The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-11-11
MARKET SUMMARY.
FINANCIAL

CHICAGO, Nov. 10.-Every trace of the
weakness which has prevailed in the wheat
market lately disappeared today. Strong
cables and reports Of serious damage by
frost in Argentina caused a very substantial
opening advance which was added to later
by the large export engagements, May closing
at a &c advance. Corn was firm and Sole
higher. Oats advanced 14c, but provisions
dragged and closed at small declines.
Wheat started with a bulge Of 19sd1&c
for May, opening trades in that option rang
ing from 90lac to 907sc, and a somewhat eX-
cited demand existing at those figures. The
cause was the wholly unexpected jump at
Liverpool, where advances of from IL to 21Ac
per bu were recorded before trading COM
menced here. This, it was soon explained
was due to a Buenos Ayres dispatch in the
London Times stating that the wheat and
fax crops Of Argentine had been severely
injured by frost. Great efforts were made to
discredit the frost news, but it was too well
authenticated to be disbeleved. The only
possible uncertainty connected with the mat
ter was as to the extent of the damage and
it gave scare to short sellers. The open
ing advance of course, attracted selling or
ders from people who considered the rise too
sharp and sudden to be maintained. Such
selling kept the price from getting higher
The efforts of the heavier shorts, who refused
to buy on the bulge, but dared do nothing
to help depress it, except in the way of
talking it down, could not accomplish more
than 5sc reaction from the highest point of
the opening range. The market sold down
very gradually to 90Ac then back and forth
between that price and 90$4c, but by noon
was selling around Sic.
In some respects the news was bearish,
chiefly in connection with domestic receipts.
Chicago had 1O4 cars inspected into store,
against 20 year ago. Minneapolis and Du
luth got 1,19O, against Ali the corresponding
day of 1896 The acceptances from abroad
Of wheat, offered by cable yesterday and
the day before, resulted in the largest sales
effected in any similar previous time this
season. That came to the strengthening of
the market at such times as the belittling
OF the Argentine news was having some eff
feet. Before the day was done it was re-
ported that 125 boatloads 100000 bu, had
been sold for export The market ruled
strong near the end. May closed at 90BQ91c.
Corn was very firm, particularly SO for
December, but trade at no time was very
active. The market was helped principally
by the up turn in wheat. Cables were Up q
old. Receipts were light, 239 cars. There
was quite free realizing following the open
ing advance, and the market eased off a
little under it. The close, however was
strong at substantially top prices. Shorts
led the buying. May ranged from SO$sc to
SOlsc, closing at 3O2sc. Oats were unusually
active. The opening was strong following
wheat and corn, and good buying by COM
mission houses advanced prices &c. The adj
vance was somewhat curtailed by persistent
selling on the bulges. Cash business con-
tinued urgent. Receipts were III cars. Sea-
board clearances amounted to eco bu. May
ranged from Z215c to 217sc, and closed at 22c.
Provisions were a disappointment, scarce
ly maintaining themselves, in spite of the
wheat strength and the practical ending of
the yellow fever scare. Prices at the open
ing were slightly higher, but this was soon
lost Dizziness and scattered liquidation were
the features. Yard prices were weak and low
er. At the close January pork was 212G5c
lower at $8.S5GS.4715, January lard a shade
lower at $4.2712G4.S0, and January ribs 2lac
lower at $50; Estimated receipts Thurs It
500 cars; hogs, 3S,OCO head.
The leading futures ranged as follows: