The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-12-12
I'M THE FACE OF THE CROP RE-
PORT CHICAGO WHEAT AD-
VANCED.
STRENGTH DUE TO CABLES.
kDVICEs FROM LIVERPOOL Dr-
CIDEDLY BULLISH IN THEIR
GENERAL TONE.
NORTHWEST RECEIPTS SMALLER.
Corn and Oats Gained Fractions,
But Provisions Were Weak and
Scored Declines.

CHICAGO, Dec. 11.-Wheat surprised its
friends today and disappointed its enemies
by the decided strength 1t displayed, in the
face of most bearish government crop re-
port. The frmness of cables was per-
haps the chief element of strength in caus-
ing an advance of 1hc in the May option
Corn and oats shared the strength in a de-
gree, advancing kc each. Provisions were
weak and declined 71AQ15c. Wheat took its
opening strength from the Liverpool cables.
May, which closed weak yesterday at 1880
opened today at from 1875 to 794c, and in
side of an hour had climbed up to 79kc.
Opening quotations from Liverpool showed a
decline of sd, but a later cable, also re-
ceived before the opening of the session
here, showed a I'D recovery. Their gen.
eral tone was decidedly bullish, one private
cable from a well-known Liverpool house
remarking that the decline had brought
forward an active demand, and expressed the
opinion that prices had touched bottom. Later
cables reported further advance, bringing
prices from 12d higher for March to Id
higher for May than the closing prices of the
day before. The Liverpool strength was
said to be largely due to the bad reports of
the Argentine wheat crop. 1t was generally
expected the government wheat crop report
would exercise depressing effect on values.
1t showed that the crop shown last fall is
not only five per cent greater in area than
harvested this year. but the condition is
nearly perfect and indicates a yield fully
100, 000. 900 bushels greater than gathered this
year. Providing always that neither condition
nor acreage suffers any Impairment. But
the trade took the view that considering all
that the plant had got to encounter before
the next harvest-eight monhs hence-present
condition did not offer very safe basis for
future action.
New York gave the best kind Of confirma-
ton to the improved tone Of the foreign
markets by reporting a liberal demand from
correspondents of English houses against
cable acceptances Of their previous after
moons offer. The foreign cables were the
principal, but not the only reason, for the
advance which took place after the opening,
and which was mostly maintained to the end
Northwest adyices were to the effect that
receipts there will be much smaller after
Monday. Receipts at Minneapolis and Duluth
today were SGT cars, compared with 500
year ago, and Chicago received IA cars, against
124 year ago. Exports of wheat and flour
from Atlantic seaports amounted, together,
to the equivalent Of 305. 600 bushels. The
closing public cables were rather disappoint-
ing, for, although Liverpool quoted futures
advanced, spot red was Id lower, and No.
northern 11hd lower. Continental markets
were generally firm. May rose to 801Ac by IL
O'Clock and fluctuated between that figure and
1910 during the greater part of the day,
finally closing firm at 79A@797sc.
Corn was depressingly dull, although firm.
The firmness was principally due to the ad-
vance in wheat, but got slight infusion of
that feeling from another days receipts con-
siderable smaller than yesterdays estimates.
Gables were lower. This and the narrowness
of trading, prevented any material advance.
May opened unchanged at 25%@25Bc, and
rose to 26c, closing steady at z5k@26c. While
q fair business was transacted in oats there
was no such interest manifested as yester-
day and the day before. Prices were confined
70 narrow range, and closed where they
did yesterday. May opened at from 205s02O1hc
sold to 20&02o7sc, declined to 205sc and
closed with sellers at that price.
Provisions took the opposite course to that
OF the day before. Local spectators who had
Q little profit in previous purchases
were among the sellers. The packers also
sold some, those Of them whose chief bust
ness is with the United Kingdom doing the
most Of the selling. Heaviness increased near
the end, and the closing prices were at or
about the lowest of the day. May pork
closed 15c lower at $7.85; May lard about
Joe lower at $4.021a@4 .05; May ribs about 1Oc
lower at So 9715. Estimated receipts for Sat
urday: Wheat, 81 cars; corn, 230 cars; oats
40 cars; hogs, 10000 head.
The leading futures ranged as follows: