St. Paul daily globe., 1888-05-01
Contrary to the Expectation of the Pit,
Wheat Was Strong and Advanced
Nearly 1 Cent.
Corn Opened Lower, Oats Declined and
Provisions Were Nervous at
an Advance.
Transactions in the Financial Circles of
Wall Street.-The General
Quotations.
special to the Globe.

crease in the visible supply of wheat, Dotn
supposed to be bearish influences; but upon
them, or perhaps in spite of them, wheat ad-
vanced ll2c. 1t seemed to be precisely the
case of too unanimous opinion i'll one dl-
rection producing exactly the opposite re-
suit from what was expected. About every
body who believed in wheat and wanted to
buy some had been waiting week for the
rain, which should lower values and allow
them to get it at little better price. A good
many commission men had been advising
such a course, and it looked reasonable.
Local traders had sold short in anticipation
OF the rain and a consequent break. Ac-
cordingly when the market opened, first
sales could only be made at a. decline of
about 12c from Saturdays closing figures,
and there was even little further decline,
but the buying orders were in
the majority, and this decline from
Saturday was soon recovered. Then there
was a reaction and another small advance,
but no very rapid movement until after the
announcement of the decrease of 10000
bu in the visible supply. This was immedi-
ately followed by drop of lS9Ac, and then
an advance began which continued almost
without reaction to the extent of 1c. There
was only slight decline, and the close was
almost at the top prices of the session. The
selling on the advance seemed to be chiefly
by local scalpers. and it was also said that
foreigners were selling. The buying was
quite general almost every commission house
dong some of it, and two of the heav
lest local bears were credited with
large buying through brokers TO cover
shorts. The bull news was chiefly concern
ing the coming crop. A report from Cali
fornia said the crop in the. San Joaquin val
ley was ruined, and that wheat had advanced
15c per Genital in San Francisco in conse-
quence. Then came an estimate made by the
best known of the Chicago crop experts, that
the crop east of the Rocky mountains would
be S4,000,000 pu less than last year. These
were undoubtedly the influences that scared
the shorts to-day, and to help the up-turn
came report that twenty-five loads of hard
wheat had been worked for export in New
York to-day. The corn market opened
over, both on account of larger receipts
than were reported and the rain. The
weakness was short-lived, however, as
1t was found when some of the May shorts
attempted to cover on the last opportunity
before delivery day that there was very little
for sale, and the price was soon bid up,
Then. too, the unexpected and sharp ad
vance in wheat had a strengthening intiu-
ence on this market although it withdrew at
tentlon from it TO some extent. The visible
supply statement showed an increase i'll corn
of 349, 900 bu. June corn opened at 54$Bc,
l2c under Saturdays closing, and closed at l
o'clock at 547s@55c. There was unusual ex-
citement in the speculative oats market at
the opening, the rains causing a sharp
decline. At the bottom, however.
Norton d. Worthington were free buy
ers and continued taking offerings
until the loss was entirely recovered
except for the new crop options. In pro-
visions the bull side was regarded with the
greatest favor. The opening was a little un-
certain, but buyers soon found it necessary
TO advance their views to induce holders to
consider their offerings, and higher prices be-
came the rule Based on Saturdays clOsings
the days actual advance in pork was 5@712c.
in lard 7l2@l0c, and i'll short ribs 5@7I2c.
Trading consisted largely of changing over
expiring contracts TO later months The
volume of new business was only moderate,
and in the cash market buyers stopped buy
ing the May deliveries. A large amount of
lard bought for May and which will be de-
livered tomorrow will be shipped immedi-
Rtely. AT the afternoon session wheat sold
fraction higher than at p. M, but closed
unchanged. Corn and oats closed a shade
higher Provisions were strong and also
fraction higher.
THE ROUTINE REPORT.
