St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-06-11
Enthusiasm Pervades the Wheat Pit,
and the Crop Reports Send
up Prices.
Corn Goes the Same Way, But Pro-
visions Sag Because of
Dizziness.
Financial Operations in the Money
Centers---The General
Quotations.
Special 10 the Globe.

Only light scalping deal was witnessed
during the first hour this morning, and the
market was entirely lacking in features.
July wheat opened at s5l2c and sold to
$3.50, and then off to Soc. Wheat cables
were dull. New York was stronger and st.
Louis easier. In the corn pit Jones, Ken
nett & Hopkins and Foss, Strong & Co.
were the principal buyers, and Baldwin sold
pretty freely, trading being quite lively early.
The market opened strong, or at 53Isc for
July, and then weakened TO 52l2@525sc
Oats sold down to 325sc for July. Provisions
were again quiet and rather weak, mess
pork attracting a little more interest.
however, than for a couple of days past
July pork sold off to 1885. The same op-
ton OF lard to SS.52l2, and ribs to S7.57Ie.
Inspection returns show receipts of IL cars
winter wheat, as cars spring, 600 cars corn,
ana 30 cars oats. The out inspection
showed Withdrawals from store of Att bu
winter wheat, $500 bu spring, ia, $50 blu
corn, and 135, 226 bu oats. The most i'm
portant piece of market news received was
the government crop bulletin. All sorts of
interpretations were put on the wheat esti-
mates. The postal telegraphs first bulletin
made the net result &c on condition.
When this was received the market
was S5Ac for July. Baldwin and one or
Two others had an early tip that the report
would show an Improvement in condition,
and they had sold the market down TO Soc
Lindblom started the buying on the GO per
cent bulletine, and the market jumped to
s61sQ S6l4c. Then came the official copy
making the general average 733. This
started the crowd TO selling, under the i'm
preston that they had been misled. The
price broke about 1s4c, June going to S4ssc,
and July to S5I2c 1t took considerable fig
uring TO arrive at the true significance
OF the special reduction in area
of 1,750.000 acres. but the con-
clusion was finally reached that
the postal bulletin was, after all, correct
The market very soon began to reflect this
change OF sentiment, and from II O'Clock to
O'Clock the advance was steady. The clos
ing range was at the top. Corn speculation
reached liberal aggregate, and changes in
prices were frequent within 7sc limits. The
market was rather nervous and unsettled, in
sympathy with wheat. The opening was
stronger on the smaller receipts than ex-
pected, and July sold up to 53Isc at the
start. Later when the estimates for Monday
were announced at $50 cars (and still larger
if the inspectors work tomorrow there was
asharp break, July falling to 52Ac. During
the last half hour there was a recovery to
market
Jones' Rennett & Hopkins, Baldwin, Boy
den and Norton Worthington were all free
buyers on the break, and there was a good
deal of short corn covered. Had it not been
for the demand from this quarter the decline
would doubtless have been more severe. AS
1t was, the actual shrinkage was only lac in
July property. The cash market was dull and
2Q3c lower, No. 3 selling down as low
at 4S12c. closed at 1880 bid. Oats were fairly
active. July fiuctuated all day between
325sc and 3275c, August from 2S1sc to 2S34c
and September from Ac to 27s8c. No. 2
cash oats were I2@s4c lower. selling to 60 to
store at 32L2@32S4c.
Provisions continued to drag to. day, and in
ali branches of the speculative trade bust
ness was light The general tone of the
market was stronger, however. and prices
moved up peg, mess pork making a gain
of sc. lard sc and ribs sc. July pork sold at
S13.95@14.25, lard at Ss.52l9@lS .62I2 and
ribs at S7.57l2@l7.60, on the split at S7.65,
all closing at the top. The lowest prices of
the day were made early. Cash product was
again dull.
THE ROUTINE REPORT
CHICAGO, June 9. The government crop re-
port to-day was a "demoraliAer'' 10 the Chca-
go Board of Trade. Statistician Dodge filed
N.
the report TO the trade promptly at / a. m
Many houses had arrangements made for the
earliest possible information, and those who
got the most information were the worst off.
