St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-05-14
Wheat Was Excited Again and Advanced
Over One Cent in the Early
Session.
May Corn Sold as High as Sixty Gents,
and Provisions Secured a Gain
Over Friday.
Transactions in the Financial Circles OF
Wall Street.-The General
Quotations.
Special to the Globe.

state of great alarm and excitement, and the
big fellows were under the market ready TO
give it another boost if necessary. Tips
were out that July would be marked UP
above 90c, but strong opposition was en-
countered at SSI2c. The price went l2c OFF
and back again without serious effort
and stuck at the top, where
royal battle was fought. There
was realizing on a large scale, but the market
absorbed all offerings and seemed buoYant
as eve when the load was taken. The
weather map is bullish and crop reports are
getting worse. AS high as 6Jc was paid for
May corn this morning, and July ranged 5S
@5S5sc. Receipts continue moderate, and
the demand for shipment about offsets the
receipts. The market was excited. Pro-
visions started at a material advance
over yesterday, but sold off sharply
to nearly Yesterdays close. The early
range was S145O@1442i2 for July
pork; SIS 1O@s.35 for July lard;
and S7.7O@7.77I2 for July ribs. Hutchinson
was probably the heaviest single buyer of
wheat this forenoon. He seems to have con-
cluded that with so much steam on, and the
fires burning holly under the boilers, his po-
sition on the safety-valve was not only I'M
comfortable but positively dangerous. He
therefore got off. and he did not observe
ceremony in shifting his position. Hutchin-
son was persistent seller for weeks around
S3@ Sic for July. He is supposed to be
pretty well covered now. odd Hutch
has not been a good man to follow
lately. His good luck didn't stick
TO him long and Oh the booming market this
morning local operators realized very gen
orally, selling ont on shorts and a new set of
bulls, Bloom shota couple of million of
bushels into the crowd, which took it without
fiinching. Orr q Comes, Irwin, Green Il Co.
and Poole, Sherman Il Co. also had big lines
TO work off. and many of the commission
houses realized for outside customers. A
great majority of the professionals are now
playing for a bre ak. They argue that re-
action is over due after the sharp continu-
Gus advance of the past three or four
days. The price of July got to S9lsc
about IL o'clock to-day, ana before 1
O'Clock it reacted to ss14c This was really
the first breathing spell the bears and shorts
have had since the start, and this stopping
place was away above the outside reach of
any previous day. Still, they were grateful for
any favors, however small. Thry were de-
lighted that the market rested there instead
of &c higher. The country appears to have
caught on TO the true spirit of
the government estimates, and to be
coming forward in great shape, Outside
business was large. The telegraph
wires were loaded down with orders and
most of the commission houses are advising
customers to take profits, but many of the
old stalwart and grizzled bull houses and
many who are not grizzled are fighting their
customers to keep them in. They say there
may be reaction, but that the market is bound
ogo higher and thatit will be useless to at
tempt to catch the fluctuations to rid the
market. As it was Cudahy was large
buyer today and men like George Smith,
Baker and others mark S1.25 as
the probable top price on the crop.
1t is shrewdly surmised that John Plankin-
son is in with Cudahy on the deal, in which
the latter is now composedly engaged with
Linn as a side partner. Some of Inns
wheat is supposed to have been dumped this
forenoon, and great deal of ''little wheat
was also thrown and profits taken. That the
market did not break more is the clearest
possible proof of its breadth and depth. If
IT does not go back l02c great many of the
brightest room traders are going to get
fooled However, with the Northwestern
millers hanging onto every bushel of wheat
hey can get hold off, and ten or dozen
boats ready to carry wheat out of Duluth
already bought and paid for by New Workers.
and with stocks in all primary markets
phenomenally low and farmers reluctant to
part with their large-siZed resources at any
thing like present prices, the bears nave lit
tie to encourage them. Weather conditions
in France and England are said to be I'M
favorable, cables to that effect having been
received by half asdozen firms to-day. The
market closes strong, 24c above yesterdays
closing ranges. May corn sold up to 6Ossc
and July to 5S7sc. The market subse-
quently broke 1c but closed steady A good
light business was done in provisions. Prices
moved i'll sympathy with wheat 10 some
extent.
THE ROUTINE REPORT.
CHICAGO May l2-&he interest in wheat
This morning exceeded that of any previous
Gay. Sensational reports were exchanged
between the great trading centers, and the
bull fever ragged. Prices here opened 1c
over last night and after dropping back a
few points bounded up nearly Ic, on general
buying both by the country and the local
crowd. The business was enormous and in
diVidual influence could not be noticed The
advance after the first soft spot was about Ic
and June sold up TO S77Sc. July to soc
and December of 9IIsc This " was was
cline hG followed 6GP iG and the be eay made de de
effort to break The market. for June went
back 10 SIC. July SS34c. and Decent er S97sc
Strength returned before the close and the
closing prices were: May, s7c; June, s7I9c;
July. SsSSc; December Ole. The opening
prices wee: May SGasc; July, 9Sl3c. and
December, 90l2c. The corn market puzzled
even professionals today. Prices opened at
}Ac TO 34c over last night and at once went
higher with wheat. After May sold
at 604c and July 5s5sc, there
was very suddenly q great quantity for
sale and ~ less than fifteen minutes prices
went out lie. As in wheat, there was reac-
ton and return of strength before the close
May closed at 597sc, June ut 5!S4c and July
517Sc or about l2c higher for the DAY. Oats
II u
i've crowd of operators. May tOuched 3jI4c
and closed at 35c, and June sold between
Sac and 34$Sc. closing at 34lsc. Provisions
were moderately active, stronger and higher
The strength, however, came chiefly from Ike
buoyancy in wheat and corn. 4 fair num-
Der of outside orders to buy were received
Local shorts covered fair lines and holders
took advantage of the bulge produced Inv
their buying and unloaded fair lines After
buyers had been filed up, the market weak
ened and prices declined sc on short ribs
and 7l2c on pork, but last sales were at loo
advance on pork, &C on lard and 2I3GI5c
on short ribs over Yesterdays last sales. Pork
July sold at Sl4.4061l4.52l2 and closed at
S14.45. Lard at s. 35@S. 42l2 and closed at
$40 Short ribs al $7.T2l2G17.S so anG closed
al STD.
THE QUOTATIONS..
The leading futures ranged as follows:
Wheat-No. 2 May, opened at S6Ssc, closing
al SIC; June, S74c, closing at S?I2c: July.
SSi&c, closing at SS6sc: December, 90l2c,
closing at sic. Corll--No. May opened
at zoe, closing at $3.50; June, 59c, clos
ing at 57s4c; July, 5Sc, closing at 573lc;
August, 5Sl2c, closing at 5Sc. Oats--No
2 May opened ut 33S4c, closing at Soc; June
3lAc. closing at 34lsc: July, 347sc. closing
at 33$4c;; August, 29c. closing at 29lsc
Mess Pork, per bbl-June, opened at 81. 40,
closing at S1435; July, SLID, closing
at SI4.45; August S14.57I2, closing at
$3.50: Lard, per 100 lbs-May opened
closing at $3.50: July, Ss.37l2, closing at
SS.3712; August, SS.4212, closing at SS. DOS
Short Ribs per 100 lbs-June opened
at S7.65. closing at $3.50: July, S7.75,
closing at S7.72l2: August. $3.50, closing at
G. SDIa. G.