St. Paul daily globe., 1892-05-26
. May IA frantic

May ga frantic scramble in
the provision pit today outrivalled anything
done by the wheat and corn crowds. For
two or three days the local scalping trade has
played tor break in prices. and while ere
ating a short interest, failed to depress prices
10 any extent. The ''chief obstacle ap-
feared to be the firm and advancing grain
markets. When the large receipts of 3O.000
hogs this morning failed to break prices at
the yards ana the packers showed a DISPOSE
ton 10 continue The buying of ribs there was
alarm among shorts.
Then the grain markets made q quick
bulge, and this started the scalpers to cover.
Brokers for Armour, Cudahy and other
packers helped the buying along: Mitchell
and others from The grain trade bought pork
for the advance. Altogether the excitement
was intense and prices went up sharply
The advance amounted to 42l2c in pork 2Gc
in short ribs and l2l2e in lard. Later in the
day, when grain markets weakened, there
was a setback in provisions also. Pork
closed about l7l2c over yesterday, ribs l2l2Ql
l5c, larC 2lac up.
Business in wheat was only moderate. The
opening was weakerand prices sS0l2c lower,
then became stronger and prices rallied SSSc.
again eaSed off, declining Il2c. tiuctuated
slightly and closed about l2c lower than yes
terday. The lower opening was due to
brighter and warmer weather here and lower
cable advices Adyces from several points
III the Northwest reported clear weather up
there and New York parties did some selling
here and possibly bought stocks at home
But at the decline Il sharp demand developed
a good many buying orders being received
from the Southwest. based. it was claimed, on
unfavorable reports of the growing crops.
Advices from st. Louis claimed that the
next state report would show II loss of 10
points in condition. Prices rallied sharply,
but when an effort was made to realize
prlces declined and the advance was entirely
lost. Operators are not inclined TO do much
at present. excepting in a small speculative
way. there being disposition TO await de-
velopments. The alleged killing off of the
Hatch bill was one of the bull arguments t.
day, while a strong bear card was the rumor
OF an important failure in London.
Corn transactions were in The main for
local account and. on the improved weather.
first trades were at l2@l5sc decline. The mar
ket however, soon sold up 101lac on dis
patches speaking of clouds, and in sympathy
with the bulge in wheat and provisions. but
did not hold, declining soon afterwards lls61
Il sSc. changed some, and closed with July
5s@S4c lower. May was frmer at 6506Sc. but
was seldom mentioned.
The great quantity of dry" corn predicted
for this market this week has not yet made
its appearance. The largest amount for one
day, IS cars. or about $1,000 bu was OIL track
today. Only three davS remain until Sunday
and the Monday holiday Will interfere. the
market ending on Tuesday. Willard had a
dispatch announcing that trainload of No.
2 corn had left Buffalo for this market to fill
May shorts here.
Oats opened about Ssc lower. improved SEC,
and then lost nearly all of the advance, fol-
lowing wheat and corn closely all the time.
The shorts in the current month we're either
all covered or satisfied to await develop
me ntS
Freights we're slow, the grain market being
too far out of line for shippers to operate.
Rates to Buffalo were 1S4c for wheat, Il2c for
corn. Estimated receipts for tomorrow:
Wheat. 100 cars: corn, 3J5 cars; hogs, &c, UJ0.
The leading futures ranged nS fnllOHsS;