St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-04-28
THE COMMERCIAL RECORD.
Wheat Was Unsettled and Advanced
Early, But Lost Part Of the Advance
in Subsequent Dealings.
Corn Opened Strong and Higher---Pro-
Visions We're Dull and Easier---
Pork Declined.
Transactions in the Financial Circles Of
Wall Street.-The General
Quotations.
Special to the Globe.


the southwest last night, but the wheat
market, to the surprise of the bear scalpers,
opened ss6ll2c higher, with early sales of
May at Slice, June at 92l2@S24Sc and July
at S3l2083ss Trading was on limited
scale, and the market eased down Ac. The
outside markets are all relatively stronger
and higher than Chicago, and as the cash
wheat seems to be settling into strong hands,
some of the observing bears are seeming
danger The local market is narrow and
probably oversold. The progress OF rain
eastward may lead TO renewed selling ana
increase the liability of sharp up turn
Corn opened strong with May quoted at
BOISE, June 55l8c and July at 3os5c- fur-
chases 10y Jones, Mccormick d. hennet ran
up the price Csc but reaction OF 42t0Ssc loi-
owed, May leading the decline. Receipts
were % cars. Provisions were dull ana
easier. Pork declined 1oc the first hnlf hour
Almost nothing doing i'll ribs and lard.
The grain markets were very dull
and most of the business transacted in the
pit was in the way of changing many con-
tracts over into June ana July, the latter be-
ing the favorite delivery. There was some
talk about the market being ''oyersold," and
and that from being long market 1t is q
'short'' one The market is always over
sold i'll the sense that there is more wheat
sold for future months than could be
made for the property. The average open
interest in the Chicago wheat market is never
less than 100 100000 bushels in the dullest
times. There are ten firms Oh change
whose books show an average of 2oO,Ooo 10
5000. 900 bushels of wheat open during the
slowest seasons, and there are fifty firms
whose bed rock average is from 1,OOO,ooo 10
1000 900 bushels in open trades. The re-
manning $50 firms represent large aggre-
gate. 1t will be seen, therefore, that 100.
100000 bushels is very conservative estl-
mate of the interest in the market The
total visible supply is only 32,O0O,0 600 bush
els of which 27,00O,O00 bushels is located
West of Toledo. Possibly 100000 or
%, 900, 900 bushels of this might be availa-
BILE for delivery on Chicago contracts II the
prices were run up out of sight. and all the
cars in creatio could be used to transport
grain. Western reserves in farmers hands
are abnormally low, as has been proved be-
yond preadventure SO it will be seen that
literally the market is badly oversold. at this
moment or any other moment though 1t
may not be in a 'congested" state. 1t is safe
TO say that the foreign share interest i'll Chi
cago wheat is equal in the aggregate to the
amount on passage. AS stocks diminish the
danger from overselling becomes manifest,
but us vet this danger has not obtruded itself
unpleasantly upon the BEARS and 1t may not
should weather conditions turn favorable
and improve the crop prospect With the
possibility of a crop-scare panic imminent,
the speculative complexion is likely to un-
dergo sudden change. The market in its
present state is exceedingly sensitive. 1t is
distinctly Il weather market. The influences
to-day were beariSh and the tone of the mar
ket weak, the only point of strength being
right at The opening. The prices of June
worked down below SIC and July below 83c,
with The crowd disposed to play for still fur
Their decline on ram in the West and South
west, and prospects of rain farther east,
where ii is imperatiVely needed. The crop
reports continue to come in unequiyocaliy
bad and commission merchants are getting
ashamed to show them, or quote from their
correspondence for fear of being ridiculed.
Their news is so bad they feel it will not be
believed, and so they shut their teeth and say
nothing Corn worked down TO about the
level of yesterdays close and hung around
that range. The morning advance was lost,
but the tone Of the market cannot be de-
scribed as weak, though the estimated re-
ceipts for tomorrow are 270 cars. About 40
per cent of the corn that is coming is grades
No. 3 At the afternoon session cereals were
a trifle lower. Provisions sold higher, pork
advancing about Toe.
