St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-06-02
Liberal Buying to Cover Shorts Stiffens
the Backbone of the Grain
Market.
Wheat and Corn, After Several Spurts,
Close Strong, as Do Oats and
Provisions.
Financial Operations of Wall Streets
Money Kings---The General
Quotations.

most of it landing in Eggleston's pocket.
Only one 5000 blu lot of corn was put out,
and that didn't get far. In provisions, del1V-
cries of ribs were snail. Of pork, 10000
bbls, and of lard 5000 tierces went the
rounds, Robert Warren getting most of 1T,
Trading on change did not begin until
1880. On the curb, both wheat and corn
were firm and higher. New York and st.
Louis were l2c above last night. Receipts
of corn were 720 cars. The gossip Oh the
curb was all about the alleged deal in July,
opinion being at variance as to whether there
was really any such thing in contemplation.
First quotations were as follows: July
wheat, S5SSc; December wheat, soc;
July corn. 55c; July oats, 34c; July
pork, S14.1o; July ribs, $500.
July corn to 5512c. The wheat market ruled
strong ell forenoon. July got down to $3.50
once for an instant, but advanced quickly to
e61sc. Here, good many scalpers, who had
bought on the theory that the corner talk
would cause a bulge and that the market
would then be sale, sold out. The market
did react ssc, but from S5S4c it took fresh
start and gradually worked up to S6S4@S67sc,
reacting subsequently to SEC. but not appear
ing weak at any stage. December was the
weakest future on the list, but the price did
not go beloH sec at any time, and ranged at
S6@S65sc. The crowd was cooked and
primed for another azZledazzle." One
noticeable feature of the days market
was the rapid rise in June. The discovery was
made early that there yet existed in June
a considerable short interest. A great many
people had wheat bought for June, and very
little of it was delivered. Eggleston only got
small percentage of the property coming to
him. and others who had arrangements made
to carry lines OF greater or less magnitude
were similarly disappointed. Those who
had contracted to deliver grain and couldn't
at once lay their hands on it, got up scare
among themselves and bid June up to the
July price, where it stuck. The advance
was from S4S4c TO S634c, the price thereafter
remaining on q level with July, or varying
only frae tionally. The cash wheatis lightly
held now There is, all told, only about
1000, 600 bushels. of which probably one
half is held by commission houses.
G. G. Parker d Co. having
400, 900 bu; Poole, Sherman d Co, 500, 900;
Dunn & Co., some, Orr u Cowes some, and
so on through the list. Eggleston may have
1, $50. 900 bu and the rest is either owned or
controlled by the elevators. The storage COM
panies will make strong effort to keep the
most unfavorable character. Advices from
Indiana, Illinois, Kentucky. Missouri and
Ohio are of piece with the worst that has
been heard before. From several points in
the Northwest-Dakota, the Red River Val
ley-advices were received of a hard, freely
ice to the thickness of half an inch having
been formed in many places. The crop ex-
perts who are put on the road telegraph and
write more discouragingly than ever. Out
side markets generally rule as strong
or stronger than this. The corn market
was very strong. The light deliveries, when
very large deliveries had been expected, set
the shorts to covering and the price of July
was run up to 56Ac, an advance of 1ssc
from yesterday. Trading throughout the
session was liberal. Estimated receipts for
to. morrow are 465 cars. The bulls expect re-
ceipts to run down 800 to 400 cars daily.
Oats were strong and higher and provisions
ruled steady. At the late session there was
extra operations in all of the grain pits, and
quiet in provisions Wheat advanced 1s@
8sc, and corn and oats Sec.
THE ROUTINE REPORT.
CHICAGO, June 1.-There was a more salts
fed feeling on change after the delivery
hour this morning. The grain and provis-
ions that went round was estimated at from
500, 900 to 10000 bu of wheat and 10000
bbls of pork, and perhaps 10000 tierces of
lard Corn and oats were generally held
and that gave firm feeling. There was a
wider interest III wheat, and the crowd was
still nervous after the violent fluctuations of
previous days. Whatever experiments the
manipulators performed earlier in the week
as feelers appear 10 have strengthened
was such good buying today that
shortly after noon July, which
had opened ssc higher, sold l2c over the
early morning price. This was done without
any very prominent bulls showing a lead
and without any large short interest to help
prices upward. The price current estimates
still give little Improvement in crops and
tention was paid to cables, and very few new
items of crop news were dlgested. July
opened at S5l2c, touched S5Ssc, sold up to
S51sc and back to S534c a number of times,
later bulge touched S67sc, reacted and closed
at S6l2c. There was less manipul a.ion and a
narrower range in the other crop features. A
very good business was transacted in corn
stronger and trading was within long
range OF prices. Receipts were smaller
than expected, and this, together with liberal
buying by the short interest advanced prices.
Active shipping demand for corn, i'll the an
ticipation of a decrease in receipts to-mor-
row, were also bullish features. July opened
at 80 c, and. with slight reactions advanced
to 56Ac, reacted and closed at sec. Oats
the market at the same time was rather quiet.
July ranged between the opening 33I2c and
the closing figure 34ls@34Ac. In provisions
the late dizziness was continued, the prevail
ing feeling was rather strong. Pork was
weakened little by the deliveries and offer
ings of June but lard and short ribs, on the
contrary. sustaineda slight advance in prices.
July pork opened at S14.lO. declined to
S140712, and closed at the opening figure.
July lard opened at S2.47l2, advanced to
So so and closed at the opening price. July
short ribs opened at $3.50, declined to and
closed at $7.5Tl2.
THE QUOTATIONS..
The leading futures ranged as follows:
Wheat-No. June opened at S434c clos
ing at S64c; July. S5l2c, closing at S6I2c;
August 84l2c, closing at s47sc: December,
opened at 55c, closing at 554se: July,
55c, closing at sec: August 55ssc closing at
SIC; September, 55ssc, closing at 56I2c.
Oats-No. 2 June, opened at SIC, closing
August, 2sl2e, closing at 2ss4c; septem-
Der, 27l2c, closing at 27ssc. Mess Pork
Per Dbl, June opened at Sl4. O2l2, closing at
$685.; July; Sl41O, closing at S14.1 10;
August. S14.20, closing at S14.l7l2. Lard
Per 100 lbs, June opened at .42l2, closing
August, $500 closing at $3.50: October
$3.50, closing at $500. Short Ribs-Per
at $3.50: July, $3.50. closing at s7.57l2;
August. S7.65, closing at $3.50; Septem-
Der, 81. 1912, closing at S7.72l2. Cash quota
tons were as follows: Flour-Rather quiet;
prices firm on winter, rather easier on
springs and strong on rye: Wheat-No. 2
spring, S5A@S6c; NO.2 ed.S712c. Corn-No.
2, 55ssc. Oats-No. 2, 34@34lsc. Rye
No Q 64c. Barley-No. Q 69@69l4c Flax
Seed No. l, S1.3o. Prime Timothy
Seed-S2. 10. Mess Pork-Per bhl, S13.g5@
Ia. Lard-Per 100 lbs. $40. Short Ribs
Sides Qoose), S747l2@7. SO; dry sailed
shoulders (boxedl, S6@6.25; short clear
sides (boxed), Ss@sO5. Whisky - Dis
tillers' finished goods per gal, S1.19. Re
bu; corn, $4,000 bu; oats. 5S9.0OO bu;
rye, 1000 bu: barley, A ZOO bu. Shipments
Flour, $1,000 bbls; wheat. 5000 bu; corn,
5000 bu; oats, 40, 600 bu; rye, 1000 bu;