The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-01-25

CHICAGO, jan 24.-The last ten minutes OF
+odav's session in wheat were as lively as
during the days of the Letter excitement.
Opening at a sharp advance, the market
dawdied along until near the close, when the
recent of news that American warships had
been ordered to Havana started every short
in the Dit for cover. There was no wheat
for sale and the price shot up like the gush
from a newly tapped gas WELL The o1nclal
closing price for May was given at 9312c, a
cent and a half over Saturdays close, but
before the crowd left the pit 94c was bid
July closed at 847s1S5c, an advance OF &C.
Corn and oats were dull, but closed with a
slight advance. Provisions were strong and
showed closing advances ranging from to
15c.
There was enough bull news on hand at the
opening in wheat to start the market stronger
than for some time past. Trading in May
commenced at from 923s9927sc, and July from
s4atc to Sc showing an advance for both
months of about &c per blu. over Satur-
days closing prices Liverpool showed ad-
vances ranging from A@1Ad at the opening
there, and reported the market very strong,
partly on account of the rapidly decreasing
stocks Another bull encouragement was a
reduction in Italy equal to 12Ac on the duty
on wheat. The offerings were quite liberal
at the advance and continued SO for the
greater part of the forenoon, but there was
sufficient number of repentant shorts in the
market to prevent any great reaction. That
option kept all the forenoon within the range
established at the start, except for a few
moments after the receipt of the closing
quotations from foreign markets. 1t was
then found that wheat at Paris for the March
June term had risen As centimes per 100 kilos
or the equivalent of PIC per bushel. The re-
suit of that was to raise the price of May
to 92H@93c. July was more susceptible to
the selling which followed the opening adj
vance and from S5c it declined to S4A@S4asc,
but recovered to S424 @S47sc on buying started
by the news from Paris.
Northwest receipts rather favored the bears.
Minneapolis and Duluth reported a total of
AS cars, against 535 last week, and 185 a
year ago. Chicago receipts were 80 cars, only
car of which Of contract grade.
After noon prices tended downward, until
shortly before the close, many holders taking
profits. May got down to 921Ac and July to
S41sc, but about ten minutes from the close
news of the ordering of the United States
warship Maine to Havana was circulated on
the floor, and the pit in instant in an
uproar. All shorts in the pit started on a
wild hunt for cover, and the price shot up so
quickly 1t fairly took their breath away.
The price had hardened to 926s@9224c bid
when Phelps, of Milmine-Bodman, bid 92a.c
for $4,000 and got it. He Immediately fol-
lowed that by bid of 925sc for 30 900 bu.
more, which one seemed disposed to
part with. and after that there seemed to be
more for sale, and everyone wanted it
and kept raising their bids till 1t brought
$3.50 1t sagged for an instant, and 931ac was
given as the closing price, but the excitement
continued after the bell rang, and before
the crowd stopped trading 94c was paid for
May. Shorts in July were also scrambling,
and that option touched S5c for the second
time, closing at S4T@S5c.
Corn was dull and heavy until near the
close. There was some professional selling
enough to make the market weak on the
very small demand, caused presumably by
the increasing visible supply. The late jump
in wheat caused shorts to cover freely, and
the market was steady at the close, with a
full recovery of prices. May ranged from 20
Q291sc to 2SAQ2SBc, and closed shade
higher at zoe. Market for oats was very slow
and without independence, prices following
the trend of the corn market. There was some
buying of May for New York the demand
being satisfied by elevator concerns The
rest of the business was scattered. May
ranged from 2324c to 235sc and closed a
shade higher at 23%c.
Provisions were firm all day, and trade
was scored early on the small hog receipts.
Prices eased off realizing, but ruled
strong again later and closed firm at about
outside prices. Armour credited with a
good deal Of the buying. At the close May
pork was 15c higher at $3.50; May lard sc
higher at $4S5 and May ribs loo higher at
"a. 90. Estimated receipts Tuesday: Wheat, 40
cars; corn, $50; oats, $50; hogs, %. 600 head
The leading futures ranged as follows: