The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-05-08

CHICAGO. May MAY wheat advanced to
$1.70 per blu on the board Of trade today. 1t
closed yesterday worth $1.49A. July added
$3.50 to its value. The week closed with the
most exciting session in years. May or cash
opened at $3.50. climbed steadily to $1.70 sc
at jump, and closed at $1.67, net advance
for the week Of exactly SOC per bu.
Joseph Letter has apparently proved him
self complete master Of the situation with
entire control Of the available wheat supply.
and shorts are at his mercy. Even those who
sold the July option, expecting to fill contracts
with wheat from the new crop, were driven to
cover today by the continued strength abroad.
=, surprising advance at Liverpool started
the wheat market here strong, and drove from
the minds Of local scalpers for the time be-
ing all thought Of the big reaction they were
calculating upon with great confidence the
Gay q Y, before. July which closed yesterday at
$l.W, opened with buyers at from $1.02H to
Sl.O3, and in the course Of forty minutes 1t
sold up to $L04h without material setback.
September in the same time rose from around
841ac and S5c, where is hung during the first
twenty minutes, to S5Ac, its closing price yes
terday having been SSNc.
- May started only Nc higher. or at $3.50.
$1.55. The advance in May wheat at Liverpool
was equal to 31ac a bu, and in July SC. The
price per Genital at Liverpool showed the
price Of May wheat equivalent to s1.54A,
Primary market receipts were 415,O blu,
compared with 219. 900 bu year ago. Local
receiPtS ior the DAY, ia cars Minneapolis
and Duluth reported 227 cars, compared with
1876 the Saturday before, and 2S5 the corre-
sending day of 1897.
Fra, Frantic efforts to buy the golden cereal
July and $1.55 for May. The market got at
last where bearish reports no longer in
fuenced it. 1t became mere matter Of dis
appearing margins. with shorts and aggres-
slve confidence with longs: July rushed up
from around $I05 to $1.O6, dropped in two
minutes back to $1.05, and five minutes after
1t was bringing $1.06E. In the last fifteen
minutes OF the session it surged up and down
in great swelling pillows Of excited trading.
between $1.05 and $1.O6A, the closing bell tap
cutting 1t short when $1.063s was the current
price.
May. after reaching $1.70 closed at s1.67, an
advance of INC fer the day. The net gain
in July was 53sc.
September rose to S71ac, and closed at s7hc,
or 3ssc net advance.
Letter reported cash sales of 15O, 900 blu No
1 northern to Ohio millers
The trade in corn was not much more ac-
tive than usual, but 1t sympathized in a.
measure with wheat. May opened at from
3Sssc to SAC, and gradually rose to 341hc. which
was being bid at the close. July, from 34Nc
and S45sc at the beginning, got up to S5c near
the end. and closed with sellers at S4%635c
, oats ruled firm on light trade. May showed
the best gain, nc for the day. July opened
sc higher. at 26%c, and advanced to nc at
the close, net gain of Nc.
Provisions had the Liverpool market to con-
tend with. in addition to heavy receipts of
hogs: In the end July pork was DC lower for
the day; lard and ribs each 21ac higher.
were $4,000 head today, against rs, 600 a year
ago a Estimated receipts for Monday: Wheat.
200; corn, 622; oats, 268; hogs. 81, O0O
The leading futures ranged as follows: -.