St. Paul daily globe., 1888-06-08
The COMMERCIAL RECORD.
email Receipts Caused a Stronger Feel
ing in Speculative Circles
Yesterday.
fhere Was Good Buying of Wheat and
a General Scramble Of Shorts
to Cover.
Financial Operations in the Great
Money Centers---The General
Quotations.
Aecial to the Globe.

reipts helped TO cause a strong feeling in
speculative circles to-day, inspection re-
turns being 103 cars of corn under the esti-
mates \ continuation of bull news in the
wheat pit caused good buying and general
scramble of the shorts to cover. The New
York market for wheat was up lee, and in
Milwaukee the price of July wheat has ad-
vanced &c in two days. Initial trades in
here were at see, and few minutes later
the price raised to S65sc, or 7sc above yester-
days closing. The market then reacted
Slightly and ruled steady. Corn was de-
cidcdly stronger at the start, opening figures
being 55c for July and 554 for August
and September; later there was
further gain OF 14c, when an easier tone was
developed. Oats were stronger, and A64sc
higher. Provisions ruled quiet, but stronger,
July pork selling at the start at 81 %, lard
al SS72l2 ana ribs at S7.75. The wheat
market reacted lc in sympathy with corn,
ana during the last hour held steady at about
Yesterdays closing quotations, December
being relatively shade weaker than July,
the difference narrowing to 1@i8c. This was
due in part to the "unstraddling'' of a large
line bought for December and sold
for July when the latter was at
premium over December. Throughout
the forenoon there was a steady
and by no means small absorption of wheat
for ali active futures. Outside conditions
were favorable for holders. and the undoubt-
ed statistical strength of the situation
is impressing itself upon the specu-
latiye public. Wheat cables are almost uni
yersally stronger and bring information of
an increasing United Kingdom and conti-
mental demand at better prices. New York
was noticeably strong although very bearish
advices went ont from that quarter Toledo
reVers the receipt of cargo of Duluth hard
wheat for the milling trade. This is very
universal and argues bauennesS of home
supplies. The crowd is beginning TO specu
late Oh the forthcoming government report.
II viii be issued Saturday, the 9th. The
common belief is that it will show a further
reduction in condition during the month of
May. The May estimate is 72c. If the June
estimate is not made under 20 those who
have kept the closest watch on the develop
ment OF the winter wheat crop will find their
faith in the value of official conclusion sadly
shaken. The corn market is still governed
almost entirely by the receipts. Yesterdays
arrivals, being over 100 cars smaller than ex
pected, caused the early bulge IN prices this
morning to 55Ac for July, jump up of 5sc
as compared with last nights closing.
When to-days estimate for $50 cars
came in everybody turned seller
and the market rapidly receded 1ssc. The
break did not come to a halt until July struck
53S4c just before the close at l o'clock
Oats were fairly active and prices sympa-
thized with corn. Provisions were dull and
entirely without feature in both cash and
speculative circles.
Receipts 20 day footed up 6 cars Of winter
wheat, % ears of spring wheat 457 cars of
corn, 1S3 cars of oats, 5 cars of rye and
cars of barley. There were inspected out
du ing the past twenty four hours, 81, 934 bu
of winter wheat, 29,O47 bu of spring wheat,
232, 24l bu of corn, and 216.045 bu of oats.
AT The afternoon session provisions were
lifeless. In the grain pit there was fair trad
ing. Corn and wheat closed I8c lower,
THE ROUTINE REPORT
CHICAGO, June There was fair activity,
firm feeling and generally higher prices for
all products on Change early to-day. In
wheat, any new arguments that were heard
were OF Il bullish character, and outside mar
ketS We're decidedly stronger at the opening
The market opened about 4e over last night,
and July sold the first hour from sG@s69sc.
The crowd had taken the wheat apparently
for immediate profits, and brokers were
loaded with stop orders. When the first
signs of reaction came it turned a crowd of
were touched and this helped the tumble in
prices. July went from s6ss to S524c,
rallied to Soc, and after II o'clock
broke down TO S512c, where it closed.
tested and trading was quite active within
all irregular range of prices. The ruling in
tiuence was the receipts, to-day's arrivals
being 100 cars less than expected and prices
were advanced on the covering of local
shorts. July opened ssc higher at 55c, sold
up to 55Lc back to 54lsc where it closed.
Oats were fairly active early. but late in the
session quiet market prevailed. Prices fol-
lowed somewhat after corn; July sold at
is 5$iss. Provisions we're Ss' without Il ''sss spe
cial feature to-day. Offerings on
speculative account were light, and the
demand from all sources was limited. Owing
TO the. light receipts of hogs, the
market for products was somewhat stronger
but trading was small. Later an easier feel
ing prevailed in sympathy with the weakness
III corn and prices grad dually declined to in
side figures. The market closed quiet. July
pork opened at S14.25, sold off to S14. .12l2
and closed al S14. 10. July lard opened al
SS.10l2. advanced to SS.75, reacted and
closed at Ss.67l2. July short ribs closed at
S7.67I2.
THE QUOTATIONS..
The leading futures ranged as follows:
Wheat-No. ,, July opened at 36c, closing
at S5lac; August S6lse, closing at R5lac;
September, s3sse, closing al s4Isc; Decem-
June opened at 543sc, closing at 53l2c; July
55c, closing at 54lsc; August. 554c, clos
ing at 54$sc; September, $3.50, closing at
54asc. Oats-No. =, June opened at 355sc,
closing at 33lsc; July, 337sc, closing at
53$se; August 2s&se, closing at 2sl2c; Sep
tember 27ssc, closing at 27Iac Pork-Mess,
per Dbl, July opened at Si425, closing at
Sl4.15; August, S14.35, closing at Sl4 25:
September S14.42la, closing at Sl435
Lard Per 100 lbs-July opened al S. 72ls,
closing at $3.50; August, SS.77L2, closing at
$S; 20: OCTOBER, $3.50, closing at Ss.75 Short
Ribs Per 100 lbs-,July opened at S775,
closing at S7.67l2; August, S7.62I2, closing
at $50; September 81 80, closing at ST. So.
Cash quotations were as follows: Flour
quiet and steady. Rye sc lower Wheat
No. . spring. s4a4@S5l2c; No red, See
Corn--No. ., 53l2e; oats-No. ?, 3s4c.
Rye-No. . 63c. Barley-No. 9, 6726Sc
Flax Seed-No. /, S1.30. Timothy Seed
Prime. So. 1922 Is. Mess Pork-Per Dbl,
S14030l4.]0. Lard-Per 100 lbs. So 60
Short Ribs sides 0oose), S7.62l2. Dry salted
shoulders (boxed). S6@62 25. Short clear
sides boxed, 80. .1O@S.15. Whisky-Distill-
ers finished goods per gal, 81 30. Sugars
Cut loaf. 7A6SAc; granulated, 67s; stand
ard "A. 6lec. Receipts-Flour. II 900 bbls;
wheat 5000 bu: corn, $4,000 bu: oats
l76,000 bu; rye, 5000 bu; barley, IL 200
bu. Shipments-Flour, 10000 bbls; wheat,
$4,000 bu: corn, 1850 bu; oats 81, 900
bu: rye, 5000 bu: barley, 9, 900 Du. On the
produce exchange to-day the butter market
was in better shape; creamery, l4I2@1Sc; !;
dairy, l2Q Ice Eggs firm, 13H.014c
a. n,-,h&~&- a ~~n,