St. Paul daily globe., 1888-05-28
Wheat and Corn damned Down by
Bears Who Made Heavy
Sales.
a Market Generally Weak, and Which
Diligent Efforts Failed to
Bolster.
Financial Operations in the Great
Money Centers---The General
Quotations.

nhC6t disp1dlSN iIS SlSdtSA OOOgohNs isS
ceipts of corn were 7S6 cars, of which 80
per cent was graded No. 2. The price of
May settled to $3.50. and July worked dowu
10 54l2c. July was selling at 55c a few min
ntes later. Speculative action in corn was
quite free. and the pit was crowded. The
tendency in wheat was toward lower prices
this morning, and July sold as low as S67sc.
December was the object of the most intense
onslaught. George Baldwin went at Decem-
Der hammer and tongs and pounded it down
to SSIsc. He succeeded in selling 100000
bu at SS14c, and a few minutes afterward
saw the crowd greedily taking it from the
purchaser at SSl2@SS5sc. July advanced
TO S7SSc on the statement that Werst had re-
turned from trip through Missouri, Kansas
and Southern and Central Illinois, bringing
The most damaging reports yet published
about the condition of wheat in this area.
He reports that the worms and insects are
playing havoc with the crops in Missouri
md Kansas and that the prospects are vastly
poorer than they were month ago. Paris
Gables quote advancing markets on prospects
Df Door French crop. Reports from the
Northwest are i'll the main bearish Provis-
ions were weak and dull. July pork was
quoted early at S14.42l2014.4 45; July lard,
FS.550S.60, and July ribs at S7.6712@7.70.
The wheat market was not particularly act
i've to-day, except in spots Hutchinson con-
inued to be an active seller nearly all
day. Fraley telegraphed from st. Louis
shat Ream says wheat is a sale for 15c.
Ream himself sold somewhat on every reac-
ion. Numerous buying orders are struck,
and as there is very little weak wheat to be
forced out the market does not lose its un-
Hertone of strength at any time. The crop
and outside market news is bullish. st. Louis
was buying considerable wheat to-day, and
New York wires that exporters are picking
npwheat where they can get it. A count of
noses" among New York houses doing a for
aign business has developed the fact that
they have more wheat sold in American
markets for foreign accounts than at any
previous time in their history. Receipts at
primary markets, Baltimore included, for the
day aggregate $1,000 bu against 45O 900 pu
on the corresponding date last year, with
Western visible stocks 100000 TO 12
100000 bu less than last year. Unless the
statisticians are away off in their guesses the
visible will show a big decrease, according
10 Mondays statement, estimates ranging
from 100000 to 3,000,0O0 bu. Duluth
will show huge reduction, and the winter
wheat markets are practically destitute of
stocks. Wheat locally did not develop any
very stirring or sensational atures as be
fore stated, trade averaged light in volume.
The market rallied from the early break to
S7I2c for July and SS7sc for December. but
slowly worked down 34c and closed weak at
practically the inside figures of the day.
The battle was around SIC for
July - what battle there was Es-
Inmates of corn for Monday are 900
ears, the biggest lot yet. The market was
fairly active all day and speculative offerings
were on the increased scale throughout Re
paintS 6nrirtr fret ha1 Of
likely TO mount into still larger figures, and
The bears anticipate further shrinkage in
values. May corn got down nearly to 55c to-
nay, and July TO 544c. The average price
Of July was 54S4@55c, and the market was
stubborn. Provisions were heavy as lead TO-
day. There was an overplus of offerings,
and the market could not stand the pressure.
Pork sold down 15@20c, lard lO@l l2lac and
RIBS 7l2@10c. Receipts of hogs here and at
other packing points are large and the pros
pective forward movement from the country
is heavy. At p. m., prices for wheat: Nav.
65l2c; June, S5S4c; July, S65s@S6s4c; Au-
gust, S634c.
THE ROUTINE REPORT.
CHICAGO, May 26.-The opening on change
was characterstZed by general weakness.
and while the forenoon operations in the
grain pits were the tamest of the week they
were far from dull. Declines were quickly
followed by slight reactions and while there
was a downward tendency early for all
grains, which showed good rallying strength,
corn held up we'll in the face of wonderful
receipts of contract stuff. Wheat was weak to-
ward the close to-day, and after selling up and
down most of the session, with 12634c range.
closed under last nights prices The situation
ri the Seaboard and on the other side was
bearish, while the advices from the wheat
fields were as bullish as any yet received
But few of the big local operators showed
their hands, and Ream was prominent as a
bear, and the seal pers were with him. The
prospective accumulation of wheat at the
Seaboard and the poor outlook for working it
off in foreign markets was and has been the
bears best hope. July sold at S71e down
TO 867Sc; up to S7l2c, and shortly before the
close touched the lowest point of the day at
s65sc, or just 1c under the closing rice last
night. December sold at SS@SS7sc and
closed at SSl8c Corn was simply weighted
down to-day by the actual stuff which was
received here for few days past and which
VIII be received early next week. For this
morning the receipts were 1SS cars of which
625 graded No. 2. Later the estimate for
Monday was put at 920 cars. Opening prices
were about 6sc under last night. The best
prices Tor the session were but 14c better than
the opening, and the closing prices were lc
lower than yesterday. There was fair vol
unle of trade in the pit The market would
no doubt have broken even worse but for the
pen peLeI lnat ,ne present big receipts cannot
65l4c, and down to 54Ssc. Oats were con
siderably depressed and there was a liberal
reaction from the lately advanced prices. May
shorts were covered with such freedom. the
last few days that to-day there was little in
quiry and prices broke to and closed at 2I5c
below yesterday closing figure. MAY opened
at ats, SIC and closed at 35l2c. July opened at
33l2c and closed at 33c. Provisions were
decidedly weak ana unsettled, and a marked
decline in prices was established The re-
celpts OF hogs were fair and prices lower
and the corn market also favored the buying
interest. Eastern markets were easier and
Liverpool prices showed a weakened feeling.
Under these circumstances locial operators
were disposed to sell products rather freely
for future delivery, and outside orders were
largely on the same side of the market The
demand was comparatively light and mainly
from the short interest, and the market
Lac lacked support the greater part of the day.
The market closed rather tame at inside fig
ures. July pork opened at S14.4212 sold
down to SD %, and closed at S14. 27I2' JulT
lard opened at $3.50, sold to $3.50 and
closed at SS.52l2. July short ribs opened at
S7.67I2. sold up to $40, down to S760 and
closed at S7.65.
THE QUOTATIONS.
Wheat No. 2-June opened at s6l2c, clos
August, SIC, CLOSING at s6a4c; December,
eSa4c, closing at SS1Bc. Corn, No. 2-May
eePeneSd eSdsit at 5oa4 closing at 55l2c; June,
547Sc; August, 55lsc, closing at 54a4c.
Oats, No. 2-May opened at 37s4c closing at
35l2c; June. 34l2c; closing at 33l2c July,
33l2e, closing at 33c; August, 2Ss4c, clos
opened at Sl4.35, closing at SI4.1O; July.
S!4.42l2, closing at SLABS; August,
S14.52l2, closing at $14.35. Lard, per
100 lbs-June opened at Ss.52l2, closing
at $40: July, $3.50, closing at $3.50;
August, SS.6212, closing tat Ss.55; October,
SS;62h2, closing at S9.57l2. Short Ribs, per
100 lbs-June opened at $3.50, closing at
S7.57l2; July. $7.67I2, closing at 7.62l2;
August, S7.7712, closing at $40:
September, $7.S5, closing at $3.50.
Cash quotations were as follows: Flour
Steady; demand only moderate; winter.
S275@4:75; spring, 81. 75@5; rye, S.. GOA
$50 Wheat-No spring, S5E@s5l2e;