St. Paul daily globe., 1888-05-22
The Wheat Market Was Feverfsh and
Kept Bobhing Up and Down ALI
Day Long.
Under Heavy Receipts Corn Went Down
Provisions. Steady---Decrease id
the Visible Supply. .
Transactions in the Financial Circles
of Wall Street.-The General ]
Quotations. 5G

were executed at the start, carving the price
OF July I'D to S9ssc and of December up to
S91sc. This demand satisfied, the market
weakened, and when brokers supposed to be
operating for Hutchinson tried to sell wheat
the crowd sold the market right away from
them The sand was pulled from under
their feet and slump of 13sc occurred on
the drop. Trading was not heavy but the
reaction of 12c from S7s4c for July was
about as sudden as the drop. Outside news
is generally bearish, and the crowd is play
ing for further break. On the decline of
Friday and Saturday vast mass of made
quately protected wheat came out. and until
this is sifted through to the bottom and finds
hrm lodgment the market may continue
weak. The load of thinly held wheat that
was frozen out and shaken out because OF
lnsutficiency of margins was something ter
rifle, and its weight is oppressive in the ex-
treme. a great many reports of improved
crop prospects are in. Cables were conflict
ing this morning. Early visible supply esIi-
mates varied from l 100000 to ], 100000
bushels. Receipts of corn this morning
footed up to $50 cars, and there is an i'm
preston that to-morrow's arrivals will be
above 100000 bushels. May corn sold
down to 56l2c and July to 56ssc. Provis
ions were steady, early quotations being
S1442l2@14.45 for July pork, S7.77l2 for
July ribs and $S. .62l2@S.65 for July
lard. AS general thing the bull
leaders let the market alone to-day,
or at most bought sparingly. They made no
attempt to checHthe tendency of a further
decline, and the crowd had great fun with
the orphan and half-orphan wheat that is
hunting home and resting place. The
traders kicked and buffeted it about and
passed it along from hand to hand. The
market was excited and fluctuations violent.
Look, for instance. at the course of July,
the mostact1ve delivery. 1t opened at S91sc,
advanced to $3.50, sold off to SS5sc ad-
vanced to SS7sc, declined to S7s4c, advanced
to SS38c and sold down to S71sc, all before
1890. The range was 24c, and there were,
of course, innumerable minor fluctuations
between the points mentioned. The bears
were in undisputed control, and they had
picnic. The visible supply statement came
along about noon. 1t was Disappointing and
gave the decrease as only $4,000 bu. Esti-
mates were all wrong. Indeed, it is impossi-
bic to forecast changes in the visible supply
now with any degree of certainty while such
an enormous quantity of grain is in transit
between primary and export or consuming
markets. The amount on lake and canal
alone was given at 100000 bu., and this
of 100000 bu. from lake ports to-day. The
exports from the Atlantic ports last week
were 327, 800 bu. of wheat and 215, 200 bar
rels of flour. equal to 1926, 700 bu., against
1896, 200 bu. during the corresponding week
last year. The market recovered spirit and
tone during the last half of the long session,
and there was substantial buying between
S7l2c and S7Ac by strong parties. The
break of 4c from the price ruling three days
ago encouraged great many TO
come in and buy who had been wait-
ing for reaction. The investment
buying was general and extended through
the whole range of futures from June to de-
cember, inclusive. July and December being
the popular options. The feeling at the
close favored the long side. The country,
made cunning by experience, is creeping in
q1ietIy on the reaction. Revised estimates
made receipts of corn 792 cars for to-mor-
row. The market was heavy and soft all
forenoon. May worked down to sec, June
to 55c and July to 55l2c. The leading longs
helped the market down instead of support
ing 1t. They sold on the hard spot and
talked lower prices The bears did likewise
and the situation was without feature of en-
couragement TO impatient speculative bulls.
Receipts for the remainder of the month
promise to be large. Should they continue
large through June the bulls, who have been
figuring on light interior stocks will be
greatly disappointed. They are of the opin-
ion that the current high prices will bring in
fifty days receipts within the next two
weeks Speculative offerings were freer to-
day than at any time for the past month and
the bears seems to be recovering their nerve
to great degree. They are cautious, how
ever, having been burned so frequently in
corn since last fall. Provisions were rather
dull, but the market was on the whole firm.
Price changes were not significant or impor-
tant. AT the afternoon session there was ex-
citing trading in all grain pits and wheat
closed Ssc and corn s4@1c lower and oats 14@
Ssc lower. Provisions unchanged.
THE ROUTINE REPORT
CHICAGO, May 21.-Markets were generally
unsettled on change to-day. This tendency
of prices in the grain pits was downwards
with quiet rallies, while in provisions there
was comparative dullness, with slightly bet
ter prices. Wheat was weak on the curb,
but on the strength of some outside buying
orders the opening prices were 4c over the
Saturday closing, with July at S9I4c The
market, however. soon became weak, and be.
fore 1890 prices had declined &c. There
was no panic and no feeling that prices were
going to pieces beyond recovery. 1t was
simply a natural reaction from last weeks
rapid advance and the stiffening of holdings.
If there was any heed paid to crop news it
only tended to frighten the fellows who were
loaded up, although there was positively
nothing alarming from any quarter Hutch
inson was seller, and the old bulls who
hsped ast week Rrices snd tbeS so dsasoa well early
good share of their holdings
simply let the market alone. The visible
supply was disappointment the decrease,
25O,oOO bu., being only about one quarter of
the decrease expected. July sold at $3.50 as
the best price of the morning, broke to S734c.
rallied to SS7sc, declined to s7lsc, dropped
TO SIC and closed at S7@S7Isc. In corn, as
in wheat there was vast lot of long orn in
the hands of the local crowd. The local re-
ceipts were large and the grading high
There was general selling on this fact at the
| start Then when prices began to tumble in
wheat that influence made corn still more
heavy. Later 1t was estimated that the re-
ceipts for Tuesday would be nearly 500 cars
This gave another squirt to the selling, al
no unusual activity in the PIT. May opened
at SIC and closed at 55c. July sold at 55bc
| up to SIC, and closed at 54l2c. The break in
corn, heavy selling by son some large hold
visible supply had weakening effect on
oats to-day. May opened at 34l2c, sold off
| to 327sc and closed at 33c. July opened at
33c. sold up to 334c, down to 32c and
steady, operators giving more attention to
wheat than to the trading. Receipts of hogs
| we're good, but the frmness in the market
| prevented holders of product from Offering
! 1t with any degree of prudence, and as buy.
ers were not inclined to bid up for stock. the
| prices were confined to a narrow range july
| pork opened 712c lower, advanced 7Iac, re-
covered 1Oc and closed at SLATE. Lard
was weaker. and closed at 2I2c lower; july
sold at So. 62la@S.70, and closed at So. 62lS.
| Short ribs weakened off a fraction; July sold
at S7.67I217.7 .72I2, and closed at S7.67i2,
THE QUOTATIONS. 81
The leading features ranged as follows:
Wheat, No. 2-June opened at SSc, closing
at S6c; July, SS5sc, closing at SIC; August,
SSc, closing at See; December, S9Isc closing
at S715c. Corn, No. 2-May opened at 57c