St. Paul daily globe., 1888-05-30
The COMMERCIAL RECORD.
Wheat Opens Firm, But Says to the
Point of Demoralizing the Gem
eral Market.
Corn and Oats Close Weak, and Only
a Small Business Done in Pro-
visions.
financial Operations in the Great
Money Genters---The General
Quotations.
Special to the Globe.

Special to the Globe.
CHICAGO May 29.-The wheat market
broke cent on rain yesterday and 1t broke
another s4c this morning on sunshine
When it is going either up or down, any
thing will do for an excuse. After July
wheat got down to S5lsc good buying sent
the price to S5l2c, and at that price Cudahy
came into the pit in person and bought
little, where at the price buoyantly rose to
S6Ac, all in a period of few minutes. De-
cember opened at bottom, S67sc, and ad-
vance to S7ssc. Cables were steady. West
ern points receipts continued light and
shipments liberal Wheat continues to go
out of Duluth at the rate of 250,000 to 350.-
600 bushels a day, and local stocks are de
creasing The local sentiment is bearish,
but legitimate conditions point the other
way Hutchison and Ream were both active
sellers to-day and Nat Jones' man was
large buyer Receipts of corn were
1,040 cars. The market was steadily held
around 5412054s4c for June. and 54$4@
5514c for July. Oats and provisions were
steady. Early quotations were 330334c
for July oats; S14. .12I2@14.15 for July pork;
SS.47I2@S. so fer July lard, and S7.60 for
July ribs. Jones. Kennett II Co. bought
between 100000 and 100000 bu. of
Jnly wheat from S5i2c up to sec. The price
got Isc above S612c and seemed firm around
. s6ss@S6l2c for an hour. Suddenly about
noon the market gave way, and in seven
minutes it declined 1lsc from S6S5@S54c.
There was a sharp recovery to S5S4c, ana
few minutes later another precipitouS break
TO s5c. Operators seemed TO be at loss to
explain the cause of the ''raZLle-daZzle,' but
finally fell back on the stock explanation
that Ream had fallen on the market
and was smashing it. To this
olA no hDt
alleged difference in opinion between Ream
and Cudahy was imaginary and that they
were working together to milk the market
on a huge scale. In watching the big
fellows and trying to guess what they are do
ing, the scalpers and generality of operators
have for the moment lost sight of the legiti
mate conditions which must control sooner
or later. 1t has degenerated for the time be-
ing into a very bad case of personal market,
in which individuals are of more Importance
than stocks, crop reports, movement of
grain, demand or anything else.
The country is in a state of disgust and is
doing no business worth mentioning. When
it was proclaimed that the leading operators
were divided in their views OH the merits of
wheat, the outsiders saw prospects ahead of
q broadening market, active speculation and
rapid fluctuations. The broadening tendency
of the market was checked before it got be-
yond control, and speculation has greatly
narrowed. Fluctuations have been rapid
enough, but they have been of the kind to
attract general buriness, and commission
men are looking blue and growing be-
cause their customesr have been given the
worst of it again through the Vaccinations
of the raiders. Maybe 1t is through the
operation of natural laws, but to them it
does not look that way now. 1t is true be-
i .l,a ~. =
short interest in the market, both for
foreign ana local account, and judging from
the WY prices have been going for the
past week. it must be larger now than
ever. And it may be remarked Incl
dentally in this connection that shorts are
getting lighter, and that they are already
extraordinarily light for the amount of
speculative business for which they form a
basis. In such a market as that
which is now interesting the trade such
facts and conditions are not con-
sidered. Their rapplication as governing
faction in the establishment of values is
looked upon by most traders as something
too remote TO waste time thinking about, and
they continue their vociferation in the pit:
"Sell ten July. Sell fifty july Sell 5OO-
600 July Sell 100000 December" The
local market continued weak during the last
half of the session, and the price of July
lowered down to S4Sc, the lowest point
touched on any of the previous breaks since
the elimination of the grand advance to
915sc. This is a shrinkage of &c. New
York led change in weakness the early part
of the day. The markets everywhere re-
hected the slumpiness here manifested
Hutchinson and Ream were given the credit
later for causing the break and keeping the
procession moving. Estimates of corn for
tomorrow are 6sS cars. quite a let
down already. The bulls were pleased at the
prospect, but the market nevertheless worked
down in sympathy with wheat. July went
as low as 54s5c and closed at 54I2c, with
May 1c higher. The May deal'' eliminated
without sensational features The short in
lerest at the ehd was not large. With May
oats it was the same. and the closing price
was 33Sc above June. Provisions were
steady and without special feature. There
will be no session of the board tomorrow,
Decoration day.
THE QUOTATIONS.
The leading futures ranged as follows:
Wheat-No. 2 June opened at s4s4c clos
ing al S41ac: July, S512c, closing at S47so;
August, e5lsc, closins at S4asc; December,
opened at 55lsc. closing at 55s4c; June,
64l2c, closing at 54ssc; July. 5434c closing at
54l2c; August, 541sc, closing at 54I2c.
0ats-No. 2 May opened at 36Me; closing at
Y,
331sc closing at 33ISc; August, 2S5sc, clos
ing at 2Sssc. Mess Pork-Per Dbl, June
opened at Sl4.02I2, closing at S14. .O2la;
July, SI4.12l2, closing at S1412I2; August
S142O closing at S14. .22l9. LardSPer
100 lbs June opened at $S.45, closing
at SS.4212; July, $3.50, closing at SS.47l2:
August $S.52I2. closing at SS.52l2; October,
SS.57l2, closing at SS.57I2. Short Ribs-Per
100 lbs, June opened at S7.52I2, closing
at $3.50; July. S7.60 closing at $7.57I2
August, S7.67l2, closing at S7.65
September, S7.72l2,. closing at S7.72la
Cash quotations were as follows: Flour
Dull and prices without quotable change
with the exception of rye, which is higher
and firmly held. Wheat-No. 2 spring, S3l4
@S3ssc. Corn-No 2, 55l2c Oats-No. 2,
SOC. Rye-No. ., zoe. Barley-No. 2, 696
69l2c. Flax Seed-No. l, S1.3O. Prime
Timothy seed-s9. 25. Mess Pork-Per bhI,
S14@14.05. Lard-Per 100 lbs, SS.42l2@
S.45. Short Ribs-Sides Qoose), $3.50; dry
sailed shoulders (boxed), ,S6@6.25 short clear
sides (boxed), $s.lO@815. Whisky-Dis-
tillers finished goods, per gal, SLID Re-
ceipts-Flour, $4,000 bbls; wheat, $4,000
bu; corn, $4,000 bu: oats 3S9,0O0 bu:
barley, 5000 bu. Shipments-Flour,2 21. 900
bbls; wheat, As ,oOJ bu; corn, 100000 bu;
barley, 5000 bu. On the produce exchange
to-day the butter market was in buyers
favor; creamery, 1Sc; dairy, 14@17c. Eggs
sfrm at 13Q 13l2c.
P.M NEWPORT O. som