St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-05-13
WHEAT IS MOVING Up.
The Leading Cereal Was
Strong, With an Upward
Tendency.
eearish News Had Little or
No Effect on a BulliSh
Market.
A Contest OF RumOrS and Re-
ports in Which the Bears
Lost.
Tie News From Abroad
Causes a Droop in New
York Dealings.

CHICAGO. Nay 10 -The panicky feeling in
The financial centers of Europe over the dis
uraed fiscal situation in Portugal was not
reflected in the wheat pit here, as such mat
ers usually are Wheat acted all the fore
Ioon as though it was scoring for an adj
iauce During the last hour the advance
came BeariSh news no matter how i'm
pOrtant seemed 10 have but temporary
feet BCllish news, however, met ready
-esponSe. 1t looked as though Partridge
ma the Eastern people were selling wheat,
uut ihat the balance of the big bears here
we're working temporarily on the buying
side. A feature of the session was the
strength of May. Seaverns bid for it
quite freely AS the offerings were
scarce h had no trouble in putting
il out of line with July. This, of course,
treated a deal of nervousness about July
,horts. The Lullsh news that came increased
the nervous feeling. July opened at 9S7s0
lglsc and quickly advanced to 995sc, influ-
encod somewhat by the news in the morning
papers that the man-of-war Charleston was
Steaming down The Pacific coast in pursuit
If the liata, with the possibility of fight.
The market hung around THIS hgure as Il
raliying point for a long time, and 1t was
afternoon when another decided movement
was made. which eventually carried the price
though this was not accomplished without
stubborn resistance from the bears who made
n numler of raids on the way up.
They succeeded in driving The price
down to GJ4c several times ard TO 90
once. The reports of panic on the Paris
lourse and in Portugal were the main items
of news on the hear side. The bulls brought
out reports Of damage by the Hessian fly in
Illinois and by the oat louise in Missouri. To
these were added a decrease of 612,0J0 bush
els in the quantity of wheat on ocean pass
age. lighG receipts and stronger closing ca
hles. The fact that closing Paris C lbles were
- they served TO discredit the public reports
of panic there. Realizing sales sent the
price OFF little Mt the close.
Corn was as stubbornly strong as wheat
There was 9 good lively trade. Shorts were
made nervous by the fact that local receipts
were 81 cars short of the estimates and that
the estimates for tomorrow were extremely
lieht The bulge in wheat also helped TO
fughten many shorts into buying. July
opened ~ .SGl.S14c, sold off to 5Sc, advanced
with ore or two reactions 10 5934c, closing
slightly lower. Oats were fairly active and
frmer. There was some reports of crop dam
came from corn and wheat and from
shorts, who bought freely. Provisions
were Iaided early by Ream, Cudahy and
other large shorts who were playing for
break to cover on. The result was Il seces-
sion in The price of July pork, which suffered
the nrunt of The attack of 2l2cin July lard,
and Of lee in July ribs. from the opening.
Later, in sympathy with grains, there was
rally 10 a point slightly above the opening,
closing II medium figures.
he leading futures ranged as follows: