St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-05-07
The COMMERCIAL RECORD.
Work in the Wheat Pit Opened Dull,
and Remained So Throughout
the Day.
Corn Opened Strong On Good Cables, and
Provisions Ranged Higher at
the Opening.
Transactions in the Financial Circles of
Wall Street.-The General
Quotations.
special to the Globe.

Special to the Globe.
CHICAGO, May 5.-The wheat market had
tame opening this morning There was no
sensational news at hand to buoy up the hope
of the bulls and trade in the pit was dull.
The Missouri state board of agriculture re-
ports the crop prospects as having been i'm
proved by the recent rains and estimates the
production Oh the present condition at ID,
100000 bushels on decreased area or 400,-
600 acres. The yield last year was 27,000,-
600 bushels. The figures rather more than
neutralize the favorable impression caused
by the glowing introduction. Crop reports
from various points in Illinois and Indiana
are better since the rain. Seeding in the
northwest is being seriously delayed, and
Minneapolis dispatches mention that the
seeding in northern Dakota and Minnesota is
not one-third done. Wheat cables were on
the quiet order. Corn cables were strong,
and foreigners were in this market covering
short corn in considerable quantities Pro-
visions had strong opening and prices were
higher around the beginning. The range of
quotations the first hour was as follows:
June wheat. S2Ss@S25sc; June corn, 5534@
557sc; July pork. S14.25@1435; July lard,
SS.25@S.21l2, and July ribs, 81. 62l2@l7 .67l9.
Everybody knows that reserves of wheat are
low, but few will be prepared for the state
and that we are encroaching on next pro-
duction. Yet such is the conclusion to be
drawn from the statistics. For instance, the
crop of the past six years aggregated 2, 70S,-
100000 bushels; exported from these crops
estimating for the two remaining months
of the current customs year, aggregate 720,-
100000. This leaves LOSS, 000,0 900 bushels
for home consumption, seeding, etc. Statis-
hcians estimate that 300.000,0 600 bushels
are used every year at home; therefore six
years home consumption must approximate
2,100,0 100000 bushels or H., 600, 600 BUSH
els more than actually existed. There must
be mistake ont somewhere, for certainly
the wheat that is now in the visible supply
and in the invisible reserve cannot be fiat
wheat. Possibly America does not consume
quite 350,000,000 year. Either that or the
government enumerators have missed O. few
bushels
The wheat market was rather tired to-day
1t did not display rallying after reaction,
and closed barely steady. There was liberal
trading in the pit and the controlling infiu-
ences seemed TO be bearish. The wheat that
was so freely sold went somewhere how
ever. Crop advices were conflicting to-day
The California situation is summed and
settled, however, by the following telegram
from Frank Dalton, secretary of the Cali
fornia state board of agriculture to a friend
on change in reply to query: "One-third
acreage gone. Light rain yesterday. NV
Judgment one-half or two-thirds of crop.''
This is about the most reliable information
that has been received from the cost. The
close on wheat is fractonally lower than yes
terday The prices of May corn ranged Is4@
&c above July, with brisk trading in both
months. jones, Kennel & Co. were the
largest hOVQrS today &c
and it was reported sub rosa that the same
firm settled big line previously with Foss.
Strong " Co. The market is beginning to
show the effects OF heavy and continuous
covering of short corn and increasing re-
ceipts. 1t is decidedly toppy at the close to-
DAY, though outside markets are quoted as
strong. Provisions eased off after the first
hour. Singer headed the shorts early in
scramble for cover on pork and ribs The
gossip of the floor is that ribs have at length
found their way into the possession of
Armour & Co.
THE QUOTATIONS.
Ihe leading futures ranged as follows.
Wheat-No. = May opened at STAG closing
al Sligo; June. S2SSc, closing at S2SSc; July,
o3ssc, closing at S3SSc: December, S534c,
closing at s55Sc. Corn-No. 2 May opened
at 555sc; july, 55S4c, closing at 555sc; Au-
gust, 557Sc, closing at 55I2c Oats-No. 2
May opened at 33S8c,, closing at 33l2c;
June, 321sc. closing at 324c; July, 325sc,
closing at 3214c; August, 2S$4c, closing at
294c. Mess Pork, per bbl-May opened at
s14!20, closing at $14.15; June, $1427I2,
closing at Sl4: 02; July SLIPS, closing at
Sl4.21l2. Lard, per 100 lbs-June, opened
at s.22l2, closing at SS17l2; July, So. 27I2,
closing at SS.22l2; August SS32i2, closing
atSS.27l2. Short Ribs. per 100 lbs-June
opened at $7.52l2, closing at S7.52la;
July, S7.62l2, closing at S762I2;
August, $7;72I2 closing at $40;
September, S7.7712, closing at $3.50.
Cash quotations were as follows: Flour
Quiet and demand limited: winter wheat,
S2.50@4; spring, Sl.75@45O rye, 50. 75@
go. Wheat-No; spring, 814@s1l2c;
No. 2 red, S5@S6c. Corn-No. 2, 57SSc
Oats-No: ., 33l2@335sc. Rye-No. 3, 63c
Barley-No. 2, 77@7Sc. Flax Seed-No. l,
S1.45. Prime Timothy Seed-S2 SO02. 50.
Mess Pork-Per Dbl, Sl4.2O. Lard-Per 100
lbs, IS. 12l2@S.15 Short Ribs Sides Qoose)
500. Dry Sailed Shoulders (boxed)-
S5.T3@6. Short Clear Sides (boxed)-S7.95
as. Whisky-Distillers' finished goods, per
gal. 81. 10. Receipts-Flour. 10000 bbls;
wheat, $4,000 bu; corn, lbs, 900 bu; oats,
10000 bu; rye 1000 bu; barley, 10, 600 bu.
Shipments-Flour, $4,000 Dbl; wheat 3d.
600 bu; corn, 2S7, 900 bu; oats, al, 900 bu;
rye. 5000 bu; barley, 10000 bu On the prod
uce exchange to-day the butter market was
very firm; creamery. 20@25c: dairy 16@
23c; Eggs firm and in good demand at II
@12l2c.