reported from the stockyardS. the prices
mission houses found il very difficult TO exc
cute orders satisfactorily under the rapid
running up and down of values May pork
anywhere from Sl2.S5 TO Si3. 1t sold Off to
Sl2U12, and again advanced to Sl3.30, and
closed at Sl2 S. Lard and ribs were equally
irregular and excited, but closed with the
greater part Of the early bulge lost.