St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-04-14
The COMMERCIAL RECORD.
The Grain Markets Were Booming Early
Yesterday Morning and Made
Things Lively.
Corn Advanced the First Hour of the
Session Nearly Two Cents From
the Last Closing.
Wheat Alsa Advanced Provisions We're
Quoted Higher But We're Rather
Dull.
Transactions in the Financial Circles of
Wall Street General
Quotations.
spccial to the Globe.

CHICAGO, H.. April Is The grain markets
doomed This morning. Steam was on in corn
and the price of May advanced during the
first forty-five minutes of the session to 55c.
II gain of 1859 from yesterdays closing. The
bears had again oyerplaced themselves and
were forced to climb. Receipts were 112
cars and a rumor circulated that several
cribbing firms and companies had combined
to force the price up to 60c, at which price
they will be willing to sell their country hold
irgs and get out of the deal. The corn mar
ket was active and excited. Wheat too. was
strong advancing s4c in half an hour OF the
opening May going to 19l2617S5sc and June
to 795sc Crop conditions and the inability
of farmers in the Northwest to seed their
spring wheat were the causes. Cables steady.
The blackboard was bearish. 1t shows
painful absence of shipments from seaboard
points. There is no movement worth men,
tioning. but the wheat is not leaving Amer
lea az rapidly as the bulls would like. New
erlheless winter wheat crop prospects are not
improveing. There may be no very great
decrease in acreage, but farmers i'll various
parts OF Michigan, Ohio, Indiana Illinois
and Missouri are blowing up wheat fields and
seeding the area to oats. The Cincinnati
Price Current estimates shrinkage of $780,
600 acres in area and says that present indi-
cations point to crop OF 31ooO,-
900 bu less than last year, or
256, 100000 bu Of winter wheat. The
field news from the Northwest is not
encouraging. There is snow on the ground
over large areas of spring wheat country,
aud farmers are taking mournful view OF
the situation. However, farmers are prone
to that anyway, and they may console them:
selves with the reflection that with seed
time and harvest yet before them all is not
lost. decline in consols was one of the
points on which the bulls discoursed this
morning, but when il was learned that the
decline was the result of the refunding
scheme they dropped that and went to look
ing for ammunition in other quarters. The
market was duh most of the forenoon, and
the early advance was not held Indeed, the
tone Of the market became quite heavy but
il was noticed that any decline brought out
numberless buying orders. Viewed as a
whole, the day cannot be considered tri-
umphantly bullish in wheat. New York, as
usual. pumped The crowd full of bear dis
patches. The big excitement was in corn.
The advance noted above did not stop at 55c.
The price scared 70 55$Sc, with Foss, Strong
Il Co. tremendous buyers Oh the rise Kent's
brokers were buying early, and sold later.
Poole, Sherman & Co., were also free sellers.
The crowd was bullish to the core,
aud probably four out of five oper-
utors in the pit expect to see
May corn selling at coo. Some
predictions going as high as zoe The same
people were predicting lie for corn when
the price was 49l2@ soc, however, a circum-
stance which detraets somewhat from the
value of their opinion. There was all sorts
oil Wild talk about Fess-Srong deal, backed
by Diamond joe Reynolds and S. A.
Brown, the millionaire lumberman The
house is said TO be long 100000 bushels.
diamond joe is credited with being a
pijuger OF the first magnitude, but unfortu
nMely for the gossips he is not in corn this
time 1t is stated on presumably the best
authority, that he has not had a trade in corn
for two Years. AS for Brown he is a rich
man aid bull OH corn. He owns lot of
cora through Illinois Iowa and Nebraska,
aud he is essentially safe man. He never
sells anything he does not have, though he
sometimes buys things he does not want
The bears say that is what's the matter now.
The market eased off I2c during the last hour
or and closed rather tame. Provisions
are dead The clique is doing nothing,
and neither are the big four" as the pro-
feSsionals are called The longs are not
anxious. il is said, to put up the prices high
enough to attract the $4,000 or 10000
barrels of outside pork lying in the cellars at
other packing points. AT the afternoon
session provisions were dull, but slightly
higher Wheat and corn firm, and is@ssc
higher Oats steady. The $50 p. m prices
W heat-April, 74sS174I2c; May. 1880
7sl.c; June, 79Ac; July, so. Corn--May,
55ise; June, 54ls@54bc; July, 544@54ssc
oals-May, 32Ac; June, 317s@32c; July
i2c Pork-April. May and June. SI4I5;
July, Sl1.20. Lard-April, S7.65; May
S7.61I2; June, $772ia; July. S7.77ls. Short
Ribs-April, S7.22t2; May, S7.22l2@7 %;
5unc, $50; July, S71.37ls617. 40.
TIE ROUTINE REPORT
CHICAGO, April 13.lThe advance in the
price Of wheat to-day was hardly what was
expected by the bulls, The opening was at
l2c over last night and lie better than the
opening price and i4c under the regular
price made the range for the regular session.
The receipts of $4,000 br at New York indi
Gates All increased movement to the seaboard
The short interest here was also considerable
and helped the early bulge with its influ-
euce. May opened at TSc, sold at 7S4c down
TO &c again ana then up to 7sl2c, the top tor
the session. Later sales were between 7SIsGl
$3.50. Corn was the most eccentric article
on tie toor, ard prices, once started mn.
ward. advanced rapidly. There is a wide
difference Of opinion i'll corn. There are
those who nave claimed ali along that il was
top heavy above 80 cents The other ey-
tremities now talk 60c They point to the
price of cash corn al 55c; the small stock of
contract corn in store, the approach OF navi
cation. which VIII move it out freely and
above ali the light receipts both present and
prospective. These things all helped the
bulls to-day and a factor equal to all these
for the day was the short interest, which has
not been taken care OF until now. The price
of May was t2c over last night at the open
ing ut 51I6c After a slight dip to sac. the
p-lce went straight up to soc, while some
long corn came out at each fractional ad
vance. There was little reaction from 55c
and hen The prices bulged the second time to
55lsc, The outside for the day. closing at55 Isc
Provisions were firm and prices higher in
sympathy with the light receipts and an adj
vance of from l0c to l5c in price. The big
traders who were so conspicuous the open
ing days OF the week, let the market severely
alone, AID the only trading was of q scalping
nature. outsiders have all the product they
want 1T present. The bulls syndicate, while
not offering pork openly, were willing TO sell
all buyers wanted. Scattering shorts covered
small lots and bid prices up 12l2c, but clos
ing sales were at 2l2c below the top. May
opened at Sl4.05, sold to $14.17l2 and closed
al Sl1.l -. Lard was strong; sold freely at
81 62Ie6I7 .61la, May closing at 81 bid. June
sold sparingly at S7.7o01T. 72I2 Short ribs
advanced 5@5lsc, and closed firm May sold
at 81. 1907. 22ia and closed at Sz.2o August
sold at S7.45@7.55
THE QUOTATIONS..
'fhe leading futures ranged as follows:
Wheat-No =, May. opened at 7S4c, closing
at 7S$sc; June, T9lse closing at 794c;
July 7934e, closing at soc; December, S2c,
closing at S2ISc. Corn-No. 2, May, opened
at 54lsc. closing at 55isc; June, 53a4c, clos
ing at 5alsc; July, 53S4c, closing at 54I4c;
August, 53S4c closing at 51Ac. Oats-No. 2,
May, opened at 31s4c, closing at 32I2c; June,
3llgc, closing at 3l7Sc; July, Slice, closing
al ::.2c; August 277Sc, closing at 2sl4e. Mess
c e@rf per s bpMay ne Opssinfd at to sh4o
SLID: July closed at S1420 Lard, per
200 lbs-May opened at S765, closing at
81, 67l2: June, $40, closing at $7.72l2;
July S1.15, closing at $7.77I2. Short Ribs,
per 100 lbs-May, $7.I5; closing at
81. 22i2: June. S7.22l2, closing al
$50: July. S7.32l2. closing at 81. 32Ia: