St. Paul daily globe., 1888-06-01
Wheat Opened Well bnt a Sudden
and Mysterious Slump Caused
Panic.
Corn Went the Way of the Sag. Oats
Stood the Racket and Provisions
Were Featureless.
Money Kings and Their Operations in
Wall Street.-The General
Quotations.
Special to the Globe.

morning July opened at S5c, slight i'm
proVement over Tuesday. The Cudahy
Linn brokers began bidding and the market
''k1ted.' to S6lsc, with hardly any trading on
Inc ascent. There was no wheat for sale.
About fifteen minutes after the opening the
Hood gates opened. July was then quoted
at S6c and December at S67Bc. In less than
ten minutes July was staggering at sac and
December at S47sc, with August sell
Ing at S2l2c. Where the wheat
came from and what the break meant
nobody seemed able to determine The pit
was in state of bewilderment. The only
thlng plain was that the market had broken
&c bushel in less time than it takes to tell
ABOUT 1t. AT the bottom, Stauffer began bid
ulng and put the market up s4c. 1t held at
the recovery, but did not act at all buoyant
New York and st. Louis, and all other mar
kets were limp, and cables were conflicting.
The boards-Mr. Jones reported an increase
OF 1,52O,O0O bu in the amount on passage.
Receipt of corn were less than 1000 cars,
and the market was strong at lac improve
ment, July being quoted early at $3.50
55c. Provisions were shade easier.
July pork selling for the first
hour at 4.10@14.12l3; July lard, $3.50
e.47l2, and July ribs at S7.52A@7. .5712.
Editor Murray, of the Cincinnati Price Cur
rent, wires that crop prospects have under
gone 40 special change of late, though a
little improvement is noted in sections of
Michigan, Ohio, Indiana and Illinois. The
wheat crowd did not recover from its mysti-
ication, and the sudden bulge and equally
abrupt and severer break were the topics of
conversation all through the session. Vari-
Gus were the theories advanced in explana-
ton of the violent action of the morning.
Some insist that the bull combination is get
ting out and that the bull leaders are prepar-
ing for grand flop. Others have it that the
market is under control, and that it is being
Systematically MIXED and that there is
nothing else to it and no futures The pre-
vailing impression, however, is that big
deal has been developing in July, and that
the unaccountable way in which the market
has been acting of late is the monkey work
of bull combination desirous of increasing
Its line and shaking out lot of undesirable
"tallors." The wheat market was nervous
all forenoon. Price fluctuations after the
first tumult were within narrow range, but
they were frequent and violent. The market
was Jerky within limits of SEC, July ranging
at S43s@S5c; December, S51a@S5l2c. The
scalpers fought over eighths. There was heavy
trading to-day for local and outside account
but no decisive tendency could be detected
The alleged deal in May corn eliminated
to-day. May opened at sec, advanced to
56S4c, and about noon was seemingly weak
at 54c. July broke from 55ls to 537s, but
rallied to 545sc, and closed steady at 54I2c
The estimated receipts for tomorrow are S43
cars. The pit was crowded, and considera-
BILE excitement was manifested at times
There was not at any time a disposition to
establish an unnatural price on May. The
md of thn G,,1e fla Oh
est practically eliminated. With oats it was
different. May closed at a premium of DC on
May. The extent of the short interest in that
cereal is unknown. but it is not thought to
be very large. Provisions were featureless to
the end. Charters to-day included 325, 900
oats, and Bis. 900 bu corn.
THE ROUTINE REPORT
CHICAGO. May 31.-The opening price and
the early trading indicated great strength in
corn, but after prices advanced few points
there was quite a let down in May, and other
futures weakened and went away below the
closing prices of Tuesday. May sold early at
56c, and up TO 5634c then back to SOC by
sac, closing at 545sc. Receipts were 975
cars, of which 634 cars graded No 2 Oats
were quite active. May delivery attracting spe-
cial attention: There was still quite short
interest and there was brisk trading at ad-
vanced prices. May sold at 36S4@37c, clos
ing at 37l2c; July sold at 1880 33I5c, clos
ing at 33Ssc. The provision trade was slow,
featureless ana uninteresting. The little
trading INDUCED in had largely in view the
changing over of some outstanding contract
to later month. Prices, however, held
steady, in spite of large receipts. Pork sold
at 81 / 1212@14. l712. and closed at SD 1212
July lard closed at SS.45. July short ribs at
S7.52l2Q7 7.51l2, and closed at S7.55.
THE QUOTATIONS.
,,, The leading futures ranged as follows:
Wheat-No. 2 June opened at Soc, clos
ing at 94Ssc; July, s5c, closing at S5lso;
adEgg aHgust s4s4c, clesin5 at s4Ac; December,
opened at soc, closing at 54Isc; June,
547Sc, closing at 545sc; July. 5434c closing at
545sc; August, 55c, closing at 54a4c.
Oats-No. June, opened at 3312c, closing
August. 2S3sc, closing at2S$sc Mess Pork
Per bbl June opened at S14, closing at
S1405; July, Sl4.lO, closing at S14.12I2;
August, S14.1 .17I2, closing at S14.2O. Lard
Per 100 lbs. June opened at $40, closing
at $40: July. SS.45, closing at SS.45:
August, $3.50, closing at Ss47I2; october,
$S;5252, closing at S6.52l2 Short Ribs-Per
at $3.50: July, $7.52l2, closing at S7.55;
August. S7.6212, closing at S7.65; septem-
Der, $40, closing at $7.72l2. Cash quota
tions were as follows: Flour-Quiet;
prices firm on winter and 10c easier on
patents from outside figures of week ago.
Wheat-No. ? spring, S312@S4c. Corn-No.
2, 54Ac. Oats No: 2, 37@37lsc. Rye
No. =, 65c. Barley-No. 2, 69@6914c. Flax
Seed-S2 25. Mess Pork-Per bhl, S146
14.05. Lard-Per 100 lbs, So 37l2@S. 40.
Short Ribs--Sides Qoose), Ss.470S. SO; dry
salted shoulders (boxed). .S606. % short clear
sides (boxed), Ss1o@s.15. Whisky-Dis-
tillers' finished goods, per gal, SLID Re
ceipts-Flour, $4,000 bbls; wheat, 76, 900
bu; corn. $4,000 bu; oats, GIL 900 bu:
rye. i, 900 bu: barley, 1000 bu. Shipments
Flour, $4,000 bbls: wheat, 81 900 bu; corn,
279,000 bu; oats, 1913, 600 bu; rye, 1000 bu:
barley, 1000 bu. On the produce exchange
to-day the butter market was unsatisfac-
tory to holders and stocks accumulated;
creamery. 14@17c; dairy, 15@16c. Eggs
quiet at 13l2@114c.
r. M. NEWPORT & SON,