St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-05-19
THE COMMERCIAL RECORD.
Wheat Was Feverish and Kept Bobbing
Up and Down During the En-
tire Session.
Corn Was Lively With Prospects Of a
Good Trade---Provisions Scored
an Advance.
Transactions in the Financial Circles of
Wall Street.-The General
Quotations.
Special to the Globe.


opened weak, with nine out OF ten men on
the floor outspoken believers in a further de-
cline. The crowd was overwhelmingly bear
ish. Irwin, Green & Co., Baldwin &
Schwartz, Dupee & Co., each sold lines OF
about a half million bushels around the
opening. June reacted to ss7sc and July to
S97sc. Spirited bidding at the bottom by
Stauffer turned the market and rally of Sec
followed. The market for the next hour was
active, with the price swinging between
90ls@9O12c for July, with June lie lower.
Complaints of too much rain in the West
and Northwest are coming in. Cables are
conflicting. Receipts of corn footed up to
459 cars. or 55 cars above the
estimate. Yet the market was
very firmly held. May ranged at 59@59l2c
early and July 57l2@577Bc. The market was
moderately active. The rains are interfer-
ing with corn planting and rotting corn al
ready in. it is said Provisions were dull
and featureless. There was not quotation
in pork for half an hour from the opening
July lard opened at $3.50, and July ribs
S7.65@T.6712. Locally the market contin-
ues active There has been tremendous re-
alizing of long wheat during the past two or
three days-enough to have broken the back
of any artificial market. During the greater
part of the day the vocal sentiment was IA
yorable to q further break. The scalpers
were playing for break, and the longs who
had sold out on the bulge wanted prices to go
lower to let them i'll again. The large hold
ers were Indifferent to the minor fluctuations
However much opinion may differ as to the
course of prices in the future, the facts all
point one way. They are overwhelmingly
bullish, from whichever view you look The
IF tl1a 1oct
months of the old crop year preached to
empty pews for a long time but the truth has
at length dawned upon the trade and the
public like grear burst of light. With visi
BILE stocks lower now than they have been
for four years, and invisible reserves notori
ously and undeniably similarly thin, millers
and actual consumers are scrambling for
cash wheat and bidding against each other
Great as the advance has been lately, the
cash markets actually lead speculation and
cash wheat is in urgent demand throughout
the entire West and as far east as Buffalo
at prices practically on parity
with Chicago quotations, or above
Duluth to day shipped out $4,000
bu, Chicago $4,000 blu, and every Western
market is shipping vastly more than is
being received. Minneapolis is eating into
Its public stock, receipts from the interior
reserves being inadequate to supply the de-
mand. Exports of wheat and flour from the
Atlantic ports yesterday were equivalent to
100000 blu. During the last hour OF the
long session the market assumed stronger
tone, and amid great excitement wheat ad-
Vanced Csc from the bottom. Again the Gle
mark was passed and there was big buying
above that point. The facts which caused
the return OF buying fever are the same as
have been continually alluded to in these
columns for weeks. Every now and then
tina crowd awakens suddenly to a renewed
and enlarged sense of their importance and
goes wild. Corn participated in the
boom and July advanced sharply from
57l2@59l2c. There has been renewed buy
ing of July on a rather broad scale, and many
of the leading longs openly predict zoe corn
In July and August, not on manipulation,
but on the merits There was better
trade in corn to-day than any day for fort
night, and there is prospect of lively deal
IN that cerealyet. Estimated receipts for to-
morrow, 1913 cars. Provisions were run up
this forenoon by Robert Warren, pork adj
vancing 25c, lard zoe and ribs 10@lOIac
There is said to be heavier short interest in
lard than any thing else, and one operator is
understood to be long line aggregating
four times more than the stock of cash lard
in sight. Who this is, is not stated. 1t nav
be Fairbank or Hutchinson. There was in
tense excitement in wheat at the late SEES
sion. The price first advanced SIC, then sold
off lac, closing 7sc lower for the session.
Corn and provisions were q trlfie lower and
oats steady.
THE QUOTATIONS.
The leading futures ranged as follows:
Wheat-No. June opened at SS7sc, closing
at S9Ac; July, 90c, closing at 9O14c;
August, es7sc, closing at s9ssc; December,
9oe, closing ga, at 9OAc. Corn-No. May,
closing at 5194c; July, 57l2c, closing at 5SI6c;
August, 577sc, closing at 5Ss4c. Oats-No.
May opened at SAGE, closing at 354c; June,
34lsc, closing at 34Ac: July, 33l2c, closing
Mess Pork, per bbl-June opened at Sl4.25,
closing at SD. 37l2; July, S14. 3212, closing
at Sl4.45; August. S14.52l2, closing at
slap q LARD; per 100 eol lbs,,July opened
closing at $500: october, $3.50, closing at
$50. Short Ribs. per 100 lbs-June opened
at S757l2, closing at SGD: July, $3.50,
closing at 81 72l2; August, 81 ;7212, closing at
Cash quotations were as follows: Flour dull
and neglected, prices unchanged. Wheat
No. 2spring, S914@S9l2c; No. 2 red, 9412@
95c. Corn-No. 2, 59ss@59l2c. oats-No. 2,
Flax seed-No. 1. SI.41. Prime timothy
seed. So. 30. Mess pork, per Dbl, Sl4.456
1850. Lard, per 100 lbs, Ss.62l20S.G5.
Short ribs, sides Qoose) ,S7.65@7.7O Should
ers, dry sailed (boxed). 5000. 25; Sides short
clear (boxedl, $s.1o19.15. Whisky-Dis-
tillers' finished goods, per gal, Sis Sugars
Cut Loaf, Il20Sssc; granulated, &c; STAN
dard "a" 6I2c. Receipts-Flour. 1900
bbls; wheat, 5000 bu; corn, $4,000 bu;
oats, $4,000 bu; rye, 5000 bu; barley,
1000 bu. hipments-Flour, 10000 bblS:
wheat, $4,000 bu; corn, $4,000 bu: oats.
$4,000 bu; rye, 1000 bu; barley, 5000 bu
On the produce exchange to-day the butter
market was steady and firm: creamery. 1917