St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-06-11
Enthusiasm Pervades the Wheat Pit,
and the Crop Reports Send
up Prices.
Corn Goes the Same Way, But Pro-
visions Sag Because Of
Dizziness.
Financial Operations in the Money
Centers---The General
Quotations.
Special to the Globe.

Only a light scalping deal was witnessed
during the first hour this morning. and the
market was entirely lacking in features.
July wheat opened at S512c and sold to
$3.50, and then off to Soc. Wheat cables
were dull. New York was stronger and ST.
Louis easier. In the corn pit Jones, Ken
nett d Hopkins and Foss, Strong d Co.
were the principal buyers, and Baldwin sold
pretty freely. trading being quite lively early.
The market opened strong, or at 53lsc for
July, and then weakened to 52I2@52 5sc.
Oats sold down to 32ssc for July. Provisions
were again quiet and rather weak, mess
pork attracting a little more interest
however, than for a couple of days past
July pork sold off to S13.95. The same op-
ton of lard to SS.5212, and ribs to S7.57I2.
Inspection returns show receipts of IL cars
winter wheat, as cars spring, 609 cars corn,
and 235 cars oats. The out inspection
showed Withdrawals from store of Att bu
winter wheat, 1900 bu spring, ia, $50 blu
corn, and 135, 226 blu oats. The most i'm
portant piece of market news received was
the government crop bulletin. All sorts of
interpretations were put on the wheat esti-
mates. The postal telegraph's first bulletin
made the net result &c on condition.
When this was received the market
was S5Ac for July. Baldwin and one or
two others had an early tip that the report
would show an improvement in condition,
and they had sold the market down to Soc.
Lindblom started the buying on the GO per
cent bulletine, and the market jumped to
S6ls@S6Ac. Then came the official copy
making the general average 733. This
started the crowd to selling, under the i'm
preston that they had been misled. The
price broke about 1s4c, June going to S4ssc,
and July to S5I2c. 1t took considerable fig
uring to arrive at the true significance
of the special reduction in area
of 100000 acres. but the con-
clusion was finally reached that
the postal bulletin was, after all, correct
The market very soon began to reflect this
change OF sentiment, and from II O'Clock to
O'Clock the advance was steady. The clos
ing range was at the top. Corn speculation
reached liberal aggregate, and changes in
prices were frequent within 7sc limits. The
market was rather nervous and unsettled, in
sympathy with wheat. The opening was
stronger on the smaller receipts than ex-
pected, and July sold up to 53lsc at the
start. Later when the estimates for Monday
were announced at $50 cars (and still larger
if the inspectors work tomorrow there was
asharp break, July falling to 52Ac. During
the last half hour there was recovery to
52s4c, and at the close 52l2@525sc was the
market
Jones' Kennett & Hopkins, Baldwin, Boy
den and Norton Worthington were all free
buyers on the break, and there was a good
deal of short corn covered. Had it not been
for the demand from this quarter the decline
would doubtless have been more severe. AS
1t was, the actual shrinkage was only lac in
July property. The cash market was dull and
2@3c lower, No. selling down as low
at 4S12c. closed at 1880 bid. Oats were fairly
active. July fluctuated all day between
325sc and 3275c, August from 2S1sc to 2S34c
and September from 274c to 27Ssc. No. 2
cash oats were l2@a4c lower, selling to go to
store at 32I2@32s4c.
Provisions continued to drag to-day, and in
all branches of the speculative trade bust
ness was light The general tone of the
market was stronger, however. and prices
moved up peg, mess pork making a gain
of sc, lard sc and ribs sc. July pork sold at
S13.95@14.25, lard at Ss.52l2@S 8. 62lla and
ribs at S7.57l2Gl7. go, on the split at S7.65,
all closing at the top. The lowest prices of
the day were made early. Cash product was
again dull.
THE ROUTINE REPORT.
CHICAGO, June 9. The government crop re-
port to-day was 'demoraliAer'' TO the Chica-
go Board of Trade Statistician Dodge filed
it in Washington at II O'Clock, which gave
the report to the trade promptly at IL a. m
Many houses had arrangements made for the
earliest possible information, and those who
got the most information were the worst off
The figures made a bedlam of the pit for an
hour. No two men could solve the puzzle
alike. At first flash it looked like a bull re-
port. and July jumped from S5Ac to s6s4c,
while operators were crossing the floor
Then it was construed i'll another way and
prices slumped off nearly &c in short order.
and July sold at S4&c before - o'clock
Still closer study of the thing made it look
bullish again, and prices advanced 14c and
July sold up to S5ssc The trade was greatly
excited Outside orders came in and before
they could be filled prices had changed lie
and by the time the outsider was informed
that his order was filled at $3.50, the wires
told him the price was S4slc. The figures
showed a slight increase in condition. max
ing the winter wheat crop 1873, while it gave
an increase OF about7 per cent in acreage.
The second bulge in wheat continued to the
close, July wheat selling to S6Is@S64c, clos
ing at S6lsc. Corn received some of the en-
thusiasrn which pervaded wheat. On the
break, July went down to 52s4c react
ing to 52s4c and closing 52ss@52Isc.
Provisions were dull and heavy during the
early trading, and prices declined slightly.
in sympathy with the liberal offerings, and
furry in wheat the situation changed. and
instead of thore being all sellers and no
buyers, 1t was the reverse. Prices advanced
10c on all speculative articles, and closing
e'ies HSiS az at net aufance Oh DC over
yeesstearday's last sale; July pork sold at
Sl5I 95g5 q ana M, closed at S14.05. July
lard at SS.52@S.62I9, ana closed at the TOP.
January 81 s7l27.9 2l2. July short ribs
sold atS7.57@7.65, and closed at S7.G5.
r THE QUOTATIONS.,
inc lead1ng futures ranged as follows:
Nheat-No; z; June opened at S5ssc closing
at $3.50; July, S5l2c, closing at 96Isc:
Septemper, o4t2c, closing at S5lsc; Decem.
per, eo!ec, closing at S7Ac. Corn-No. q
June opened at 52ssc, closing at 5I7sc; july,
h at fG: sse at se S2se Augg 5s clos
53ssc. oatsmNo. 2, June opened at 32s4c,