The figures made a bedlam of the pit for an
hour. No two men could solve the puzzle
alike. At first flash it looked like a bull re-
port. and July jumped from S5Ac to S6s4c,
while operators were crossing the floor
Then 1t was construed i'll another way, and
prices slumped off nearly &c in short order
and July sold at S4S4c before 10 o'clock
Still closer study of the thing made it look
bullish again, and prices advanced lAc and
July sold up to 85ssc. The trade was greatly
excited Outside orders came in and before
they could be filled prices had changed lie
and by the time the outsider was informed
that his order was filed at S57sc the wires
told him the price was S4s4c. The figures
showed a slight increase in condition max
ing the winter wheat crop 1873, while it gave
an increase OF about7 per cent in acreage.
The second bulge i'll wheat continued to the
close, July wheat selling to s6Is0S64c, clos
ing at S6lsc. Corn received some of the en-
thusiasrn which pervaded wheat On the
break, July went down to 52s4c react
Provisions were dull and heavy during the
early trading, and prices declined slightly.
in sympathy with the liberal offerings, and
S9lOc lower prices tor hogs. After the
furry in wheat the situation changed. and
instead of thore being all sellers and no
buyers, 1t was the reverse. Prices advanced
1Oc on all speculative articles, and closing
. sales were at at net advance Of SC over
S13, 95@1405, and closed at $I4.O5. July
lard at SS.52@S.62l2, ana closed at the top.
January: 81. s7127 .9212. July short ribs
sold at S7.5I07.65, and closed at S7.G5
THE QUOTATIONS.
The leading futures ranged as follows:
Wheat-No: 2. June opened at s5ssc closing
at $3.50; July, e5l2c, closing at s6lsc;
Der, S6lac, closing at size Corn-No. Q
June opened at 52ssc, closing at 5I7sc: July.
53c, closing at 52l2c; August, 53I2c, clos
ing at 53lsc; September, 53l2c closing al
closing at 327sc; July, 32@c, closing al
32s4c; August 2SsSc, closing at 2Sssc: Sen.
tenlber; 21$sc, closing at 27ssc. Pork. Mess.
Per Bbl-July opened atS1 .97l2 closing al
September; S14.15, closing at Sl4. 25
Lard Per 100 Lbs-July opened at SIS IS
closing at So. 62l2; August, $50, closing al
$50: September, SIS 62l2, closing at SIS. 72ls
OctoDer, $500, closing at S9.72l2. Short
Ribs, Per 100 lbs-July opened ut 81. 57la
closing at S7.65; August. 81. 67I2, closing a,
a;5h2l2; septtember, 1913, closing at $3.50.
S So sprns s ysTs fo No Wheat
Gorn[No. 2, 5lac; oats-No. 2, 32Iac.
Rye-No. 2. soc. Barley-No. 2, 67@6sc
Flax Pl;I5s se ed l, $3.50. Timothy Seed
II. Lard-Per 100 lbs SS.55. Short Rib
sides Qoosel, S7.55. Dry. sailed shoulders
6oxedl; S6@6 %. Short clear sides (boxed)
goods. per gal, 81 90. Sugars-Cut loaf, ~
@SAc; graduated, Csc; standard "a, 6Iac
Receipts-Flour. II, 900 bbls: wheat, Al .OO(
bu; corn 454, 200 bu; oats. 294, 600 blu
rye, 1000 blu; barley, 1000 bu Shipments
Flour, 10000 bb1s; wheat. 10000 bu
corn, 325, 900 bn; oats, $4,000 hu; rye loo
blu; barley, 5000 bu. On the produce sex
change today the butter market demand wa.
extra good; creamery l511Sc: dairy, l3Q
16l2c. Eggs firm; fresh, 14GI14Ilc.
e. M. NEWPORT & SON,
Investment Bankers.
~-o ,so -. r, NIT,