The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-05-13
BEARS LAST INNING
SCORE SLIGHTLY IN THEIR FAVOR
WHEN THE WHEAT MARKET
CLOSED.
NET LOSS OF AN EIGHTH.
EARLY IN THE DAY THE PRICE
TREND WAS THE OTHER
WAY.
OLD STORY OF CROP DISASTER.
1t Held the Floor Until Realizing
Sales Pulled Down Prices In
the Pit.
MARKET SUMMARY.
FINANCIAL,

| CHICAGO, May 12.-Wheat bulls had
strong inning today, lasting about an nour,
and then the bears went in and were sui
batting in an irresolute way at the close, the
score standing &c in their favor at the call
of time. Crop damage reports caused the
early strength and realizing was the principal
reason for the decline. Corn was shade
easier and &c lower at the end. Oats also
lost trife. but averaged firm. Provisions
were rather weaker, but changes in prices
were IN the end very slight.
For few minutes after trading started
wheat showed signs of weakness, not from
any particular cause outside of the almost
perfect weather but from a belief that some
substantial reaction s.um the rise of the past
few days waS about due This feeling, al
though not taking on the proportions of a
general movement, was sufficient to cause
July to open shade lower at 73ss@731sc and
to force it down soon after to 73Ac. Only
for a short time, however, was the weak
ness apparent. 1t was the same old story
of crop disaster, not only at home, but from
abroad, and the buying. which started Oh these
| reports and which increased in volume as the
session progressed, carried the price up to
74%c before II O'Clock. Damage reports from
California were of the usual gloomy charac-
! ter, but those from Illinois were still dark
er. The area sown last fall was 749 900
acres and all of that left standing according
| to the state report, is $500 acres. The con-
dltlon of that small remainder is 81, ind ;cat-
ing roughly crop of about 1900 600 bushels
compared with yield last year of 28, 700, coo
bushels from an average of /, Csc, 600. 1t was
said that the French crop would show 20
per cent shortage from last year, which, if
true. would compel that country to import
at least 5O.O0O000 blu. Chicago receipts were
M N@1.r n.
cars, compared with 291 a year ago, and 1862
on the corresponding day of the year be-
Iore: Clearances of wheat and -four from At
| lantic ports were equal to 1877 900 .bu.New
York reported good demand for wheat
on foreign account. By the time the price
mad reached 74Ac the shorts had about dis
appeared, and reports of showers in California
easily broke the market to 1890. These re-
ports were afterward contradicted and re-
covery to 1850 ensued. That was the price
asked at the close.
Corn was firm during a greater mart Of the
session. and only eased off when wheat weak
ened. Country houses did most of the sell
ing m me cash cas- trade was good, and did much
6Sl, 600 bushels. July opened a shade lower
| at 253sc, sold to 251s@255sc{ and broke to
zazsc, closing easy at 251s@25Ac. Oats were
s sSo early on covering, and with wheat
me market yielded later on realizing the
| sell1ng becoming heavy after the decline
started The shipping demand so sharp all
~ee rs showed pause today. July opened
Lo"Oi a. lc7SWloAc, S0lQ between
le12c and 1Sc. and closed at 1S1sc asked. Pro-
VISIONS were easier at the opening on liberal
hog receipts here and farther West Trad
ing was very dull, but enough support was
given the market to cause recovery of the
| slight initial decline, except in lard. At the
| close July pork was 21Ac higher at $3.50; July
| at $3.50 4. 671s "
Estimated receipts tomorrow: Wheat 7
cars ca nea corn 126 cars; oats. 40 cars; hogs.
The leading futures .ranuod nc sal.a