St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-05-14
Chicago Wheat Traders Anx-
ious to Gather in a Little
Coin.
The Premium for May Over
July Occasions Curiosity
on All Sides.
From Top to Bottom OF the
List Quotations Show I'M
provement.
Bear Manipulation Created
Slightly More Activity in
New York.

CHICAGO, May 13.-The wheat trade appears
to be too anxious TO scalp small proht TO
allow of very good market either way.
Much curiosity exists as to why May should
command s4c premium over July. Opinion
varies as to whether the cause is cash
wheat demand or the beginning of manipu-
lation. Com pared with last night May wheat
is up 1c this evening, and July ssc. Corn is
s4c and oats ssc higher. Pork shows 7l2c ad-
vance, ana lard and ribs sc.
The weather map was also bad showing
rain or snow almost everywhere and the
trade in wheat opened with a decidedly
bullish sentiment. First sales were at I4c to
S4c advance on the closing figures OF last
night She outlook was certainly discourage
ing for seeding in such localities as are still
behind hand in such operations. But 10 the
surprise of almost everybody the firmness in
the price and the strength in the situation
was quickly followed by decided weakness
and a sharp slump i'll prices. July quickly go
ing off nearly lc. The drop was due to the
heavy offerings of long wheat and the free
short selling by Partridge. Cudahy, Clifford,
Kenneth Hopkins and Baldwin-Farnum. 1t
was rumored. too, that kaufman, of ST.
Louis. had sold a big line.
The early bulge had given the ScalperS who
bought yesterday at S14@Sll2c q good profit,
and there seemed to be unanimous DISPOSE
ton 10 take il. hence there was an avalanche
of offerings. which at once started the mar
ket on the down grade and caused the
weather map to be entirely overlooked. ca
bles were also lower from the United King
dom, and the high barometer in the North
west led 20 the belief in clearing weather.
Some OF the private warehouses did have nu-
merOus dispatches reporting the weather as
clearing. but these were f1atlY c0ntra0lcteQ
by other advices.
The weakness was helped along by re-
port that the Russian edict prohibiting the
expectation of wheat had been removed.
Then came reports saying that the prohlD,
ltory movement relating to corn ana oats nau
been removed, but that of wheat would prob
ably not be removed until July Is. The local
corn market advanced sharply, and there
was talk of large loadings of wheat here for
shipment. Under these combined influences
the market rallied 7Sc to the top prices of the
day, closing steady. During the day calcu-
latiOn was made by the Chicago Trade Bule
tin, based upon last season crop having
amouted 90 600,000,000 bushels, which indi-
Gated probable surplus over every possible
requirement from home or foreign sources OF
17,000.000 bushels, after all allowance OF So
000,0J0 bushels for reserves. Those figures
were construed favorably for the bears.
C'The corn trade had its regular daily scare
Gtthe opening, when May price was quoted
I6DiIsc over last night at 4Shc, and July 84@
1c up at 44A@44I2c This was on the weather
again. The signal service chart on the floor
showed another night OF rains over Iowa,
Missouri, Kansas and Nebraska. There was
considerable short interest created by the
selling of Yesterday, and this fastened to
cover on the continued wet weather. From
first prices there was drop of l2@1lc IN diff
ferent futures, with break in wheat al ii
O'Clock.
Later wheat became strong again. the pre-
dictions from the West were for more rain to-
morrow and up went tine price of corn TO lSc
better than opening figures. 81. Louis ana
Kansas City messages declared that all hopes
of a corn crop on iowlands must be aban-
doued. Wherever work was progressing at
all it was between showers and planting
prospects are daily getting worse. There was
good shipping demand, and Liverpool was
up Id and quoted very firm. Receipts were
232 cars, but not improved in grading with
cars contract corn. The close was within Ac
of the top.
Oats opened I2c higher on unfavorable
weather, gained an additional lsc and then
broke S5J5sc, owing to realizing by a few
longs The market afterward recovered all
that it had lost, and closed about where it
opened.
Provisions were so dull that the brokers
left the pit i'll the middle of the day, and by
the inducement of few coppers thrown into
it, ent!ced a crowd of messenger boys to get
up a scrambling interlude for their amuse
ment The firmness of corn contributed to
hold prices up.
A good deal demand existed for vessel
room, and rates remained steady at &c for
wheat and lac for corn to Buffalo. Esti-
mated receipts for tomorrow: Wheat66 cars;
corn, 260 cars; oats, 205 cars; hogs, 5000.
The leading futures ranged as follows: