St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-05-18
European Figures and Ru-
mOped Failures Worked
Against Wheat.
CopiouS Rains Induced Early
Strength, but Weakness
Succeeded.
Corn Was Strong and Made a
Decided Gain in Quota
tiOnS.
Rising Tendency in the Gen
eral List on New York
Exchange.

CHICAGO, MAY 17.-Ponderous European
statistics and rumors of foreign failures kept
wheat down today despite floods OF rain III
America. The cereal closed lac under last
nights quotation. Corn was strong and is
3lzc higher for May and 1a@1asc for July.
Oats are up Ac. Provisions were dead.
The opening in the wheat pit was 1s0Ac
up, but prices soon declined Sac, then rallied
Sac, eased off ssc and closed steady. The
stronger opening was due to the general
rains, which more than offset lower prices
from Liverpool till the receipt of dispatches
reporting the worlds shipments OF wheat
and flour for last week as amounting to 1851
600 bu. Shipments to such heavy extent
were unlocked for, seeing that the Indian
clearances had been previously given at 5SO,-
600 bu less than on the week before.
There was sharp break, during which all
the early buyers for scalping profit sold out.
Following that there was a heightened
period of extreme dizziness. The recovery
was quickly checked by the posting OF the
closing cables, which were even weaker ana
lower than the early ones. Liverpool opened
Id off on spot wheat and l2@DAc lower on
futures The closing pubic cable quoted
futures from lac to 214d lower. Bradstreets
statement of available supplies was at hand
day ahead of time, and gave decrease OF
2,14S,O0 bu all told. This was less than ex-
pecte0 and ADDED 10 the neaVlness VI tne
market.
Late in the day there was serious doubt
| about the worlds shipments as reported early
| being correct. Still, there was no force 10
| the market, and the close was only steady Ac
! above the bottom for the day. Primes crop
| bulletin reported rank growth In many
| wheat fields and danger of rust. w. j. Pope
| puts especial importance in the fact that Du-
| luth stocks of No northern wheat are now
reduced to less than 3.00l,0 600 bushels.
The light stocks of corn here make short
| sellers very cautious. and holders OF corn are
| not in hurry to let go. May shorts pushed
| the price from 4Sc to SIC on few trades, with
| bids at 5ll2c at the close. The situation is
serious. and with any further rainfall over
| the corn section a lively deal may be eX-
| pected. Christie, of Kansas City, and Riley,
| of Topeka, i'll report to Counselman, say
| corn fields look like. mortar beds. and Will
! not be fit to work for week or ten days even
| with the best of weather. The July option
| started out with l2c advance. was steady TOR
| time but later sold up l2c, reacted ssc.
| again sold up SEC. changed some, and closed
with gain of I3@9sc.
Oats ruled steady to firm, through sym
| pathy with corn, but attracted little atten-
| lion. telegram from New York to lead
] ing shipper requested that cOnsignments OF
contract oats be hurried forward as May was
/ getting tight and stocks were light.
| The heavy receipts of hogs were against an
improvement in the price of provisions: and
/ the strength of corn was an influence IN the
| opposite direction. Neither longs nor shorts
were agitated. nor could they see any induce
ment to trade and consequently very little
| was done. Prices closed a small traction
| lower than on the day before.
The leading futures ranged as follows: