St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-05-03
TIE GUMMERCIAL RECORD.
Wheat Opened Dull and the Ten
dency Of Prices Was
Downward.
Corn Was Weak and Cables Strong
Provisions We're Strong
and Active.
Transactions in the Financial Circles of
Wall Street.-The General
Quotations.
Special 10 The Globe.


received from one of the very best Informed
and most reliable men on the coast that the
California wheat crop was largely short, the
acreage being one-f fourth less than last year,
with prospect of only two-third yield on
the remaining are, the mathematlcians fig
ure, as equivalent to about a half crop. In
confirmation of the statement of damage
San Francisco advanced 12c bushel.
Minneapolis parties wired that they were
shipping wheat back to the Red river valley
for seeding, and other parties wired that
seeding along the Northern belt is not yet
half done. New York was bullish and so
was ST. Louis, and cables were firm with an
advancing tendency. The local market
hardened under these influences. June ad-
vanced the first hour from S2ISc to $3.50,
and July from S3lsc to S3s4c, with large
trade passing Receipts of corn were 33S
cars, of wheat 81 cars inspected No 2. The
market was barely steady early, June
anged 54s@54s4c and July 54a4@55. The
wheat market ruled very strong at the
moderate advance established early in the
day, but at S27sc for June and SIC for July
here was an abundance of wheat for sale.
The market touched that range several times
during the morning, but seemed unable to
get beyond it. July was the favorite option
and the price ranged at S37S@.S4c most of
the morning. The local crowd was bullish
and Sac was the point at which many of the
scalpers were willing to realize. Then
again the privilege traders fought an ad-
vance above that point but just before
o'clock the market broke through bounds
and began climbing. Trading for outside
account was of light volume, and this was
construed as being one of the weak fea-
lures, and with all the news of crop damage
II would that hI1ynp fever VOnl1
be started but no signs of it have appeared.
The legitimate situation is very stormy, how
ever. But the mercantile element of the grain
trade, and everything points TO an improve
ment in values. Nevertheless, so many ope
rators have been trained to look
upon sales as a sure thing that whenever the
market pokes up its head flood Of offerings
press it back. General ontside buying is
needed to make a roaring bull market That
may come later when wheat will look cheap
and attractive at higher figures. The news
from California was one of ruling specula
tive influences to-day. Advices from the
coast came from quarters that were admit
tedly reliable and commanded consideration
here and elsewhere. The crop reports from
winter and spring wheat fields east of the
Rockies were unqualifiedly bad. Corn cables
were exceptionally strong to day and there
cient to absorb current large receipts at full
prices. There is margin, at present prices
to ship corn through to the East by lake and
rail, and the demand in the sample crowd to-
day indicated an inquiry for that purpose.
Estimated receipts for tomorrow are $50
cars. The corn market ruled strong in SYM
pathy with wheat as well as from legitimate
trade causes. Provisions were strong at a
substantial advance in prices for all classes
of product. The statement of local stocks
shows a moderate reduction during the
month of April. AT the afternoon session
pork and lard sold little lower, with ribs
steady. In wheat and corn there was de-
cline of a few points on realizing sales, with
a fractional recovery before the close.
THE ROUTINE REPORT.
CHICAGO. May I'm the absence of any
fresh bull news in wheat, with fair receipts
in corn and the published stocks of pro-
visions about as estimated, prices took a turn
upward this morning in grain and provisions
There was no unusual activity early, no
scramble to buy, but there appeared to be a
fair undertone to the markets, which was
quite in contrast with yesterday. May wheat
opened at Sic and sold up to STAG before
noon, and other futures, after opening a
shade better than last night, advanced 5sc
The news concerning wheat became more
bullish as the session advanced. Dispatches
from California reported the crop there in a
critical condition. Other influences were the
heavy squirt from Detroit and Duluth After
II O'Clock whenever July wheat approached
or touched SIC the crowd went wild, and the
sellers were so numerous and so noisy
that bid, for the stuff at $40
S4hc could no be heard. July.
the leading option, opened :at s3sBc, sold
down to S3lsGDS3Ac, advanced to S4c, fiuc-
tuated between SAC and S37sc for some time,
advanced to S4lsc, reacted and closed at
S3&c. The corn market was without special
feature, except that it was firm and higher.
Prices started as yesterday, with an upward
tendency; but unlike Yesterday there was no
kick back, and each point gained was pretty
well sustained to the close. The advance for
the day amounted to about Ice and closing
May sold up to SEC: July ranged at 54s4@
547sc and 55l2c, closing at 55ssc. There
was quite an active speculative trade in oats
and the market was strong throughout, espe-
opened at 32SSc, sold up to 32l2
Stocks of provisions posted to-day showed a
decrease during April of 1900 pbls of pork
of short ribs The stock of lard was larger
than expected, being AZ 1 80 tierces, but there
is good shipping demand. and 900 tierces
being reported shipped the past two days.
good showing made by stocks, the market
was firm and prices advanced l2Iac on pork.
12l2@1o on lard and 5l2c on ribs. Trading
In lard and pork was not large, but in short
opened at $3.50, advanced to Sl395 and
closed at $3.50; July lard closed at So. O7I9,
s7.45. O-''-A
THE QUOTATIONS.
The leading futures ranged as follows:
Wheat-No. 2 May opened at SlIsc closing
at s1Ssc; June, S2Ac closing at 925sc; July,
sSssc, closing at s3s4c; December, s5s4c,
at $3.50, closing at 557sc; June. 54s4ci clos
Ing at 55Ac; July, 5l7sc, closing at 55ssc;
August, 500, closing at 55sBc. Oats-No 2 MAY
opened at 32aSc, closing at 32ssc; June,
at 32ssc. Mess Pork, per bbi-May opened
al S13.62l2. closing at S13. 20; June, $3.50.
closing at $3.50; July, $3.50, closing at
1880; August, SID, closing at S13. 97I2.
l La I'd per per-, 100 lbssaoMay opened at
closing at Ss.o5; July, ,Ss:o5, closing at
$S.07I2; August, Ss.o5, closing at Ss.i2Ia.
Short Ribs. per 100 lbs-May opened at
$727l2, closing at $50: June S.. 35, clos
s745 a. ASgs py s s3sips &C closing 81 at
Cash quotations were as follows: Flour
2niet, but firm; rye quoted 15c higher
Whe at - 2 spring, sIts@s1Ec; No. 2
5 sSlS soc Rv SorSoN9 Ga S5TSc 9ats-No
77@7sc. Flax Seed-No. 1, SI.45. Prime
Timothy ed--S2. $500. 80. Mess Pork
Per Dbl, $3.50. Lard-Per 100 lbs $500
Short RIBS sides GIoose)-S5 80 Dry Sailed
Sides lboxcd) So. 75G7.s0. Whisky-Dis-
tillers' finished goods, per gal.,S1.15. Sugar,
cut, loaf, 75s@Sc; granulated, 7.O73Isc'
Receipts-Wheat; AZ, 900 bu; corn. $4,000
ley 5000 Blu. Shipments-Flour, 1900
bbls; wheat, $4,000 bu; corn, $1,000 bu;
oats, $4,000 bu; rye, 5000 bu; barley, 49,
0oob u. On the produce exchange to-day the
creamery, 20025c; dairy, 15l2@20c Eggs
Srm and unchanged.