CHICAGO, April 30.-1he dullness of chang
Ing and readjustng of trades for Nav l. was
about over when the board opened This
morning, and operators were ready for de-
velopments of some sort. In the wheat pit
the breaking of the drouth had already been
discounted, and although the market opened
ssc lower, there was pretty general buying in
an advancing market before noon. June
opened at Slice. A decline to SlSSc was fol
lowed by limited buying, which gradually
grew into general buying, when it was dis
covered that no big break was probable, and
by 1890 June had touched S3c with great
excitement and nervousness in the pit. This
was an advance OF 7sc over the bottom prices
of the morning. 1t was in fact strong bull
market on the crop situation, in spite of the
rains and a decrease of 10000 bu
in the visible supply, when a slight
increase had been looked for. On the after
noon session reaction set in, and most of
the advance was lost June closing at Sl5sc.
Corn, like wheat, opened weak, showed II
slight decline and reacted later, selling sew
eral points better than the Saturday close,
and closing l2c higher for May, 1Sc higher for
June. This was good bull day in the pit,
considering the receipts and estimates. The
receipts were 443 cars, and for tomorrow
there was furry in May on account of few
shorts, 1t opened at 54S4c, sold down to
54l2c with other futures, and then straight
np to sec. There was considerable May stuff
closed at 555sc. June closed at 55c.
Oats were considerably excited. There was
rush to sell futures, on account of other
markets being easier and the weather more
favorable TO the growing crop. June opened
at 32c, sold to 3lS4c. rallied and closed at
32Ssc. Provisions were more active stronger
and closing sales showed net advance. A
great deal of changing of contracts from
May to June and July. was INDUCED in. and
the difference widened 2l2@l5c making bet
ter carrying charges. May pork sold at
E13.5o@I3.67l2, and closing at SI3.62l2; !;
June sold at S13.62la@l3.S0, and closed at
f13.75. Lard for May sold 81. 7.S007. .9212. and
closed at S4.9212; June, 81. .95@17. 97I2. Short
nDs advanced from 81 .12l2 to S7.20 for May,
and closed at S7.17l2; June closed at S7.25.
THE QUOTATIONS.
The leading futures ranged as follows:
Wheat-No. May opened at S0l2c, closing
At S1Ssc; June, SlI2c, closing at S25sc; July,
s2asc, closing at S3s4c; December, s47sc;
at 54ssc, closing at 55sSc: June, 53ssc, clos
ing at 55c; July, 54ssc, closing at IS isc: Au-
gust, 547sc, CLOSING at 551sc. Oats-No. May
opened at 32c, closing at 325sc: June
B2c, closing at 32Ssc; July, 3ec, closing
Al 32ssc; August. 2slsc closing at 2S5sc
Mess Pork, per bbl-SIay opened at $3.50
closing at sl3.62l2; june, Sl3.62Is, closing
slS75 5Io july 7SG S1s7S i6sM closing At
at $3.50, closing at -S7.92l9; June, $7.s5,
elosing at S7.95; July, S795; August
b7,95, closing at Ss.o5. Short Ribs,
closing at s7I7ls; J9ns s7;9o, clos eI9s
S7.35; August, S7.35, closing at S7.45.
Cash quotations were as follows: Flour
Dull prices firm and unchanged. Wheat
No. 9 spring, sIl2@sI sac; No. red,
e4ls@s5c. Corn-No. 2, $3.50. Oats-No.
2, 32A@32l2c. Rye-No. 2, 63I2c Barley
No. 2, 7707Sc. Flax Seed-No. 1, S1.45
PorK-Per bbi, SiS.Go913.65. Iard"Per
ZOO lbs, S7.9007.92l9. Short Ribs Sides
Qoosel-S1.20 Dry Sailed Shoulders
(boXed)-S5 T5@5.76. Short Clear Sides
(hnEa6l 81 g.,
shed goods, per gal. Si.I5. Sugar, Cut,
Loaf-73sGg Sc; granrlated, 7.0Sc; stand
ard "a" GSsc. Receipts - Flour, 1900
bbls; wheat, 5000 hu; corn, 10000 bu; /;