St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-05-08
THE COMMERCIAL RECORD.
Everybody Wanted to Sell Wheat and
Corn and Consequently the Price
Was Forced Down.
Later the Visible Supply Forced Wheat
Ahead and It Closed Strong
and Higher.
Transactions in the Financial Circles of
Wall Street.-The General
Quotations.
kpecial 70 the Globe.

special 10 the Globe.
CHICAGO, May THE grain markets were
hull around the opening. Anticipatlons OF
break in both wheat end corn were general,
and there was disposition 70 sell plainly
manifest IN both pits July wheat ranged
53ss@s3zsc early, and July corn 55s395Ji2c
May corn sold at 57Gsc Receipts Of corn
were 43S carr, Of which Z07 cars graded No.
2. First return indicated q decrease in the
visible supply Of wheat of 1900 bu, and
This fact probably served 70 prevent the &c
cline which waE eZ pected as much as any
thing. The trade was strictly local and pro
feEhional. Provisions were steady, and there
was fair degree Of activity in ribs. Prices
near the opening were about the same as
Saturday range. The changes IN the Wis
ible supply were az follows: Wheat. ,l46,-
3S3 bu decrease: corn, 933. $50 bu increase;
oats, 49,. 10 bu increase; rye, 4G. $50 bu de-
crease; barley 1888 bu decrease. The
statement Of exports from the Atlantic ports
last week shows the shipments Of wheat and
-four (reduced 70 bushels 70 have been
1853 200 bu, against ], S5S.4 40 bu for the
corresponding date last year The visible
supply figures were a'surprise. Nobody ex
pcctcd q larger decrease than 80, 900 bu in
hl4lblr hIl'A llt 4llfiNhEN III ND44i Ei'sNtN4
than anticipated. The effect on the market
was not felt at once. Indeed, wheat worked
back fHctionally, but later in the session
the market advanced strongly and the close
was firm at 80 Improvement on the day
Hutchinson made heroic attempt 70 keep
the market down u the call price, S3S4Ny
S37sc for July, but II got away from him and
scared. Linn and other bulls were large
buyers of May and June, and the result Of
their tactics was 10 diminish the premium in
the later months. The bull leaders are SO
strongly confident Of the merit Of their posi-
ton that they are going into the cash market
with view Of getting position Of the actual
property. The continuous heavy rains IN the
Northwest are Tctarding the seeding, already
dangerously late, and still further fOrufying
the bulls IN their faith that this il going 70 be
year If short wheat crops all around, scant
stocks and high prices. They are banking
heavily on the correctness Of lheir positions
There is now very strong probability that
the visible supply Will get down TO the neigh
borhood Of - ,OOO, 900 bu, and if short crop
reports should be fully confirmed later on,
HE bulls expect 10 have advanced 70 s4Ac,
with May and June buoyant. The corn mar
kel Is resting solid as a rock Oh the shipping
demand, No 3 yellow selling IN the sample
market az 5JSsc, or about where No. 2 June
was quoted, and the demand exceeded the
supply. The speculative demand was mar
row, but the cash market was strong ana
buOyant Corn cables were strong. Pro
visions ruled rather weaker with light
trade. At the afternoon session interest cen
tered in wheat. which advanced AN.ssc over
the J.. IL. close, and closed for the day Ic
higher oats were a shade higher, and corn
dull and steady. Provisions we're firm and
steady, with short ribs little higher.
THE ROUTINE REPORT.
