St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-05-29
The COMMERCIAL RECORD.
Wheat Takes Tumble in the Face OF a
Market of Statistical
Merit.
Fhe Break in Corn Which Was I'M
niinent Prevented by the
Bull Clique.
Financial Operations in the Great
Honey Centers---The General
Quotations.
Special TO the Globe.


dealings failed to develop any decided ten
dency in either direction. There was no.
table uncertainty as to what the visible sup
DIV statement would show. statisticians va
rying 1000, 900 bushels i'll their estimates.
The statement of the Illinois State Board OF
agriculture that there was 2000O.O0o bushIs
of wheat remaining in the farmers hands
in this state had some effect, but as lis alb
surdity dawned on the trade there was less
disposition TO sell on the pointer It's IN
accuracy is demonstrated, ibut the fact that
Illinois, Ohio and Indiana are buying flour III
Minneapolis and wheat wherever it can be
had to bridge over is sufficient reply. The
price of July wheat for the first hour ranged
between s65s@S7Isc and SSlS@9s42c for
December Cables were steady, as rule,
and Paris and London advices confirm pre-
yious reports of the backwardness OF
the European crop, that OF Russia
being the exception. Receipts OF corn were
1929 cars 275 cars over the estimate, ana
the receipts of hogs wyre $4,000 against es-
Inmates of 10000. Corn held firm and pro-
visions opened very weak and lower, but
rallied Early quotations were Sl40l4.lo
for July pork, Ss.42l2@ 9.47l2 for July lard.
and 81. 5507.57i2 for July ribs. July corn
ranged at 54S4@l55lSc. Oats, too, we're strong.
The market waited on the visible supply
statement. milwaukee, cdlIie III carry Will All
estimate of I,674,O0O bu. and New York
got in ahead of Chicago. The total visible
supply Is less by 5,53S, 045 bu than it was
on the corresponding date last year. Total
visible stocks are now materially smaller than
they have been at any time in four years,
with fully six weeks, and possibly eight or
ten weeks, yet remaining before the
corner is turned and stocks can
begin TO increase. The market, despite its
statistical merit, was irresolute. Early in the
day the crowd was bearish and the multitude
of little fellows were disposed to sell. Find
ing little for sale many of them took the OPP
posite tack and turned buyers. Above SIC
for July the market acted quite strongly, but
in the absence of outside business and with
New York pulling down it again became
weak. The day was the dullest that has been
experienced for sixty days, and the scalpers
had the pit to themselves Local influences
made the huctuation entirely. The opinion
is held by many that if the market does not
bull actively and easily under existing con-
ditions prices will be likely to work off, but
with stocks in the three principal winter
wheat markets down to 1.250,OOO bushels
and the principal winter wheat growing
states being forced TO buy hand TO m outh
supplies of -four in spring wheat grinding
centers, important declines in prices
do not seem likely TO occur so the
bulls argue and they sit on their lines con-
tent to await the result of limited trade con-
ditions The corn market holds up sur
p1isingly well under the weight of very
heavy receipts The estimate for tomorrow
is 1913 cars, ard the stuff is coming in on
every road the movement not as heretofore
being confined to two or three roads Opin-
ion is widely different on the question of
prospective receipts. Some well-informed
people think that the movement will stop
after June l, and others equally well posted
say il will continue as long as prices hold up.
AT the late session there was excitement in
the wheat pit. General selling was INDUCED
in, and prices broke about 1 cent. Corn,
oats and provisions sold a tritle lower.
THE ROUTINE REPORT.
CHICAGO Nav 2S,-The markets on change
started in somewhat by contraries to-day. On
Saturday corn. i'll particular, was weak, be-
cause of large receipts and improved
weather, and this morning. with vastly
greater receipts and the worst of weather,
prices went up nearly 1c i'll the first hour.
This condition of affairs was brought about
by liberal buying on the part of the repre-
sentativeS of the bull clique" who, aided
by purchases by the short interest, succeeded
in preventing the break, which would I'M
doubtedl, have occurred. July corn opened
1sc lower at 54l2c. advanced TO Boise, re-
acted to 547sc and then settled into rather
554c, but reacted and closed at 547Bc.
The wheat traders spent most of the morn-
ing session waiting for visible supply state
ment, and when the official figures, 1850,
go blu were announced, there was not
enough of a surprise in them to cause
much IF movement either way Up to
1880 the market was rather tame and
steady, and prices were just where they
started. After, Il 5sc tiuctuation of Ssc under
and 14c over the starting point. Toward the
close the market weakened rapidly, and the
close was about rs under The best figures of
the'day. July opened at SIC, tiuctuated be-
tween S67S@S1l5c for some time, dropped
TO S65sc, advanced TO SIC, fell to S634,
advanced 10 S7l4ge7$sc, and closed at $3.50.
In oats the covering of May shorts was the
feature of the market. May opened I'M
changed at 35l2c, sold up to SIC, and closed
at 367sc. July opened at 32SSc, ranged at
32S4Q331ic and closed ut 33lBc.
In provisions lower range of prices was
witnessed. Large receipts of hogs, coupled
with decline in the same, increased the
weakness developed at the close of last
week, and initial sales were made this morn
ing at decline of 20 cents in pork, T12c in
lard and 10c in short ribs from Saturdays
Blessings. Lard subsequently, recovered from
its depression, but in short ribs the days
actual depreciation was &c, and i'll pork 100
12l2c. Pork, before showing any recovery,
declined 7l2c below the opening price The
trading was little slow. Shorts were the
principal buyers of product. Outside specu-
lation was limited. July pork sold at S14@
14.l5. and closed at S14.10. July lard sold
at SIS. 42I2m8. 80. and closed at SS.17Ib. july
short ribs sold at S7.55@7.5O, closing at the
inside,
THE QUOTATIONS.
Wheat No. 2-June opened at SEC, clos
ing at S5sSc; July, SIC closing at $3.50;
August. S7lsc, CLOSING at S5sSc; December
SSl2c, closing at S75sc. Corn No. 2-May
opened at 5ol2c, closing at 55S4c; June,
54Ac, closing at 54S4c: July. 5412c closing at
547sc; August 54$4c, closing at SOC
Oats, No. 2-May opened at 35l2c closing at
36S4c; June. 33$sc, closing at 355sc; july,
327sc. closing at 334sc; August, 2Sl2c, clos
ing at 2S5sc Mess Pork, per bbl-June
opened at $3.50, closing at $14; 02l2; July,
$l4.1o closing at S14.2o; Lard, per
100 lbs-June opened at Ss37I2. closing
at SS.42l2; July, SS.42I2 closing at S.. 47I5:
August, $3.50, closing at $3.50 Short Ribs
per 100 lbs-]une opened at $3.50, closing
at S7:47l2 - July, s5,55 closing at SOD;
September, S7.52l2, closing at S7.72ls.
Cash quotations were as follows: Flour
dull and unchanged. Wheat-No. spring,
S5l2@S3S4c; No. 2 red S9c. Corn-No 2,
2, 6sQ6SI2c. Barley-No. 2, 69c Flax
Seed-No. l, Sl31. Prime Timothy Seed
1925. Mess Pork-Per Dbl, SI4@14O 5
hard-Per 100 lbs. S.; 4212@e;45: Short
ers Qoxedl, S6@6.25; short clear sides
finished goods, per gal, SI.19. Receipts
Flour, 10000 bbls; wheat $4,000 blu; corn,
100000 bu; oats. 276.u00 bu; rye, 1000
6g; Dob barley 1000 bu 81 s5hdP1ments-Flour,
$4,000 bu: oats, 100000 bu; rye, 1000
barley, 4. 600 bu. On the produce exchange
to-day the butter market was demoralized;
receipts large; creamery, 15@I1Sc; dairy, IA
@l6c. Eggs firm at 13@13l2c.
n "A AICtup0nr con-