St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-03-28
The COMMERCIAL RECORD.
4 Combination Of Circumstances Made
the Corn Market Speculatively
Very Strong.
Wheat Ranged Firm, Pork Advanced and
Provisions Remained About
the Same.
Transactions in the Financial Circles OF
Wall Street.-The General
Quotations.
Special to the Globe.

Special to the Globe.
CHICAGO March 27.-Light receipts, hght
,tocks of No. and the big short interest
made the corn market speculatlvely very
strong around the opening to-day. May
opened at SIC and advanced sharply to 52ssc.
Pnrdridge and the other local shorts covering
On the way up, and st. Louis shorts DONG
likewise. The later months were not so
strong nor SO active. The urgent demand 10
hll shorts was filed in about an hour. ana
The market settled back fractionally, though
the bear panic was not over. Cudanay
bought some corn yesterday but he is sui
supposed to be heavy short. Receipts thls
morning were 235 cars, of which only TWO
GRADED No q Wheat ranged firm, with f|l2
R77s4c the early range for May. Cables were
uuiet and steady. Trade was OF moderate
volume. Pork was Tilted this morning,
advancing zoe within thirty minutes from
the opening. May went from $3.50 to
B1347I2@13.50. The cold wave that was 10
chill the crust of the earth to an untathom-
able depth did not turn out to be as cold as
expected. though it was sufficiently frlgld
to stiffen prices until the morning was
well advanced. Hutchinson rendered
valuable assistance to the wave, anu
bought probably 100000 bu. This en-
sbled some of the traders who had bought
nm the advance to sell out at a profit, a
chance they were not slow to aVal thehh-
selves of Commission merchants haa
good many scattering orders 10 I'LL, anu lllls'
too, helped to sustain the market Tor a ulne:
The 2-cent advance in wheat has not puaseu
the big fellows" They have retralned from
extending their lines, but stood pat ana
declined to run in When the market be-
gan to look little tired this morning they
INDUCED in moderate selling. The little long
promptly took fright and broke The prlce 10
767sc shrinkage of 7sc from the best inquire
of the morning. Here considerable property
was wanted, and the market remained
steady. but without gimp, around |fW||s c
until the close, leaving off at L O'Clock
rather firmer, however, and about Inc same
range as yesterday. During the morning
there was more or less buying here ana IN
New York for foreign account. the North-
west. which has sold heavily in New York
against cash wheat in Duluth ana Ill country
elevators, also had some buying orders IN.
The legitimate situation IS as strong TO-DAY
as il has been any time. ana commission
merchants who anticipate improvement
are neither surprised nor alarmed over
the lac reaction. Instant recovery
from complete decentralization IS 100
much ITO expect. Corn reacted 10
5lslc after the early bulge, but was tar
from being weak at the decline. The small
local stocks of No. = are constant menace
to the bears, and the fear of corner III May
Is never absent from their minds. only about
1000 600 bushels of corn are i'll store here,
and most of that has been sold in New YORK.
The temptation to run deal is strong. There
c .rl,.,
the time so as not to get left should there be
a squeeze, and the market is subject to
bulges every time The shorts become nervous
or ratified Provisions are not especially
active. The market fuiled 10 develop any
especially interesting feature The most
notable incident was The purchase of 5000
tierces of lard for shipment above the May
price most of it to so abroad. Lard is con-
siderel the cheapest thing on the list, rela-
lively, by many in the trade. At the after
noon session there was good demand for
grain and provisions Wheat advanced Ice
corn Ssc, oats l4c and pork 17l2c.
THE ROUTINE REPORT
CHICAGO, March 27.-On the whole there
was Il very excellent day OF trading on
'change. The markets opened with frac-
tionally higher p ices for all leading articles
OIL the floor Buying was of IL vigorous char
acter. and very material advances were made
during the first hour in the grain pits Be-
fore noon reactions followed, and at midday
prices were very near the closing. points of
last night but the reaction was followed by
another advance and closing prices were
about the best of the day. Traders in wheat
kept little account of outside information.