CHICAGO, May7.-The first hour on change
was very duh. Opening prices ranged just
tTilie better than the closing figGrcs on Sat
urday. About II O'Clock the wheat pit
Iiyeucd up and the market became very ac-
tive. shorts, who realized that they must
depend upon the tail end Of the old crop 10
I'll contracts, bought june wheat. Then the
visible supply figures came. showing de
crease Of .l4G. 900 bu for the week eucour-
aging more buying. This was followed by
reports from Missouri, which have been
bearish recently, cOnceding that the damage
was more than expected. On these things
there WaE an active market from i q M
until the close, when the advance for the
day wGs about S4N7sc. june opened at S2gs
0sZlz, sold up 70 S2ssc: July opened at S3Izc
ana sold up,to S4ssc. Corn sold within mar
row range. and while the general feeling was
strong. the large receipts and the large
increase IN the visible supply, n
large percentage Of which is No. 2,
prevented any special advance Closing
prices were very near the outside for the dayi
aud fracuonally higher Than on Saturday
May opened at J7l2c, sold 57AlJ7s4c, and
closed at JIlzc. July opened at 55S4c, sold
at 5JSsMJJAc and closed at 55s4c. The
speculative trade in oats continues active
aud the market strong and advancing The
amount IN store IL small. ana the holders do
not seem inclined 10 let the price drop at all
ana consequently the shorts are covering at
little higher figures every day. May oats
Bold up ~ and closed at 3IAc. July sold I'D
from 32llc 10 SO, closing NJ 32Mc Pro
visions were quiet md steady, trading being
mostly professional. Short ribs were the
most attractive, and were sold carly by strong
parties who changed their minds later and
bought back their purchases at higher prices
July ribs sold at S7.37AG7.GJ, and closed at
%G5;, September sold ut $772I2@g7. 49,
Lard Tor July solo at 81. INA :. 2212, and
closed 1888. Pork for July, at SID 22Il0.
I4.35. aud closed at Sl1.35.
THE QUOTATIONS..
The leading futures ranged as follows:
Whcat-No.2 May, opened at SlI2c, closing
al SZl2c: June, S2l2c, closing at S3gsc; July
1890, closing at SIsbc; December, S5s4c
closing Mt s6l2c. Corn-NO. 2 May opened
at oIl4ci closing at 5Il2ci June, 51S4c, clos
Ing at 51Ac; July, 55S4c, closing at 55&4c;
August, 55bsc, closing at 55Ac. Onts-No
= June opened at 32Gc, closing at :53c; July,
329sc, closing at 327sc; August, 2s4sc, clos
ing at 2Sl2c; September. 27gIc closing at
TING; Mess Pork per bbl-June opened at
tl1.2O, closing at Sl4 %; July, Sl422L1
closing at Sl4.35; August, 40 closing at
Sl4.15. Lard per 100 lbs-Junc opened at
IS. Is, closing NJ 81 20: July, S. 20, closing
at $3.50; August, SS.25, closing AT So 30
September, 80, closing at Ss35. Short
Ribs, per 100 lhs-June opened at S717gb
closing at S7.57l2; July, S7.57l2, closing at
STO5; August S167l2 closing at 81 .72l2;
September, $772l2, closing ut $3.50.
Cash quotations were as follows: Flour
Quiet firm and unchanged Wheat
No spring, S2612l2c No. 2 red
sGc. Con-No. ., 57A@578sc Oats
No. 2. 81. Rye-No 2, G3c. Barley
No. 2, 77G17Sc. Flax seed-No. !, SLIP
TimOthy-Prime seed, 81 80. Mess pork
pcrbbl, SLID. Lard, per 100 lbs, S. l7I26l
800 Short ribs, sides (oosc), $3.50. Shout
ders, dry sailed boxed, SG6l6. 25; sides,
short clear boxed, Ss@s.s5: Whisky-Dis-
ullers' finished goods, per gal, Sl.l5 Sugar
Cut loaf, 7SsWSc; granulaled, 7c; stand
ara "A, Ol2c. Receipts-Flour % 900 Dbl;
wheat, $1,000 bu; corn, 10000 bu; oats
100, 900 bu; rye, ., 600 bu; barley III 600
Shipments-Flour, 10000 bbls; wheat, 10.
900 bu; corn, 1900 bu; oats, IA, 900 bu;
rye, 1000 bn; barley, 1000 bu On the
produce exchange to-day the butter market
was steady and finds quick sales; creamery,
20m25c; dairy, 1923. Eggs-Very firm at
12G0l2l2c.
r. M. NEWPORT & SON,
Investment Bankers,
L..