St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-05-09
The COMMERCIAL RECORD.
Wheat Was Active and Steady, Notwith-
standing the Unfavorable
Local Condition.
Corn Was Dull at Slight Advance,
and Provisions Were Dull
and Easier.
Transactions in the Financial Circles OF
Wall Street.-The General
Quotations.
Special to the Globe.

CHICAGO, ILL.,, May S.-The wheat market
was active and prices held steady i'll the lace
of infayorable local conditions. Ram is fall-
ing abundantly, not only upon the unseeoeu
wheat area Of the Northwest, where II rs not
needed, but upon the winter wheat helds OF
the more southern area, where 1t is NEEDED
Cables were barely steady, but New York, st.
Ionis and MINNEAPOLIS were bullish. The
latter point reported the receipts of ~ cars
of wheat and the shipment of JAG cars to
Southern Minnesota and Iowa points. The
local crowd which loaded up yesterday was
looking for a market this morning and
Hutchinson's speculative offerings were
heavy. The early range was S3ls@S3Ac Tor
June and S4IS@S4l2c for July. Corn was
dull. Foss, Strong d Co. were selling little
May and July, but the general crowd was
standing around doing nothing. Receipts
were 33S cars. May ranged 57@3ISSc the
FIRST hour and July 559s@55s4c. Provisions
were dull and rather easier early, with July
pork quoted at 14.3OQl4.35, July lara
SIS. 25@S. 27I2, and July ribs S7.61l2. Inc
wheat market after season OF 'softneSs
spurted l2c June going TO S3l2c and July
to S4l2@Si5sc. There was hVeIy
ocal trade on the advance and the
market looked as though it was in for
climb. However, it stopped atthe range in
dicated, and was sold off Csc. More cor
rectly speaking it was hammered down by
Hutchinson and his following, Hutchinson
has been pounding the market for three days
with great Vigor. That he is not bear IS
proved by the fact that he has been buylngln
every other market in the country. If his
purpose is to break Chicago i'll order TO catch
on lower down, his efforts thus far have not
been attended with success. The market has
resisted his plugging tactics and advanced
under the load absorbing all offerings read
lily. There has been no stage where 1t was
possible to buy large line of wheat without
putting up the prices and unlimited guam
titles can be sold without any effect OF con-
sequence. For instance, Stewart and Hutch
inson offered millions this morning, and the
market only reacted A@Ssc, rallying the mo-
ment the artificial pressure was lifted. The
market is slow getting started on the grand
bull sweep that everybody is looking for.
The trade is waiting for the government crop
estimate, due day after tomorrow.
Should that contain official confirma-
ton of what intelligent observ
erS know to be the condition, the
sweep may start Thursday. Should it be
conservative report, tempered by the rains.
the movement may be delayed until visible
stocks get lower. The rains that have fallen
in the Middle and Western states are doing
world of good to the vegetation, but moisture
cannot put life into dead roots. In the Ian
guage of Michigan correspondent, 1.-The
rain is improving general crop prospects, but
it is also developing the poverty OF the wheat
crop That expresses the sense of a great
mass of correspondence from all quarters.
The local market hung about S414c for July
during the latter part of the session. The
corn market was heavy after the first hour,
prices Outside speculation in that cereal is
dying out aad the bulls must see that their
only hope of getting lively trade again is to
let the market break back. An advancing
market would have tendency TO still fur
ther narrow the operations and that is
condition that no bull can desire. Estima-
ted receipts for tomorrow $50 cars. Provis-
ions firned up later i'll the day, and there
was more business, particularly in ribs. At
the afternoon session prices for grain de-
clined Slightly at first, but rallied before the
close. Closing prices show wheat i4c higher,
corn l8c higher, oats about steady and pro-
visions a triiie easier.
THE QUOTATIONS.
The leading futures ranged as follows:
Wheat-NO.2 May, opened at S2Isc. closing
at S2$sc: June, S314c, closing at S3S8c: July,
S44c, closing ut S4Ssc; December, S6I2c,
closing at S65sc. COrn-No. . May opened
at .. i4c CLOSING AZ 3blsc; June. 0G3Sc, clos
ing at 55$Sc; July, 55S4c, closing at 55Ssc;
August 555sc. closing at 55Ssc. OatS-No
june opened at 33c. closing at Sic; july
3275c, closing at 327sc; August, 2S2Ic, clos
ing mt 2S24c Mess Pork per bbl-May
opened at Si425. closing at S142O: June,
$ll.20, closing at $14. 22l2; July S1437l2,
closing at Sl4.3212; August, $14. 10, closing
at Sl4.42I2. Lard per 100 lbs-June OPENED
at at $50. closing at IS. 22l2: July, SS27l2,
closing at SS.27l2: AugusI, S.. 80 closing mt
$3.50; September, $3.50. closing at $S. 50.
Short Ribs. per 100 lls-June opened at
$3.50, closing at $50: July,S7 .67l2. closing
at $7.67I2; August. S7.75, closing at
S7.75; September. $50, closing at ST. S2l2.
Cash quotations were as follows: Flour
quiet, but firm and prices unchanged. Wheat
No. 2 spring, S2lSd S24c; No. 2 red,
S7I2c. Corn-No. .. 56S8c. Oats-No.
2. 81. Rye-No. 2, 63c. Barley-No. 2,
77@7Sc. Flax seed-No. l, S1.45. Timothy
Prime seed. s.. 20. Mess pork, per Dbl,
$14.25. Lard. per 100 lbs, So. 2OGS 22I2
Short ribs, sides Q0ose), S7.55617 CO. Shout
ders, dry sailed (boXed), S606 %; sides,
short clear (boXed), SS@S.05. Whsky-Dis-
tillers' finished goods per gal, S1.15. Sugar
Cut loaf, ESQ S2Sc: graduated, &c; stand
ard IA, 6l2c Receipts-Flour. p, 600 bbl;
wheat, $4,000 bu; corn, 196,O00 bu; oats,
214, 600 bu; rye, 5000 bu: bailey. $4,000
Shipments-Flour, q, 900 bbls; wheat So
600 Blu; corn, $4,000 bu: oats 136, 900 bu:
rye, 5000 bu; barley. 5000 bu On the
produce exchange to-day the butter market
was well held up and trading fair; creamery.
PC; dairy, 1920. Eggs-Firmer at l26
12l2c.