St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-05-12
The COMMERCIAL RECORD.
Local Traders Were Given Surprise
by a Healthy advance in The
Price Of Wheat.
ali News Of a Decidedly Bullish Nature
---C0rn Advanced Somewhat
Provisions Dull.
Transactions IN the Financial Circles of
Wall Street.-The General
Quotations.


advancing l2c more in less than half an
hour, and took all the remainder eff the
morning session 10 gain 5Sc more, closing at
the top price. II would be safe to say that
this upturn was complete surprise to three
fourthS OF the local traders, many Of whom
went home short of wheat last night.
firmly believing that the heavy realizing of
longs which broke the market yesterday
would be contiued TODAY. and that fine
growing weather would help depress prices.
After the advance once started these same
shorts were of great assurance in putting
prices up. Instead of the bearish news from
the crops which was expected, everything
that came was decidedly bulliSh First came
the reports from the Northwest of exceed
ingly wet weather ana temperature below the
freezing point in The spring wheat country
With the season already very late and seeding
not finished, th.> made Il very gloomy out
look for spring wheat this year. and was the
greatest stimulus 10 the early buy
ing. Later came the reports of
chnch bugs in the Southwest and
continued dry ana hot weather in California,
with no improvement in the condition of the
wheat Another Strengthening feature was
found il the receipts at primary markets,
which were less than for several months be-
fore. The early cable quoted a downward
tendency TO wheat, but this was not con-
1rmed by the later one. and private cables
were steady. Exports of wheat, amounting
TO nothing but of Iiour continue fair. Amer
lean wheat bulls say there can be lao Object
ton to foreigners refusing 10 take or wheat
ungraded. provided they continue to buy The
-four i'll which there is a profit for American
millers well as farmers. The wheat buying
to-day WAS largely done by commission
houses whose clicntaGe Is outside the city
Houses with New York connections were
good buyers. The local crowd. with the eX-
ccption of a few pronounced bulls, were
fighting the advance all the way up. An ar
gmment of the bears is that the government
crop report gives the condition on May !,
just after the most trying time and before the
runs came and that there has been great I'M
provement since. To this the bulls reply
that the area plowed up and the recent dam
age to the California crop will more
than offset any Improvement in condition.
The corn market also was strong; opened at
an advance of l4GI2c over last nights clos
ing figures, and made further gain OF 7s6
I i4c for the different deliveries May was
the strongest. because of The covering of
short corn. The crbLels who had long ago
sold for May against the corn which they
owned. are now buying in their shorts and
selling the more deferred deliveries 1t is
thought that the II naming short interest in
May is Of Ibis kind. Wet weather has pre-
vented the Smelling Of the corn and made
the grading hazardous. or the corn would
have been delivered. As il i. the only thing
the cribberS can do is TO change over INTO
June or July and his they are doing Gables
were very strong On corn to-day and 9I2
loads were reported taken for xrort in Ncy.
York. Exporting houses are looking for
large orders for cash corn soon. Receipts
here were smaller than expected and the large
amount Inspected out. 56l 900 bu. helped TO
give Very strong tone to the market. The
strength in the other grain markets were re-
Elected in oats. which touched the highest
price thus far reached. and closed al about
the top. The trade was quite active May
oats sold mp from 3Ic to 35c. closing at 347sc
In provisions the quiet feeling shown lately
was continued. IN some respects the trade
commanded perhaps a little more attention,
but there was no increase in outside business
and the days trading, all told. was under an
average volume. sill, the market was firm
i'll fact much tImer than operators expected,
under the receipts Of hogs here and at in
terror points, and better prices were eStab-
lished. Based on last nights closing pork
al l o'clock showed an advance Of loo 2Iac
and both lard and short ribs 5@7l2c. At the
afternoon session everything Oh the floor sold
at better prices than the p. m. close Pork
sold 7l2c higher wheat Ssc higher, corn Ssc
higher and oats a shade higher There was
feeling Of nervousness in all the pits
THE ROUTINE REPORT.
CHICAGO. May ll.-BUSiueSS on change to-
day of a much more healthy speculative
character than yesterday There was less
ncryousness and more deliberate buying on
the strength Of the situation. The govern
ment report. which went out all over the
country yesterday. brought in a great many
buying orders for wheat. 1t was tins and good
buying by local professionals that advanced
July from SIC. the opening figure. 10 S65Sc
i'll the first hour Of the session. Trading was
quite large in volume, and the market had a
strong underOnc. Prices advanced steadily
and July closed ut the highest figure touched
during the session, S7l2c. Cold rains in the
Northwest were reported, and opera
tors also believe in large short
age in the winter wheat crop
The corn market also was strong and oDeued
at an advance Of 14@l2c. May was the
strongest because Of the covering of short
corn. The cribhers who had long ago sold
for May against tie corn which they owned
are now buying III their shorts and selling
the more deferred deliveries. Exporting
houses are looking for large orders for cash
corn soon. Receipts here were smaller than
expected and the large amount inspecting
out 361 cars, helped to give a very strong
tone 10 The market May corn opened at
57l2c. sold from 5T$Sc up to 5S78c and
closed at 39c. July opened ut 56c. sold up
the other grain markets was reflected IN oats
which touched the highest prices thus FAR
reached, and closed nj or abol The top The
trade was quite active. Nav oats sold nm
from 3lO35c closing at :}I34c. july oats
sold up from $50 '33S4c, closing at :}334c
In provisions the quiet feeling shown lately
was continued, and the days trading was
under an average volume. Sill the market
was firm, in fact much liuner than operators
expected under the receipts of hogs here and
at interior points, and better prices were es-
tablished. July pork opened at SLID, sold
lard opened ut $500. III sold up to the
closing figure SS.32l2. July short ribs
opened at $3.50, and closed at $40, the
highest point of the session.
THE QUOTATIONS..
The leading futures ranged as follows:
Wheat-No. May opened at sac, closing
al S534c; June, SIC, closing at S6SSc: July.
SEC closing at S7l2c; December S7sc
closing at $3.50. COrn-No. 2 May opened
at 57L2c, closing at 59c; June. Soc, clos
jug at 31S5c; July, SIC. closing at sec;
August, 5GIsc closing at 57I2c. OatS-No.
2 May opened mt 31c closing at 31s4c; June.
33$4c, closing ut 34c: July. 33c. closing
at 33s4c; August 2S7sc, closing at 29c
Mess Pork, per bbl-Iune, opened at Sl4.O5,
closing at 9l425; July. SLID, closing
at Sl4.35; August S1f32l2. closing at
SLID. Lard, per 100 lbs-June ouencd
at $50, closing at $3.50: July, s.. 20,
closing Isl eat at SS.32ie; August $3.50, closing
at SS;32l2; October SS32i2, closing at
$3.50. Short Ribs. per 100 Il s-June opened
at 7.41l2. closing at S7.02l2: July, $3.50,
closing at $40; August. 80, closing at
Cash quotations were as follows: Flour
Quiet but firm: an advance of lOMI5c per
Dbl generally asked. Wheat-No. , spring,
63l8c C9l11l-No; >, 5S$s5Si2c. Oats-No
No. 2, 77@,7Sc. Mess pork per Dbl. Sl4i5
@I420. Lard, Der 100 lbs, SS.22lsa
go go; s., Short ribs sides Qoosel, s7.55.
sides. short clear tbOYadl 90 u5G6 :, m