The Saint Paul globe., 1898-10-19

CHICAGO Oct 1S.-Reports OF serious dam
age to the wheat crop in Argentine, put TIE
bears in full retreat today and induced such
general covering of the short sales previously
December closed 32c higher. Corn gained Il
GssC. Oats are up &c. Pork left off 21zc
higher. lard and ribs &c each.
An advance Of 1@1$sd in wheat at Liver
pool oyer night, the reported concen ration of
a large body of Russian troops accessible to
Pdking in addition 10 reports from New York
that there were ~ boat loads of wheat en-
gagged for export stirred up the opening mar
ket for wheat and made a strong and lively
affair Of ii. The stormy weather in the
Northwest, though it had not apparently cut
down the wheat movement yet, AN
additional influence. 1t soon developed how
ever, that in face OF this influence people
here were selling through brokers and COM
mission firms Then came a denial Of the
export business at the seabOard and there
were reports also that the exporting firms
were undeniably taking profits On long wheat.
The actual export clearings were not up to
the usual high total and the primary market
receipts indicated that big export business
could be supplied and leave a surplus here
besides. Though the bulls REINFORCED their
early batteries by reports of large -four sa.es
in the Northwest and told of the snow storm
in North Dakota, the trade was inclined to
wait until noon TO see what the Increase in
the visible would be. Meanwhile the early
sales came. drifting down of the price and
December which opened 9sQ12c higher at
.
port indicated an increase since two weeks
ago Of 4TS7, coo bu IN the worlds visible sup
ply, which was about 40 per cent OF the
amount expected and caused a recovery to
65$sc. Chicago received 327 cars against 203
last year, Gand Minneapolis and Duluth re-
ceipts were / Az car loads, as compared with
1,I6S for the corresponding day last week
and 1.l30 year ago. The total primary re-
ceipts at the principal Western markets
amounted to 1.649, 600 bu. Reports of serious
frost damage to wheat In Argentine gave the
market near the close quite a little strength
There was a considerable short interest and
the shorts were rather uneasy about sanding
out over the jubilee holiday tomorrow.
Traders generally in the last few minutes
bought wheat with such a freedom that De-
cember was advanced to 652zc and closed at
65@s-Ac buyers.
The strength developed by corn at the start
was due largely to sharp advance at Liver
pool. The storms also promised to check the
arrivals and gave the bulls a chance to op-
crate with courage. There was considerable
profit buying at the outset, but it was met
with offerings by scattered holders and by
brokers and commission firms, who presum-
ably represented elevator interests. That to-
gether with the decline in wheat caused a
reaction and the early high points were not
fully maintained. The estimate of receipts
Of only $50 cars tomorrow. however, acted as
offsetting influence. Receipts were 935 car
loads. December began unchanged at 311R@
31%c. advanced to 31%@31Bc and closed at
S15sGS1&c buyers.
There was quite large trade transacted
in oats at higher prices. The demand was
urgent at the beginning, but later in the day
quite few of the early buyers turned sell
ers and caused the market to lose nearly all
OF the advance. There was an excellnt cash
demand however, at increased values and
prices were near the top at the end Re-
ceipts were 1896 cars. May started nc up at
2S7s" rose to 24c and reacted to 237sc and
closed at 237sc, and closed at 237s@24c.
Provisions opened firm in sympathy with
grains despite an easier hog market at the
yards and large receipts here ard elsewhere.
When grain values reacted these influences
had some weight. Later in the session when
grairs began to rally and when it became
known that there was a large demand for
cash ribs there was a recovery in the whole
list January pork opened unchanged at
$9.171a, rose to 1920, sold eff to $9.12tR, then
recovered to SEQ the closing figure. The
rarge in lard ard ribs was in Consequential
Estimates for tomorrow are: Wheat, 10
ears: corn. $50: OATS ESQ; hogs. $4,000 head
Holiday Wednesday on account of the peace
Jubilee parade.
The leading futures ranged as follows: