St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-05-08
Bad Crop Reports and Adj
vaneed Prices Abroad the
Main Factors.
Corn, Oats and All Hog
Products Share in the
Improvement.
Wall Street Bulls and Bears
Enjoy a Needed Breath
ing Spell.

CHICAGO, May 6.-There was boom
in wheat today, the market bordering
! almost on excitement several times. A
| fair speculative business was transact
ed, and the feeling developed was
stronger, and prices showed further
advance, the close being &c higher. In
corn the market was active the most of
the session, price changes covering 81
@I9c range, closing with slight gain.
Oats advanced 399$4e and closed strong
at the outside prices. Pork closed SIZE
higher and lard and ribs loo above yes
terday's last figures, with moderate
trade only.
The wheat market opened with buyers
by the hundred and sellers scarce, with
prices at the moment of opening any
where from 761lc to 7656c for July, COM
pared with 75%c at the close of Fridays
session. Reports concerning the con-
dition of the crops here and abroad and
the advanced prices in England quoted
in the early cablegrams, were the main
causes of the agitated advance. Liver
higher. Cargoes on passage were strong
at from Sd to Cd advance, and cargoes
off coast were advised as being very
strong at from Sd to Cd higher prices.
The weather in England was called bril-
liant, and that is at present considered
unfavorable for the crops. 1t is &C.
knoWledged to be injurious for grass,
tc nd Knit off Of Mi
liant weather upon wheat is not being
dWelt upon in the cable news. There
was good buying by some of the promi-
nent local traders most of the day,
though occasional spells of weakness
set in, caused by selling orders tempo
rarily exceeding the demand. Receipts
in the Northwest were smaller. but local
receipts hold up pretty well. There
was good shipping business, and this
was made feature of the day. Shorts
covered freely, especially during the
last half Of the session, and it looked as
though there was some motive power
under the market besides the influences
mentioned. =
The receipts at primary markets we're
slightly smaller than the preceding
week and the exports larger, and it is
fair to expect that the visible supply
will show decrease. Receipts at Du-
luth were % cars and at Minneapolis Isl
cars, total Of IA cars, against 1928 cars
yesterday and 262 cars for correspond
ing day a year ago. Local receipts were
272 cars, of which 1874 cars were of con-
tract grade. The opening was about d
@%c higher for July and 19@Ic higher
for September than closing figures Of
yesterday, then advanced 15c more for
July and 115c more for September,
eased off slightly, but again recovered,
and the closing was about 1Tc higher
for July and &c higher for September
In corn the conditions were little
changed, but there was a change of
front among the leading houses. The
bullishness of the wheat market, the
cold weather over the corn belt, the
dlscouraging reports from planting, the
frmer and higher cables, the light re-
ceiptS and the strength In other markets
contributed to a strong opening. Re-
ceiDts were small at 100 cars, and the
weather little improved over the West,
but is still wet and cold in many places.
Estimates for Monday are placed at 115
cars. Initial trades were at A034c adj
vance, and under good demand sold
up fraction more, wheat ruling much
stronger at the time. May and July
touched the high point at once at 1870
1870, while September sold at 4625c.
1t was on this sort Of bullying market
that half-dozen houses, led by Cong
don, Patton, Bartlett Frazer and Hatelys,
undertook to take the profits on a large
line of corn for July. ALI months suf-
fered alike. The sales by the syndicate
were so general as to oyershadow all
else, and prices went down quickly.
The break the first hour was to 44c for
May, to 4518c July and to 45T946c for
September. There was rally of about
&c from the bottom prices au hour
later. Receipts were $50 cars, and for
Monday lis estimated. The market en-
tirely recovered from the early selling
before the close, and last prices were
better than on Friday at 441sc May.
45Ic seller July, and 4715c September.
There was a good trade in oats. but
the volume was not so large as for sew
eral days past. An unsettled feeling
prevailed, and prices, after starting
about the same to SOLO, declined &c
to &c on realizing by longs, in SYM
pathy with corn. Good buying on the
weak spots and the late advance IN
wheat and corn created strength, and
was strong at the outside figures for the
months beyond May. the latter showing
a net loss for the day of sc, while the
other months were up 1401$9c. The
volume Of trading in pork was very
light. The opening sales exhibited an
advance of 1899, but on some selling by
the local crowd the market declined sc.
and then reacted on active bidding, with
sales at 5W10c advance at a time, to
6719c. Some offerings by local oper-
ator forced the market down soc, but as
soon as they were withdrawn it i'm
proved 1870, and closed strong, 5715c
higher than yesterday. The offerings
of lard were quite limited, and as a re-
suit trading was light. A firm feeling
prevailed in sympathy with pork, the
market advancing 10c with very Slight
reactions, and closing with that gain
over yesterdays final figures. There
was a'steady feeling in ribs early, the
opening sales being around Yesterdays
closing prices for September to 215c
better. Offerings were scarce, and with
the advance in pork this market re-
spOnded to the extent Of 10c, and closed
with that advantage.
Estimated receipts for Monday:
Wheat, 200 cars; com, lis cars; oats. 2fO
ears; hogs, $4,000. Freights were slow.
Rates remained steady, at Ike for wheat
and lc for corn to Buffalo. A few small
loads were offered, but 10 charters
made.
The leading futures ranged as follows: