St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-05-16
THE COMMERCIAL RECORD.
Favorable Crop Reports Forced Wheat
Down Yesterday Nearly One
Cent.
Corn Broke Early and Was Followed by
Provisions, Especially Lard
and Ribs.
transactions in the Financial Circles Of
Wall Street.-The General
Quotations.
Special 10 the Globe.


CHICAGO. May 15.-The reduction in wheat
that was reported yesterday came this morn
ing. July opened at S5l2c, and in forty-tive
minutes was selling at SSss@S Sl2c. North
western operators who have been roaring
bulls were free sellers and senders OF bearlsn
crop reports. They say that the spring
wheat acreage will be increased; that the
plant is up and looking finely, and that the
weather is lovely. The change in sentiment
Is Suspiciously sudden and those who have
been watching the signal service reports
laugh about the statements circulated this
morning. However, the facts remain that
such reports were sent, and their influence
was felt in break of 11sc in prices. The
disposition 10 realize was more general than
it has been at any time, and there was
notable let-down in the volume of outside
business. The day started in weak.
The bulls say ii is a healthy reaction
and some of them are buying on the break.
Corn declined l205sc Tor June, July and
August, but May advanced 3sc, the latter sell
ing up to 597Sc. June ana July sold down
to 577sc. Receipts were 052 cars. From
SSI2c for July the market rallied to SS7sc,
but from - o'clock it started down again
I'D went to SS@SSl2c. The crowd jumped
10 ,he conclusion that the bull leaders had
unloaded during the excitement yesterday.
The settling clerks have il that ScwartZ, Du-
pee Il Co. are short Il large line which will
not settle" and the wise people are satisfied
that Linn and Cudahy, and perhaps two or
three others in the combination, have sold
out through this firm. On the other
hand, Cudahys friends insist that
while he may have sold out part
Of his wheat on the advance, he is
still enormously long here in addition to
large holdings in Duluth, Milwaukee, Toledo
and New York. and that he is firm believer
in 81 wheat. AS to the story that Cudahy
sold out through Schwartz, Dupee d. Co.,
there are many reasons for discrediting it. 1t
is, in fact improbable. He may have sold
out in part, but not through them. At any
rate, somebody sold out; that is evident In
addition to that Ream and his followers were
sprawled out all oyer the market this morn
ing, and their efforts to break prices were act
lively reinforced by the bulls who builded
too last and didn't get out when they could
TO advantage. The reaction came when they
were not expecting it and when they usually
come. AT the bottom this forenoon the price
was nearly &c below the outside touched yes
terday. 1t was the first important break since
July started up from Slice. 1t would not be
strange if wheat should go lower. 1t is the
reaction that two-thirds of the bulls have
been playing for, and that they want.
1t has in no manner disturbed their
equanimity or dampened their enthusiasm
Corn was weak as dishwater. The market
broke 1c, and once more receiving houses
are predicting largely increased reports.
Estimates for tomorrow are less than 300
cars, however, not above the daily average
of receipts the year through. 1t would seem
that if there were such an inordinate GUAM
tity of corn i'll the country these prices would
bring 1t forward. The corn market was more
active today than il has been for long
time, and the general expectation seems to
be that prices will work down. Provisions
had a decided setback. They have only
been strong because wheat and corn were
strong. When grain weakened provisions
did likewise. Pork dropped zoe, lard sc
and ribs 5@7l2c At the afternoon session
wheat sold within narrow range and closed
about the same as at l p. m. Corn was q
shade higher and oats fraction lower Pro-
visions were easier.
THE QUOTATIONS.
The leading futures ranged as follows:
Wheat-No. June opened at SSc, closing at
SIC; july S9l2c, closing at SSlsc; August,
e9l2c, closing at S77Sc; December 911sc,
closing atS9s4c. Corn-No. May opened
at 59l2c, closing at 59l4c; June, 59l2c, clos
ing at 5734c; July. 5SI2c, closing at 577sc;
August, 5Ss4c, closing at 5Sc Oats-No.
May opened at 80 Il {, closing at 35SSc; June,
34SSc, closing at 34c; July, 34Isc, closing
at 3334c; August, 297sc, closing at 2914c
Mess Pork, per bbl-June. opened at $l4 . l2,
closing at S14.37l2; July, S14.7O, closing
at SLATE; August, Sl4.75, closing at
$14.57l2. Lard, per 100 lbs-June opened
atSS. 52la, closing at SS.47l2; July, SS.57l2.
closing at S9.52A; August, $3.50, closing
at $3.50; September, S9.55c, closing at
$4,000. Short Ribs. per 100 lLs-June opened
at $40. closing at S7.62l2: July, S7.77Ia.
closing at $40; August. S7.S7l2, closing
atS7.77l2; Sept, S7.92l2, closing at 81 S7IS.
Cash quotations were as follows: Flour
Moderate demand and prices firm Wheat
No. spring, s6H@S6$sc: No. red. 92l2c.
Corn-No. 2, 59l2c. Oats-No. 9. 32I2c. Rye
No. 2, 6ll2c. Barley-No. 2 75c Mess
pork, per Dbl, S1440. Lard, per 100 lbs,
SS.4712@S.50 Short ribs, sides Qoose)'
S7.65. Shoulders, dry sailed (boxed), 6.O5
@6.07l2; sides, short clear (boxed), $50
@S.l5. Whisky-Distillers finished goods.
per gal, Sis Sugars-Cut loaf, 7l2@S3sc:
graduated, &c; standard "A, 6l2c. Receipts
Flour. $4,000 bbls; wheat, II 900 bu:
corn, $1,000 blu; oats, pa 900 bu; rye,
1000 bu; barley. $1,000 bu Shipments
Flour, 5000 bbls; wheat, $4,000 bu:
corn, $1,000 bu; oats. 19S, 600 bu; rye.
5000 bu; barley, 1000 bu. On the pro
duce exchange to-day the butter market
was fairly active and firm; creamery, 2OIa@