St. Paul daily globe., 1891-05-07
INNING or The BULLS,
Reduction Of French Tariff
and Other Conditions Ad-
vance Wheat.
Prices Go Over Two Cents
Higher Than the Pre-
vious Day.
Much Better Feeling Mani
tested in the Corn
Market.
st. Paul, Chicago Gas and
Atehison Stocks Only
Are Active.

CHICAGO, May ct was the turn Of the
bulls in wheat to have an inning on the
board of trade to-day, and they improved by
putting the price up 2ssc. This was not ac-
complished without opposition from the
bears, however, and the upward course of
prices was marked by number of sharp re-
actions. The believers i'll lower prices are
still confident in their position, and are pre-
dieting a still further reduction in values of
10c per bushel or about 25c from the top fig
ures of two weeks ago. The conditions TO-
day were largely IN favor Of the bull move
ment. First in Importance in this behalf
was the reduction of the Fresh tariff on
wheat and -four in an amount estimated to
&c equivalent to 13I2c per bushel: then
came Bradstreet's report on the yisi-
bic supply, thowing decrease of 2,5O0O0 bu
east OF the Rocky mountains and 100000 bu
west of that range. The fact of the recent
heavy decline in prices was also factor as
favoring reduction. The market no doubt
was largely oversold, and buying of any CON
sequence created nervousness among some
of the shorts Foreigners were reported
to have bought wheat at the seaboard.
There was less pressure to sell, and at times
the offerings were yerv light, so that the
market responded readily to the demand
About the only news favorable to the bears
was the weaker and lower foreign markets.
The buying at the start was led by Roche.
The selling on the first advance
was by Partridge and Baldwin-Farnu
On each break, however. the bear
crowd was freely buying, and but few of
them sold very heavily on the subsequent
rises Ream, Linn and Partridge were prob
ably the only exceptions July wheat started
at sS14c. speedily sold to 99l2c, broke to 9SI5c.
then improved to 99s4c, fell back to 9ea4c, and
on the next advance went to S101I2. but
weakened before the close to 81. A much
better telling was manifested in corn, with
less pressure to sell and more inclination 10
buy, the result being much steadier under
tone than for several days ,psst. Receipts
were light, cables were rather better and
prices in New York were higher. Bry-
ant made an Intellectual attempt to break
prices; his offerings were absorbed by the
bulls and the advance continued. July
opened at 6e060l2c, and with one or two reac-
tions. sold up to 6ls4c, closing 14c below that
figure. Oats followed wheat and corn and
the close shows an advance in the ruling
option Of lc compared with yesterday Pro-
visions opened weak under free liquidation
by longs. Ream was reported to be selling
July pork and buying September Armour
sold some July. Around $I2 for that option,
lot of stop loss orders came in, and their
execution depressed the price to S11Sl.
Thereafter, in sympathy with cereals. the
market strengthened and July pork sold up
to S12.30, but closed 7l2c lower than that
though 17l2c above yesterdays closing price
July lard closed I2l2c higher, and July ribs
17l2c higher.
Cash quotations were as follows: Flour
Quiet and easy; spring patents, S5@5. so;
winter patents, S5@5.25; straights S4.6505:
bakers, S4.35@4.5O. Wheat-No. 2 spring
S1.Oll2; No. 3 spring, 95I209Sc; No. 5 red
81 .01A@1.04. Corn-No. 2, 61l5@674c. Oats
No. 2, SIC; No. 2 white, 55@56c; No 3 white,
5i955c. Rye-No. 2, Soc. Barley-No. 2,
nominal; No. 8, f. O. b., 73@75c; No. 4, I. o.
b., 6S173c. Flaxseed-No 1, Sl.14 Timothy
Seed-Prime, S1.2S11.29. Mess Pork-Per bbf,
Sl2. Lard-Per 100 lbs, S6.62l506.65. Short
Ribs--Sides loose, S515@6 90 Dry Sailed
Shoulders-Boxed, S5.2C@15.25. Short Clear
Sides-Boxed, S6.5006.60 Whisky-Distillers'
finished goods, per gal, S1.17 Sugars-Un-
changed. Receipts-Flour, 10000 bbls; wheat,