They were busy watching each ether. There
was IL good active market but IL was purely
Chicago market, ana me PIT MADE It's
own prices. May opened l8c better at
77I2c, and on good stiff buying adj
vanced to 7734c reacted to 767sc, where it
rested about noon. Towards the close the
market again frmed up rapidly. and May
rested mt 7734c Corn showed unmistakable
signs Of firmness on the curb this morning
after the lie advance yesterday afternoon.
The arguments appeared to be on the side OF
the bull party. Some outside orders came i'll
to buy. Very few cars OF No. corn were re-
ceived and the general eagerness to purchase
gave sharp up-turn to the market during
first hour. The trading was brisk in large
lots from 52c. the opening price for May, up
TO 525sc, the top for the session. After the
turn the price dragged down to D C, but once
below that point sellers became excited and
prices went quickly down to 51l2c. There
was rally and the closing prices was 5214@
52Ssc. Oats showed quite a substantial i'm
provement to-day. there being brisk de
mand both from shorts and other buyers.
May opened 14c higher at 3lAc, sold up to
31I2c and closed at llsc. Less interest was
manifested in provisions to-day. Shorts in
pork evinced more desire to cover than did
the sellers to accommodate them. The
bears were also conspicuous for their
absence. Prices advanced 15c, but
receded sc, and the market steaded at the
net advance of Zoe over Yesterdays close
Sales rangeda at .32l2@13,41l2 and closed
at $3.50. large business transpired in
lard, the feature being in the call, where one
operator sold $4,000 terces year lard at
81. 22I2@7. %. A better demand existed Tor
cash lard and transactions showed good in
crease. August sold at $40 and January at
$3.50. Short ribs were quiet at S7.1007.i5
and closed at 7.1712@7.2O, an advance
of size.
THF QUOTATIONS.
The leading futures ranged as follows:
Wheat-No. 2, May, opened at 775sc closing
at 77s4c; June, 771sc, closing at 77s4c; July,
Csc, closing at 7sl4c: Corn-No 2, May,
opened at 52c, closing at 524c; June,
51s4c, closing at 52c; July, 52c, closing
at SIC. Oats-No. 9, MAY, opened at 31Ac
closing at 31Ac; June, 3 Ac, closing at 81 lsc;
Mess Pork per PEI d bdblIMay opened at $l3.32l2,
$3.50. Lard, per 100 lbs-May opened at
$3.50, closing at S7.57l2; June, S7.55, clos
ing at S! .62l2; July, $3.50, closing at 81 67l2.
Short Ribs, pei. 100 lbs-May opened at
ing at S7. 27!2 July, S7.25l2, closing at $735.
Cash quotations were as follows: Flour con-
tinues quiet; prices steady and unchanged,
except for winter wheat flour, which was
10@15c higher. Wheat-No. spring, 72l2@
1850; No. 2 red, STAG. Corn-No. 2, 5OAc.
Oats-No. 2, 2712@30c. Rye-No. 2, $50
5sl5c. Barley, No. 2. 77@s1c. Flax seed
No. l $1.44@1.4; prime timothy seed 1922
Lard, per 100 lbs $7.55. Short ribs Sides
Ooose), S7.O5@7.5O; dry sailed shoulders
lboxed), $5.75@6; short clear sides boxed),
$7.5O@7.55. Whisky, dishllers' finished
goods Sn5 per gal, SIP ooo Receipts-Fl99r,
600 bu; oats, $4,000 bu; rye, 1000 bu:
barley, 81 900 bu. Shipments-Flour, 81, 900
bbls; wheat $4,000 bu; corn, 167, 900 bu;
oats, $4,000 bu; rye, 1000 bu; barley,
n, 900 blu. On the produce exchange to-day
the butter market was firm and product in
limited supply; creamery, 24@3Oc; dairy
204@26c. Eggs firm at 16l9017c.