St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-05-15
Grain Markets We're Steady, With Bot
Wheat and Corn Selling
Higher.
Provisions Caught the Fever and Went
Higher--Pork Secured an Advance
of Five Cents.
Transactions in the Financial Circles of
Wall Street.-The General
Quotations.
Bpecial to the Globe.

opened higher. July wheat starting at o9c.
May corn at 60Ac, ahd July corn at ooc.
Wheat settled back A@$sc. and corn ss@l2c,
holding with passable firmness at the de-
cline, with only moderate business passing.
In wheat nine traders out of ten are looking
for and working for a freak, and everybody
is ready to jump in and buy when the break
occurs There were fewer outside orders on
the floor at the opening than any day for
week. and the big fellows are resting.
Gables were conflicting, some quoting forelgn
markets as strong and higher, and others
fiat. You pays your money and you takes
your choice. Receipts of corn were 22S
cars of wheat. fortytwo graded No 2.
Provisions were steady at S14. 42l2@l4.45
for July pork, SS.31l2@lS.40 for July lard,
and S7.7O07.72I2 for July ribs. An i'm
mense amount of long wheat came out.
and brokers, supposed to be operating for
Ream, and other leading professionals
pounded the market with speculative Offer
ings, but the price only once got down so
low as Saturdays closing. One million bluff
was made and taken, and several 50,OGO
bushel trades were made. a torrent
of country business again swept
over the telegraph wires, and CON-
mission houses were kept busy fill
ing torders. The market was a great, big,
broad one and the leaders had no influence
whatever. Millions upon millions of bush
els were licked up greedily, and the price OF
July advanced from SSSsc to S9l2c. Several
times subsequently the market got back
nearly to soc. but it shot up again and re-
fused to be kept down. The first consider
able advance was on telegram that New
York was going to show a decrease of .. u.s.
600 bushels in the visible supply. Then Mil
waukee came in with l, 600 bushels
estimate. Later Chicago figures were posted.
Total stocks of wheat were reduced 100000
bushels less than the minimum reached last
year, within !, 600 900 bushels of the lowest
point touched in 1886, and 1O,5O0,O00 bush
els less than the bottom in 1885. These
figures are beginning to alarm bears when
they stop to think that sixty and possibly
eighty days must elapse before stocks Will
stop decreasing The full force of these
figures is only just beginning to dawn on the
short sellers who have been willfully blind
10 changed conditions of late. 1t does not
add to their enjoyment to learn that millers
all through the winter and spring wheat sec
tons are bidding relatively higher prices
than rule in Chicago, without being able to
obtain wheat enough to fill their daily re-
Quirements. Crop reports continue TO
come in very bad, and attention is
turning more and more to the
critical outlook for spring wheat. The do
mestic situation is very strong and popular
and speculative enthusiasm is on the in
crease. The market jumps at every provo
cation. After the visible supply statement
came in there was panic, and then prices
bounced up s4c, July Striking 9Oc On this
latter squirt there was tremendous buying
and ugly selling. Nothing could stop the
advance, however. The statement that At
lantic ports exports (wheat and -four last
week footed up 100000 bushels contrib
uted somewhat TO the later strength. The
close was strong at about the top. The corn
market was kept strong all day by estimates
of a decrease of 100000 Official figures
were near that. Est mates of 1913 cars to ar
rive to-day exercised not the faIntest bearish
influence, and the market was firm as a rock
at material improvements. Provisions too,
caught the bull fever, and a substantial i'm
provement is noted in the price of hog pro
duets of all classes. At the afternoon session
there was lively trading in the grain pits, and
after slight decline from l p. m. prices
there was a rally, which left prices the same
as the close OF the regular session. Corn was
Ac and oats lsc lower. Provisions were
fTmer and pork sc higher.
THE ROUTINE REPORT.