THE ROUTINE REPORT.
CHICAGO, April 27.-The business on
'change early to-day was very largely given
to changing trades. In wheat the opening
prices were surprise, as they were l2c over
the closing last night, but before IL a. m.
quotations were again at last nights figures
and the pit quite dull. Every one comedies
that wheat is badly damaged as crop. The
position of the speculative trade to-day was
one of waiting Some think that the worst
conditions reported have already been dis
counted by the advance to present prices.
The radical bull element on the other hand
still claims that prices must surely go higher,
and that with another advance started the
country Will come in and put wheat up to 81.
The range of prices for the day was about lie.
Opening prices lac over last nights close at
B1B2c fer May and S2I2c for June. From the
opening prices went down easily to yeSter-
days figures and about noon rested for SIC
for May and see for June. Before the close
of the session there were more reports of
rains in the Southwest and prices closed at
the bottom for the session, May being at
wheat. opened Isc higher than the
close last night and the first action was an
advance from opening prices of 1Ac for all
futures. During the entire session the mar
ket was Irregular, but after the first hour
there was a downward tendency. May sold
at 557Sc to open, up to 56lsc and down to
547s@55c at the close. June started at 551Sc,
sold up to 55sSc and down to 5438@5412c at
the close. Oats at the opening exhibited
some firmness, but the demand was tame,
and the market became rather dull and
heavy. May closed at 32Ac and June at
32Bc Provisions were dull but weak, trad
ing during the morning being light and
mainly III changing contracts from near to
future deliveries. There was moderate
pressure of product, but it did not become
long lard was opened by half dozen or
more brokers for local bull who has been
the largest buyer for two weeks past. May
was the weakest and broke from S7.92I2 to
S7.77l26G1. so, and closed at 81. S212. June
broke loo, and closed at S7.S5D7. S71ac. A
fair trade was witnessed in short ribs for
MAY and July; the former sold at 81. 121aM
7.17l2 and closed at 81. Is. Mess pork de
clined Toe. May sold at 3.50@13. 60, and
closed ut the latter figure.
THE QUOTATIONS.
The leading futures ranged as follows:
Wheat-No. May opened at Slice, closing
at s0l2c; June, S2l2c, closing at SJ5sc; July,
S3l2c, closing at S2l2c; December S55sc,
closing at S4a4c. Corn-No. May opened
at $3.50, closing at 547sc: June, 551sc, clos
ing at 54s8c; July ,55$Bc, closing at 549sc; Au-
gust, $3.50 closing at 54s4c. Oats-No. 2 May
opened at 32S4c, closing at 32Mc; June,
325Sc, closing at 32lsc; July, 325sc, closing
at 32lsc; August, 29Ac, closing at 29s4c.
Mess Pork, per bbl-May opened at $685.,
closing at $13.6o; June, SI3.70 closing
at SI3.7O; July, $3.50 closing at
$3.50 Lard per 100 lbs-May opened
at $3.50, closing at 1924; June. S7.9212,
closing at S7.S5; July, $7.95, closing at
$3.50; August, S.. closing at S7.95.
Short Ribs, per 100 lbs-May opened
ing at 1925 July, S7.35, closing at
S7,32l2; August, S7.42ls, closing at 81 40.
Cash quotations were as follows: Flour
Neglected.; prices steady. Wheat-No 2
spring, SOl2c; No. 2 red, S334c. Corn
No. 2, 54@54Ac. oats-N9. 2, S2@321se.
Rye-So 2 Gle Barley-No No, 2, IlS Sgas
Prime. S2.55@2.56. Mess Pork-Per Dbl,
$3.50. Lard-Per 100 lbs, $3.50. Short Rib
Sides Qoose)-S7. l2l2@07.15. Dry Sailed
Shoulders (boxed)-$5.75 Short Clear
Sides (boxedl-S7.70@7.7 Whisky-Dis-
tillers' finished goods, per GAL, SIZE Re
pnintc-FlOur % 600 hills W. 600