St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-05-18
Wheat Took Another Squirt and Sold
Readily at Fraction Below
go Cents.
Provisions More Inclined to Weakness
and a Small Decline Is
Quoted.
Transactions in the Financial Circles OF
Wall Street.-The General
Quotations.
Special to the Globe.

ment over night, opening stronS lIis iioiii
Ing at S984c for June and 9Os4c for July.
The market sold off Ac and swung nervousiy
between 90I2@9O84c for half an hour. Then
II took q sudden squirt and advanced lie,
June going to 9Os4c and July to else, with
scattering sales lsc higher. There did not
seem to be very heavy dealings on the bulge,
and at the top offerings were so heavy that
prices quickly worked back nearly 1c. The
market was violently excited and country
orders were doubled. Wheat cables quoted
foreign markets as firm and tending up. DO
nestle markets gre all strong and the home
bears are in state of alarm. The foreign
shorts have been called for margins saYagely
during the past two or three days. ana
last night the demands were renewed. The
foreigners are, as a rule, terrifying their
trades with remittanees and standing pat.
They do not run, as was expected OF lheln'
when the price got above soc. Neither are
they increasing their lines to any great ex-
tent Corn was dull and rather heavy Tor
future delivery, though May holds hrm. re
ceipts OF corn to-day were 1913 cars. inc
early range was 590594c for May and 57ss
@57s4c for June. Provisions were quiet and
quotations early were S14.37l2@1442l2 for
July pork, So .47l2 for July lard, and S7.6212
@7.67I2 for July ribs. Again wheat adj
vanced to elise, and this, too, in the
face of reports from New York to
the effect that Schwartz, Dupee d
Co. had wired that j, 100000 bushels of con-
centrated long wheat had been sold on the
bulge St. Louis parties overwhelmed their
correspondents with bulletins of improved
crop prospects in Missouri, Kentucky ana
Tennessee. A full average yield in those
states is predicted on the authority OF peo-
pie in trade of good repute. New YORK was
the head center of bear pointers, however
but news of a bearish tenor is at discount
and IS not influential. From Baltimore in
formation was received that $50 barrels
of flour had been shipped from there. This
Is equivalent to about 100000 bushels OF
wheat and is said to be the largest amount OF
-four ever exported from any one American
port in a single day. Minneapolis also
reported heavy sales of flour to-day
at an advance OF zoe barrel
above bottom prices ruling thirty days
ago. The total receipts OF wheat at western
receiving points included in the visible sup
ply statement footed up 155. 900 bu, running
from one car at Toledo to $4,000 bu in Min
neapolis, and shipments from all points ag-
gregated nearly 400, 900 bu. These are facts
that attract attention, and another big de-
crease in the visible supply is now certain as
result of the current weeks movement.
Primary markets are firm as a rock. Viewed
as whole, this was probably the biggest,
broadeSt market day ever seen since the adj
vance commenced. Believers in 81 wheat
are multiplying, and the S1.25 men are on
the increase. The bull leaders are generally
believed to have sold wheat to-day. but for
an alleged 'toppy'' and strained market,
prices hold marvelously well. Corn ruled
passably firm to-day. The market
is neglected, and speculative senti-.
ment seems to favor the bear side
Receipts are on the increase, to-morrow's es
Inmates being 4O5 cars. The market opened
weak on receipt of this information, but
bobbed up again from 57SSc to 5Sc for July.
Offerings are absorbed easily. Dunn & Co.
and Robert Warren & Co. were the largest
sellers to-day. Provisions were inclined to
weakness to-day and a small decline in prices
Is noted. At the afternoon session there was
panicky feeling in wheat because some
thought that few large operators had been
selling out under cover Prices broke l2c to
Csc, but confidence was soon restored and
there was a rally of SEC. Corn, oats and pro-
visions also sold a shade lower.
THE ROUTINE REPORT.
CHICAGO, May l7.-Operatlons on change
this morning begun with enormous business
in the wheat pit, and with decided and fairly
ucllNG markets III Otner grains anu prONlS-
ions. Wheat was the leader in interest and
was excited and unsettled throughout the
session. Trading was enormous and even
the biggest operators were lost track of at
times. Conditions were little changed. The
legitimate market and weather conditions
counted for little in the pit but all hinged
on what the big spectators were doing.
Every big trader here, if he is an open buyer,
is credited with easing the market by selling
under cover, and if he is an open
seller, he is charged with TAX
ing wheat through unknown brokers' The
situation is particularly interesting, and the
action of the market was one of big plunges
and quick depressions, while all the time the
turning points indicated strong upward
tendency. The big operators sold considera-
bic quantities of their holdings on the bulge,
which came shortly after the opening, and
as the session advanced, turned good share
of their attention to purchases of the more
deferred futures. July opened Ssc over last
night at 90S4c, sold at 90$Sc and rose up to
91lsc, back to 905sc, up to 91l2c, the second
time, and then eased off and closed at 914c.
The corn market was q disappoint-
ment to many to-day. The range for
the session was not beyond 12c and trading
was very light. May sold at 59@59l2c, clos
ing at 59c; July, from 577sc up to 5Sc, and
back TO 57l2c, ana closed at 57l2c. Free
charters of oats, 100000 bushels helped to
keep oats steady, Notwithstanding the trans
actions were very moderate. July opened at
$3.50, sold down TO $3.50 and closed at
935sc
A weaker feeling prevailedin hog products.
Trading was slow and only scalping in lots
within narrow range. Prices were lower.
July pork sold al 14.40@l4.4212 and closed
at S1430: July lard closed at SS.47I2, and
July short ribs sold at $780,. 6712 and
closed at S7.62l2.
THE QUOTATIONS.
The leading futures ranged as follows:
Wheat-No. 2 June opened at 9934c, closing
at e9Ac; July, 9t84c, closing at 90Ac;
August, s934c, closing at S9l2c; December
4ll6p CLOSING QD3po COrn-Nn Nov,
opened at SOC, closing at sec; June, 57Sc
closing at 5zsSc; July, 577sc, closing at 57I2c
August, 577Sc closing at 577Sc. Oats-No.
2May opened at 34ssc, closing at 3484c; June
S41sc, closing al $3.50; July, 337sc, closing
at 335sc; August, 29l2c, closing at 29c
Mess Pork per bbl-June opened at Sl4. 32I2
closing at al S14. 20; July, SdI4,4212, closing
S14.40. Lard, per 100 lbs-June opened
at SS.45, closing at SS.45: July, SS.47lb
closing at e.47l2 August, S9.47i2, closing
at $500; September $3.50, closing al
at S7.55, closing at S755l2: July, S..
closing at 81. 62I2; August SITE, closing al
S7.72l2: September, 81. S2I2, closing al 81 so
Cash quotations were as follows: Flour ruled
firm and inactive, an advance in wheat hay
ing checked demand; prices are firmer at ar
advance of 2G@25c over last week Wheat
No. 2spring, s9@S9l2c; No. 2 red, 94@94l2c
No. l. S1.43. Prime timothy seed, 50 sc
G2.35. Mess pork, per Dbl, Sid rs. Lard
per 100 lbs, So. 42l2@S.45. Short ribs, side.
GOOSE, S7.55. Shoulders, dry sailed (boxed)
S60625; sides, short clear (boxed), SS@
800. Whisky-Distillers finished goods. pc
gal, Sis. Receipts-Flour. $4,000 bbls
wheat $4,000 bu; corn, 10000 bu: oats
bu. Shipments--Flour, 1000 bbls: wheat
$1,000 bu; corn, 10000 bu; oats 232, COZ
bn; rye, 1000 bu; barley, $4,000 bu. o.
the produce exchange to-day the butte
market was in good shape; creamery. 100
PC; dairy, l7@22c. Eggs very firm at 13Q
1312c.