The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-11-20

CHICAGO Nov 19.-There was enough
bullish news in wheat today to have ad-
vanced the price Sc per bu, but the close
showed gains Of only &c for December and
@sQ%c for May. Top prices were made on
the announcement of French purchases Of
100000 blu of wheat off coast at London.
Corn was slow and closed 1Bc lower for De-
cember, but unchanged for May. There was
an irregular market in oats, December declin-
ing 3Sc, and May was unchanged. Provisions
declined about 2Ac
Wheat got good start for higher prices at
the opening by the strong tone of the for
eign markets. Liverpool, instead OF de-
clining in sympathy with the loss of &c
per blu here yesterday, opened I'd higher.
Paris was also reported strong and higher.
Another matter of foreign origin gave en-
enlargement to the bulls. The Liverpool
Corn Trade News telegraphed that crop esti-
mates from the Russian minister fully con-
frmed previous bad reports. The minister
gave the wheat crop as 100000 Blu below
last years in Russia proper. The effect Of
this was somewhat spoiled by another report
which gave the shortage at 100000 900 bu for
the whole empire. The heaviness of the
Northwestern receipts also had a tendency
to keep the market back. The latter, in
fact, was the only strongly bearish feature
of the days trading. Opening prices for May
ranged from 9O18090asc, with a sale or two
at 9O3sG9G12c. Under the influence of the
strong cables the price soon got up to Gle,
but it sagged again. and all morning hung
around 90&c. Receipts today at the two big
Northwestern receiving centers numbered
1926 cars, against SA a week ago and 919
the corresponding day of the year before. 1t
was expected that Minneapolis and Duluth
stocks of wheat would show an increase for
the week of about 100000 bu, but dispatches
from there estimate the increase at only half
Of that. Duluth said an increase of 100000
blu was expected and Minneapolis stocks were
CT cars, against 112 last year. Another bear
ish item Of news was that a cargo of Amer
lean wheat had been re-shipped at Buenos
Ayres, because Argentina expected to have
plenty of her own. Primary Western re-
ceipts were large again. 1884, 900 blu, COM
pared with $4,000 year ago. Liverpool
closed higher, by from lad to 1asd, than it
closed the day before. The reason given for
such an unexpected heavy advance was that
100000 bu of wheat destined for ports of call
off coast in the United Kinkdom had been
ordered to France. Even with this as an
incentive, the price of May went up very
unwillingly. 1t finally advanced to $3.50,
but when the Modern Miller report was re-
ceived, declaring the wheat area up to the
average and promising an increase, the price
went Oll again III d Nndy was 6ellluS
at 9O34Q9O7sc at the close.
Corn was dull, the exerton of the two
previous days having apparently taken all
the life out of the traders. Business con-
sisted chiefly of changing from December to
May at 39s@312c spread. The market was
fairly steady. May ranged from 30@3O1sc to
29ac, and closed unchanged at 29AQ297sc.
The crowd in oats was large all day, and
nervous feeling existed throughout the ses-
sion. At the opening and for a time after
there was heavy buying by the people who
were so prominent on the buying SIDE Later
they turned and sold heavily of December and
the spread, which had narrowed to 3sc, wild
ened to lie. The "switchinGI was so contin
uous that traders became somewhat bewil
dered. The heavy selling in December, how
ever, resulted in a &c decline in that op
ton. Receipts were sol cars. May ranged
from 225aG22Ac to 22A@223sc, closing un-
changed at 22asc.
Provisions were again very dull. The mar
ket was barely steady with the range Of
prices less than sc in everything Hog re-
ceipts overran estimates, which may ac-
count for the easy feeling. Packers were
fair buyers around the opening, but after that
there were more sellers than there were bid
ders. At the close January pork was 21ac
lower at SS.27R, January lard PFC lower at
S4.30, and January ribs 21ac lower at S4.26.
Estimated receipts Saturday: Wheat, los
cars; corn, 800 cars; oats, 300 cars; hogs,
21.000.
The leading futures ranged as follows: