St. Paul daily globe., 1888-05-24
The COMMERCIAL RECORD.
fhe Bulls Were Selling July Wheat
and Buying December, to the Amaze
msnt of the Crowd.
bats and Provisions We're Slightly
Higher at the Close and
Corn Firmer.
Transactions in the Financial Circles
of Wall Street.-The General
Quotations.
Special to the Globe.

Special to the Globe.
CHICAGO, ILL.,, May 23.-The crowd settled
down to-day to the conviction that the Cud-
Rhy's July wheat was going overheard. IL
has been hinted at dozen times each day
this week and dreaded all the while by tail
ers,'' big and little, who kept buying wheat
while the syndicate did. but who wanted TO
start selling a little before they did. Bross-
can, Gilbert, Stauffer and others were the
brokers who were credited with doing this
business Brossean selling most of all. July
opened S7Ac, touched S1ssc, and when the
crowd was pretty generally convinced that
there was something in the story of Cudahy's
selling the price touched S5l2c. At o'clock
the price, S5ssc, was still almost at the
bottom. Outside news cut no figure,
but it was not of q sort to
help prices. Including even the flour,
the wheat exports were only little over no.
600 bu. Cables were dull. Outside orders
were not of sufficient number of enough
value to help the local bulls. There was,
however, enormous covering by the lucky
ones, who took the short side higher up st.
Louis was very active on this SIDE W. G.
Mccormick e. Co. alone taking a very large
line. The marked feature of the day was
the moving up of the more distant options.
This was partly explained by Cudahy's oper-
ations. While he sold July ne bought De-
cember and August other bulls did the
same. When the market opened August was
1l2c and December Ac under July. At the
close August was at only 140Ssc
discount while December was actua lly
at 1$s@Il2c premium over July. The
change was occasioned partly by the disap-
pearance of all prospects of a July corner
and partly by the influence OF Cudahy's sales
of the near and purchases of the more dis
tant months. The receipts of corn, 491
cars, were somewhat under the expectations,
and on that the price opened up. May
started at 56Iac and touched 571Ac. At l
O'Clock, however, the figures were back to
5634c. July opened at 55l2c, sold between
b6lsc and 55Ac, and closed at 56S4c The
estimates for Thursday, CO., cars, were con-
sidered large, and there was some yielding
On them. Closing cables were strong and
for the deferred deliveries higher. The No.
grade was up to within A@I2c of
July Vessel room was chartered for 327, 900
bushels which tended to steady prices May
oats sold firm at 33S4@364c, all in a very
few minutes. This was really development
of the large operations of Norton d Worth
ington in this grain. The stock includes
only go, 600 bushels of No. which are now
selling at a premium. During the excite
ment Norton sold freely of both May and
June. AT o'clock May was back to 3514c.
July opened at 32c and closed at 33.2c. Yes
sel room was taken for $1,000 bushels The
provision trade exhibited encouraging
strength. The 1 o'clock closings in the spec
ulative lines were a little under last nights
final prices, yet considering the compara-
lively free marketing of hogs, product was
remarkably well supported. Speculation,
however. was slow and without special feat
ure. Cash buyers made up in measure for
the restricted future trading, and their pur-
chases reached a good aggregate. In pork
the days actual decline was only sc, in lard
2I20l5c, and in short ribs 214c. At the after
there Stpadlpr and tirmpr
feeling in wheat and closing prices at Z:30
were I2@5sc higher for all futures. Corn
firm, oats and provisions slightly higher.
THE ROUTINE REPORT.
CHICAGO, May 23.-Trading opened brisk
on change to-day, especially i'll grains. The
situation in wheat was peculiar. The crowd,
headed by the Cudahy element attempted to
run away from July, and as no one appeared
TO want that month very bad, there was an
other tumble of about &c. June opened
about 7sc lower, and with this start this
month also sold &c under last night at II
o'clock. The feature of the day was the
closing up of August on July and the in
creased premium for December. At the
close yesterday, July was lac over August.
and at noon to-day both sold at the same
price, s5l2c, and at the same time December
sold lac premium, at S7c where it opened
this morning. Crop reports were triae
eendn eenGh but and hGse he visible whG seep sp crop
permost in their minds, believe that
the present depression is but tempo
rary. July wheat opened at S74c, sold down
TO S6lsc, reacted to S6Ssc, declined to S55sc
and closed at S6Ac. Corn was considerably
higher early on light receipts and light offer
fngs. Later there was Il weakness with
wheat and because of the large estimates for
tomorrow. The trading. on the whole was
not heavy. May sold at o6S4c, closing at the
inside price. July 55S4c and 561sc, closing
at 5584c. In oats there was liberal increase
in trade and a firm, buoyant and at times eX-
cited market was witnessed. The irmness
was probably due to a desire on the part
of the, shorts to cover, the greatest
gains being in, in the near futures. May
and closed at 35l2c. July opened at 32S4c
and advanced to and closed at 33l2c. a
weaker feeling developed in provisions and
closing sales were at slight declines. Re
ceipts OF hogs were larger than expected and
prices sc lower. Trading in cured product
was moderate and mostly by scalpers, and
prices were confined to small range. July
pork sold at SS.70@S.72l2 and closed at
SS.72l2. 1t WAS reported that exporters
Were reselling cash lard in New York. and
fair quantities of country lard were offered
here. July short ribs renamed steady at
S7.70@7.75 and closed at S7.75.
THE QUOTATIONS.
The leading futures ranged as follows:
Wheat, No. 2-June opened at S5Ssc, closing
August, SIC, CLOSING at s6Ac; December,
opened at 56Ac. closing at 55i9c; June,
55asc, closing at 55l2c; July, 55l2c, closing
Oats No 2-May opened at 3384c closing at
33l2c; June, 32s4c, closing at 337sc; July,
3234c. closing at 33l2c; August, 2Slsc, clos
ing at 29c. Mess Pork, per bbl-June
opened at S14.3 .3212, closing at S14. .35; July
Sl4.5212, closing at S14.45; August
S14.62l2. closing at S14.55. Lard per
100 lbS-June opened at SS67I2, closing
at SS.67l2: July, Ss.72l2, closing at SIS. 72I2 !;
August, SS.75, closing at SS.75; October
SS.77, closing at S9.77l2 Short Ribs, per 10o
lbs-June opened at S7.65, closing at
S7.67l2; July, S7.75, closing at S7.75 :;
August, S7:s2l2, closing at S7.s2l2 !;
September, S7.92l2, closing at $3.50
Cash quotations were as follows: Flour
Quiet and unchanged. Wheat-No. 2
spring, S4@S4Ssc; No. . red, SSl20S9c
Corn-No 2. 56S4c. Oats-No. 2, 34S4@
35c. Rye-No. 9. 65l2c. Barley-No 2, 75c.
Mess Pork-Per bhl, $14. 37l2Gl144O. Lard
Per 100 lbs, S5.65@s; ;67l2. Short RIBS
Sides Qoose), ST.65: dry salted shoulders
Iboxed), S6@6.25: short clear side (boxed),
$S. 10@S.l5. Whisky-Distillers' finished
goods, per gal S1.l9. Sugars-Cut loaf, 7l2
0Sssc; granulated, &c; standard "A 6Iac
Receipts-Flour, 81 900 bbls; wheat, Is, 900
bu; corn, 100000 bu; oats, 39S, 900 bu /;
rye, 1000 bu; barley, Is, 600 bu. Shipments
Flour, $4,000 bblS; wheat, 10000 bu ::
corn, PAT 900 bu; oats, 1S5, 600 bu; rye, 500
bu; barley, 1914 900 bu. On the produce ex-
change to-day the butter market stocks were
light and receipts met with a steady sale;
creamery, 1S@ @22l2c; dairy, 1G02lc. Eggs
frmer at 13Gl3I2c.