St. Paul daily globe., 1888-05-05
THE COMMERCIAL RECORD.
In the Early Market Wheat Went Down,
But Partly Recovered Before
the Close.
Corn Continued to AdVanee---A Com
paraiiv6iy Good Business Was Done
in Provisions.
Transactions in the Financial Circles of
Wall Street.-The General
Quotations.
Special to the Globe

CHICAGO. Nav 4-The tendency OF the
wheat market was downward this morning
but the decline was small and part of it was
recovered before the close of the morning
session. The early cable quoted downward
tendency Tor wheat in Liverpool but this
was the only bit of news on the side of the
bears and ii is doubtful If even this had
much effect upon them. Their strength lay
rather in the absence of any fresh, sensa-
tional, stimulating news for the other side.
There was bull news, to be sure, but it was
in the form of bad crop reports and confirm
Nory of things known some days ago. and
<Aought when first heard of to warrant
sSgher prices. But the holders grow tired
trhen the upward movement halts. They
.sze glad TO take their profits even if they are
small when they see that those profits have
stopped growing. 1t is just this condition OF
things for which the short seller waits with
confidence. 50 this morning after three or
four days of small fluctuations and little ad-
vance. there were plenty of believers in de-
cline. Hutchinson was the most conspicu-
ouS seller early. but he had many followers.
All the decline Hutchinson was the
best buyer, while Ream sold freely
and some recent buyers like Mitchell and
Bloom ware sellers July wheat opened at
S3i2c, sold down to S314@S3Ssc, up to $3.50
Sts4c. then down TO S3c, but with very few
sales al that price, then up to S314c, which
was the price ut the l o'clock close. June
wheat opened at S2SSI S2l2c, sold up to S25sc,
lOwn TO 50. and closed at l o'clock at S2Ac.
The covering of the shorts III May corn,
which was the feature of that market yester-
day, was continued to-day. 1t sent the price
of May corn up from SIC to 58c, the highest
point yet reached, and at the close 59l2c was
asked for that delivery. Trade in other
futures was quite light. with very little
change 10 note in prices as the result of the
morning trading. Some of the longs, how
ever, were selling May at the top and buying
June and July which at one time caused
some advance in these deliveries. Receipts
were considerably less than expected and
this was a strengthening feature. June and
July corn opened at 557Sc, sold down to
55SS05Jl2c and closed at l o'clock at 55$SG1
55$4c. ON the up-turn June corn touched
557sc and July 56c. There was continued
talk of squeeze in May oats ana the cover
ing of shorts put that delivery up Csc from
yesterdays close, the price at l o'clock being
33l2c. Other old crop futures were rather
helped by this demand but the more
deferred futures were easier In provisions
a strong feeling was generally exhibited.
Fair interest was also shown and in the
different lines comparatively good business
was transacted with June, July and August
the favnrite deliveries. In the trading lard
was the leader Values all around fuctuated
within rather moderate limits, and at o'clock
eXhibitedno radical change from last nights
closing At The afternoon session grain
markets were the mC st active for the day.
Prices ruled generally higher, closing 14c
higher foi wheat 1sGlHc higher for corn and
o shade higher for oats. Provisions also
were strong. pork advancing about zoe, ribs
7I2c and lard 2l2c.
TIE roCTINE REPORT.
CHICAGO. May 4.-There was quite change
today The rains of last night refreshed the
bears in proportion as it improved the crop
prospects: then. too. cables reported a down |
ward tendency at Liverpool. These influ- |
cuces induced The local crowd tC sell wheat |
al the start but the clearances at New York |
were reported at 3SS, 600 bu. and they turned |
buyers. Later when ii was found that clear
anceS should have read $4,000 the bull !
