The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-03-24
DAMAGE REPORTS THE MOTIVE
FOR AN ADVANCE IN WHEAT
QUOTATIONS.
MAY GAINED FIVE-EIGHTHS
THE JULY OPTION PROFITED TO
THE EXTENT OF OVER
POINT.
PRICES DEPRESSED AT THE START
First News From Abroad Was Not
of a Character to Encourage the
Bulls.

CHICAGO, March 23-Wheat today closed
at an advance of sc for the May option, after
an opening Ac declined. Crop damage re-
ports were of rather lurid hue and were re-
sponsible for the advance, the extreme dull
ness of trade probably preventing them from
having a greater effect. Corn, oats and pro-
visions were inactive and showed but little
change at the close.
Wheat had much more reason for weakness
at the opening than the case on Mon
day. Liverpool quoted wheat from Id to ND
lower. English consols were from Is to SIG
higher and Minneapolis and Duluth reported
receipts of 40 cars against $50 week ago
and 705 the corresponding day of last year.
The consequence of the impression created
by these items was that, for a few seconds,
there were sellers of May from 72&Ic down to
7212c against its Mondays closing of 727sc,
but thre was found to be a host Of buyers
at more money. The price was 73c In a few
moments more and 73Hc soon thereafter.
What the rank and file of the local traders
were uniformed of at the opening the
extremely bad crop reports, especially from
Indiana and Illinois, which commission houses
received in their mail. St. Louis soon gave an
indication of their character by crowding
Chicago brokers with buying orders and
steadily pushing the price of July up in
their own market until in about half an hour
tney mad the st. Louis price up 11sc over
where 1t closed yesterday. New York sent
one bullish item of news by stating that
wheat taken for export there yesterday
aggregated 36O,0 900 blu, IA, coo blu Of which
was for prompt shipment. An utter absence
of export inquiry was reported today, how
ever. Chicago received 10 cars of wheat
against As a year ago. The trade here was
rather more strongly impressed by the bad
crop news in the latter half than in the
forepart of the session and Bradstreets re-
ports showing 1853 coo blu decrease in the
worlds visible also came to the assistance
OF the bulls, resulting in the price for May
gettlng to 1880 and closing at 73bc The
bad crop reports had a more decided effect on
the July option, which advanced Ike
Corn was firm but very dull, the fluctuations
In the days trading being confined to &c
There was but one feature to the market
the enormous seaboard clearances, which
amounted to 1899, 900 bu. This served to
Keep prices firm and cause a Bc advance.
May opened unchanged at 412c, sold to 245a6
z4e4c and closed at 243sc. Another day of
extreme dullneSs passed in the oats
market, with absolutely nothing in the way
OF news to report Prices were confined to
a very narrow range and were controlled en-
urely by corn. SeabOard clearances were
0IUOO bu. May opened a shade higher at
I'1s@l7Ac, settled at TIC and closed at that
hgure. Provisions were inclined to heaviness
early in the day, although hog receipts were
much less than expected. Yard prices were
weaker and effected provision brokers to
certain extent. Near the close about all the
early loss was recovered on good buying BY
English houses. May pork closed at IS. 95
May lard, $42GG4.2212, and May ribs SC higher
at %.65. Estimated receipts Wednesday:
hogs 200O0 head
The leading futures ranged as follows: