St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-04-06
The COMMERCIAL RECORD.
There Was General Dumping OF Wheat
by Disguised Holders and Prices
Went Down.
Corn Was Somewhat Bearish and Pro-
visions We're Moderately Active
Speculative Markets Dull.
Transactions in the Financial Circles OF
Wall Street.-The General
Quotations.
Special to the Globe.


soft this morning and both corn and wheat
opened off with an inclination downwards.
Early trading in May wheat was on basis OF
75ssQ75ssc, and in May corn on basis OF
514@5ISac There was general dumping
of wheat by disguised and wearied holders
and offerings were quietly absorbed Gy ba&-
fer. the Weare Commission company ana
few other strong parties. The buying orders
seemed to be for unlimited quantities at ana
below 75I2c. Gables were undressing.
Receipts of corn were 217 cars, and the tenn
per of the corn crowd is bearish. Dealings
in both pits were on liberal scale, but not
exceptionally large. Provisions were moder-
eratelv active. with transactions for the first
hour at S13. 35@13.4 As for May pork, $500
1924 for May lard and S695 for May ribs.
The speculative markets kept dull all day.
Wheat is dragging rockily along its uneven
way, now humping over the ground. and then
robounding fractionally, only TO settle back
and show an enervated and hopeless front.
The soft, balmy weather of the last two days
has taken the starch out of speculation and
conservative operators are doing nothing.
They are awaiting with no little anxiety
the developments of the next few days.
Should the prediction Of nine-tenths
siOnal experts as to the damage be
verified the market will be likely to feel the
effect in a boom of greater or less magnitude,
If on the olher hand, the winter wheat looks
well, or even fairly well, and gives promise
of anywhere near an average crop, the pears
feel justified in going in again for still
lower range The weight of evidence at this
writing is overwhelming in support of the
Al, 1,ta
prises probably so per cent Of the whole, has
been badly hurt but the value of this sort OF
testimony will not appear until after week
or two of warm, forcing weather shall elapse.
Then, should it appear that the prophets ana
experts were wrong, public faith i'll that sort
of information will be forever killed. If the
sort of weather that has prevailed this spring
has not injured wheat, improved methods of
planting may be considered insurance against
meteorological calamities. Prime, the eX-
pert, who was on change to-day, will not
venture on opinion as to the extent OF dam
ages done before the middle of the month.
Nevertheless. the strong probability of unfa-
vorable developments is deterring short sell
ing, and the uncertainty is keeping the
friends of wheat quiet. They need
strong inducements to buy nowadays. They
have been so numerically burned in the
past that the stimulus of sure thing is
now required to attract bull speculation.
Outside markets continue firm and relatively
from Ac to 312c above Chicago and foreign
ers are nipping in on the soft spots Every
little break touches open orders, and prop
erty is noiselessly absorbed. The cash end
of the market is much stronger than the
speculative end at the present writing, fact
which even the chronic bears freely admit,
while holding firm to the conviction that the
average of the next ninety days will be lower
still During the last hour of the long ses-
sion to-day May wheat was 757sc. The corn
crowd was electrified by an estimate of
eighty cars receipts for tomorrow. The
number was so far below expectations that
the watchers were at a loss to account for it.
The lifting of the blockade is not being fol
owed by forward rush of dammedup corn,
and now the bears are explaining that the
property will not begin to be shipped until it
is more thoroughly dried out. They say that
most of the country. cribbed corn CONNER
cial corn)-has been financed for until the
middle or last of May, and that as nothing
is to be gained by sending 1t in now, the
policy will be to hold it back to
get the benefit of the drying
bDIluS WlHuS do lOuB pOSSlDIc He DullS
wink and maintain that the big supplies of
corn in the back country, about which the
bears discourse so learnedly. DO not exist ex-
cept in the ina yination. 1t is this difference
of opinion that makes speculation. The
light estimates served to advance May corn
from 515sc to 52Ac, and the market was
steady on limited bushes at about that
figure. until the close. The scalpers are run
ming the provision market. The deal has de-
veloped no new features. At the afternoon
session there was fair activity, and wheat
corn and oats, after selling slightly above
and below l p. m. prices, closed about steady
Provisions were a trifle firmer.
THE ROUTINE REPORT.
CHICAGO, April 5.-While the trading in
wheat was at no time very large to-day, there
was a rather nervous feeling among the
shorts, which increased as the season adj
vaneed. All of the reports which came in
from the winter wheat country are very bull
ish. The burden OF their song was that
large part of the late sowing would be plowed
up and the ground seeded with oats. Opera
tors showed correspondence with great
many of their customers, covering practically
all of the wheat territory in Southern Illinois
which showed that the crop would be very
light. This was fair sample of the news
received. The market opened at the lowest
figures of the day, 755Sc for May, and ad-
vanced to 76c under good buying by the
scalping crowd and few of the large shorts
AT the top some of the sellers turned buyers
This i'll measure allayed the fears of the
smaller shorts and led to reaction of 1sCa4c
Oh the afternoon board, leaving the final
price 75?sc. Corn dragged along for some
time during the morning, but when wheat
announced that receipts fer to-
morrow would be So cars, there was
general scramble to buy May corn, which
had sold as low as 5112c, advanced to 52l2c
The New York market was strong, which
caused considerable uneasiness among the
shorts There was no heavy individual trad
ing, though all classes of traders who were
short did a little buying. There was no re-
action III corn, and the market closed steady
at the highest price of the day, 52l2c. There
was fairly active speculative trade in OATS
and the market was strong and higher late in
the session, although the opening was weak,
in sympathy with corn May oats opened at
aud closed at Bic. In provisions speculation
was comparatively slow. The Improvement
in railroad affairs, however, brought cash
buyers to the 'front.' For meats, particularly
the demand for immediate delivery was I'M
usually good, and the amount of property
taken was larger than Oh any day for weeks
No radical change occurred i'll prices. Pork
was 2l2@5c higher, and short ribs that much
lower than last nights closing. Lard was
quotaoiy unchanged.
THE QUOTATIONS..
The leading futures ranged as follows:
Wheat-No. 2, May opened at 75SSc, closing
at 757Sc; June 76c, closing at 76l2c; July,
T6lsc. closing at 76@c; December 7SsSc,
closing at 79lSc. Corn-No. 2, May opened at
51sSc, closing, at 52l2c,; June, SIC, closing
at 517sc; July, sic, closing at 52c; Aug,
ust, 51c closing at 52c Oats-No. 2. Nav
opened at 3oSsc, closing at Sic; June,
30l2c closing at BOISE; July, 3OAc, closing al
30lsc; August, 267sc, closing at 27ls. Mess
Pork, per bbl-May opened at $l3 35, closing
at S13.45; June, SIS 40, closing at Sl347I2;
July, closing at 1888. Lard, per leo lbs
May opened at $3.50 closing at 81 52l2;
June, S7;57l2, closing at S:.57l2; July,
S7.60l2 closing at 81 6212. Short Ribs, per
100 lbs-May opened at $685., closing at
So 97l2; June, sos, closing at sos;
July, $7.15, closing at $712l2;
August, $7.22l2, closing at 500.
Cash quotations were as follows: Flour
Steady and unchanged. Wheat-No. 2spring,
71l2@74Ac; No. 3 spring wheat, G6@6Sc;
No. 2 red, soc. Corn-No. 2, 51ssc Oats
No, 2. 27l2@3OAc: Rye,-No. 2. 59l2c.
Barley, No. 2, 77@S0c. Flax seed-No. l,
81. 44@1.45; prime timothy seed So.
Mess pork, per Dbl, S13.35@13.40. Lard
per 100 lbs, $7.52l2. Short ribs sides Qoose)
d. dry sailed 81 On16prS (hOyadN