fever was Suddenly checked, and trade be-
came quiet. July opened at S3l2c, sold TO
S3l2@ $3.50, reacted to $3.50 S334c and again
eased back to S3I2c. There were no orders
from outside and a steady stream of small
lots of long wheat came on the market cauS-
ing July to sell off steadily until it reached
S3c Toward the close, there was a |
reaction, and July rested at S3I2c
The corn market opened with fair activity |
and steady prices. followed by an advance of |
Il to lsc for all futures except May. For the |
month there was Il special demand ana eager
buying by few houses, and the price went
up quickly from 37c TO 5Sc. The pressure
was relieved by liberal sales and the price
settled back 10 51I2c and closed at 57Ssc
Oats were stronger on the whole than any
other cereal to-day. Opening prices were 14c
higher for June and July. May opened and
closed AT 33l2c. July sold down to 32l2c and
up to 32S4c closing at 325Sc bid. The pro-
vision market was active and val
ues were confined to narrow
their lard and short ribs, and orders for
5000, COO lbs were said to have arrived
from baltimore. The execution of them
caused prices 20 advance cents. Enough
stuff came ont freely on the appreciation,
and the advance was lost. Parties who have
recently bought lard on foreign orders had
orders to sellandlet the chief buyer have over
5000 tierces. Early sales were at slight
advance, but the increased offerings caused
the appreciation TO disappear Sales for
July were III SS.l7@S.25, and closed at
SS.22I2. June short ribs sold OF 81, ,42l2@
100. and closed ut the outside. Mess pork
received moderate attention, and July soId
at 1i@@l412l2, and closed at the
outside.
THE QUOTATIONS.
The leading futures ranged as follows:
Wheat-No. May opened at Sl5sc. closing
at Fl 5sc; June, S2$Sc, closing at S2l2c; July
S3l3c, closing at S3l2c; December, SGISc
at 5Tc. closing nj 5T5sc: Jnne 555sc, closing
at soc: July. 555Sc, closing at 55Isc: Au.
gust, 3534c. closing at 555sc. Oats-No. 2
May opened at 3314c., closing at 33l5c:
June 32S4c, closing nj 32s4c; July. 32s4c
closing al 325sc: August. 2ss4c, closing at
2S34c. Mess Pork. per bbl--June opened at
SI3.S2l9 closing at Sl4. 02l2: July, $685.
closing NJ SlI.I2L2. Lard. per 100 lbs
May opened III SS.uSl2, closing at SS.15:
June $50, closing al SS.17I2; July, SS. .25.
closingat SS.22l.; August, IS. %, closing at
SS.21. Short Ribs. per lGO lbs-May opened
at $40, closing at S7.42i2: June, S742l2,
closing a1 $50: July, $3.50 closing
at $757l2; August, s.. go. closing at S7G5
Cash quotations were as follows: Flour
Firm and unchanged. Wheat--No2 spring,
SflaG Sls4c; No. . red, Slice. Corn
No. .. 57asC137l2c. Oats-No 2, 33s4c.
Rye-No. =, 63c. Barley--No. 2, 77G7Sc.
Flax Seed-No. !. SI.45. Prime Timothy
Seed-S2. -. Mess Pork--Per Dbl, Sl3.75
IaTd-Pcr 1G0 lbs. SS.12l2@S.l5 Is Short
Ribs Sides doosse)..S!.3 .37l2. Dry Sailed
Shoulders tboXed)-$5. 1906. Short Clear
Sides (boZed) S7.90@795. Whisky--Distil-
lers' finished goods. per gal.. 81. l5. Receipts
Flour, 10000 bbls; wheat, $4,000 bu:
corn, 1914. coo bU; oats 22l 900 bu:
rye. 5000 bu; barley, 9,000bu. Shipments
Flour, l4.C20 Dbl; wheat $1,000 bu;
corn 1OS,000 bu; oats, 2S2, 600 bu: rye,
5000 ba barley. 10,000bu. On the produce
exchange to-day the butter market was
firm ond receipts light; creamery, 19@24c;
'iGfTy. lG@22c. Eggs firm at 11@12l2c.
2 IN NEMpNPT O. COM