CHICAGO, May Little bulls were di-
vided on wheat to-day. Prices opened Ac
higher than the close on Saturday: and a
few large operators and very small ones
turned sellers. The heavy realizing caused
decline from the opening features OF IS TO
Ice. But the country was buying and the
Influences were for higher prices and they
came About IL q. m. it was known posi-
lively that the decrease in the visible supply
would be very large, perhaps 100000
bushels. On the strength of this knowledge
the opening prices were required Add
tional reports were wired from Ohio and In
diana, saving that the wheat growing i'll
those states would yield but little more than
was needed for seed and consumption. 1t
was 1880 p. m. when the visible supply
figures were posted and showed a decrease of
2.046, 600 bu. The growing feeling of
strength in wheat eliminated during the
last fifteen minutes of the regular session.
and prices went beyond all former bulges.
July opened at soc, declined to SS5sc. re
acted to soc. sold down again to SS7sc, and
again reacted, touching S97sc, and closed at
S934c. The situation in corn was strong.
May sold highest on the opening at 60Ac.
Later sales were l2c to s4c under this figure,
and the closing price was 1913. Other flu
lures opened firm and higher dropped back
l2c from the highest price of the morning,
wheat made sharp advance before the
close. July sold from 57l2c up to 5SAc;
back to 5134c, up to 5Ss4c, clos
ing up to ;5S3sc, or about Sac over
creased 2,449,000 bu. Oats. like corn, got
some strength from wheat. Its local stock
1902, 900 bu, also made strong. May closed
at 35ssc. July opened at 34c, sold between
3384c and 34l2c and closed at 344c Pro
visions were moderately stronger and higher
in the face of large receipts of hogs. and g
decline of 5@1oc in prices. The latter, how
ever, was offset by the strong and advancing
Lard advanced about 15c. Short ribs were
sold quite freely by hackers, but remained
steady; July pork sold at Sill. q II; so and
closed at Sl4.05: lard, SS.37I2@S.52l2 anG
ploCp1 a GS ~ short ribs =
and closed at SITE.
THE QUOTATIONS.
The leading futures ranged as follows
Wheat-No. . May, opened at S65sc closns
at SSc; June, s77sc closing at SSl2c: July
soc, closing at S9l2c: December, 9ISsc
closing at 9l84c Corn-No. May opened
at 60l4c, closing at 599sc; June, 5sc, clos
ing at 5Sl2c; July, 5sI2c, closing at 3S5sc
August, 5Slsc, closing at 5S5sc. Oats-No
2 May opened at 35c, closing ut 35Ssc: June
3484c, closing at 345sc; July, Sic, closing
at 34l2c: August, 29$sc, closing at 297sc
Mess Pork, per bbl-June, opened at sIl.3o
closing at Sl4.55; July. Sl4.40, CLOSING
at Sl4.65; August, S14.57l2, closing a
S14.75, Lard. per loo -lbs-June opened
closing at $500; August, s8.45, closing a
Ss.57l2; September, SS.47l2c, closing a
Ss.62l2c. Short Ribs. per 100 lls-Jun,
opened at S7.62l2. closing at S7.67l2: July
sing at 81. SIS; sept.,S7. S. closing at 81 ,92l2
Cash quotations were as follows: Flour
Quiet but firm. Wheat-No. 2 spring
S7$S@S7Sc; No. . red, 92l2@927sc. Corn
No. =, 59S4c. Oats-No. 2, 34@35c. Rye
No. 2, 64l2c. Barley-No. Q, 75@17c. Fla.
seed-No. /, Sl.45. Timothy-Prme tin
othy seed, $3.50. Mess pork, per bbl, S14.5O
Lard, per 100 lbs. $S.4712. Short ribs side
Qoose), S7.65@767l2. Shoulders, DIR
sailed boxed, S6@6. %; sides, short clea
(boXed), SS.1C@S.15. Whisky-Distillers
finished goods, per gal, S1.1S. Sugars
Cut loaf, 7l2@ Sssc; granulated, &c; stand
ard IA, 6l2c. Receipts-Flour. II, 600 bbls
S61, 900 bu; rye, 5000 bu; barley, 5000 bu
Shipments-Flour, 1000 bbls; wheat, 81
900 bu: corn. Us. 600 blu: oats LOO 90