St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-05-12
Local Traders Were Given a Surprise
by a Healthy advance in the
Price Of Wheat.
ALI News Of a Decidedly Bullish Nature
---Corn Advanced Somewhat
Provisions Dull.
Transactions in the Financial Circles of
Wall Street.-The General
Quotations.

advancing l2c more in less than half an
hour, and took all the remainder of the
morning session 10 gain 5sc more, closing at
the top price. il would be safe to say chat
this upturn was complete surprise to three
fourthS OF the local traders, many of whom
went home short of wheat last night
firmly believing that the heavy realizing of
longs which broke the market yesterday
would be confined TO-DAY, and that fine
growing weather would help depress prices.
After the advance once started these same
shorts were of great assurance in putting
prices up. Instead of the bearsh news from
the crops which was expected, everything
that came was decidedly bulliSh. First came
the reports from the Northwest of exceed
ingly wet weather and temperature below the
freezing point in The spring wheat country.
With the season already very late and seeding
not finished, this made a very gloomy out
look for spring wheat this year, and was the
greatest stimulus to the early buy
ing. Later came the reports OF
chinch bugs in the Southwest and
continued dry and hot weather in California,
with no improvement in the condition OF the
wheat. Another Strengthening feature was
found in the receipts at primary markets,
which were less than for several months be-
fore The early cable quoted a downward
tendency 10 wheat, but this was not con-
firmed by the later one. and private cables
were steady. Exports of wheat, amounting
to nothing but Of nour, continue fair. Amer
lean wheat bulls say there can be no Object
ton TO foreigners refusing TO take orr wheat
ungraded, provided they continue to buy the
flour, in which there is profit for American
millers we'll as farmers. The wheat buying
to-day was largely done by commission
houses whose clicntage is outside the city.
Houses with New York connections were
good buyers The local crowd, with the ex-
ccption of IA few pronounced bulls were
fighting the advance all the way up. An ar
gunent of the bears is that the government
crop report gives the condition on May l,
just after the most trying time and before the
runs came, and that there has been great i'm
provemenI since. To this the bulls reply
that the area plowed up and the recent dam
age to the California crop will more
than offset any Improvement in condition.
The corn market also was strong; opened at
an advance Of i4@l2c over last nights clos
ing figures, and made further gain of so
114c for the different deliveries. May was
the strongest. because of the covering of
short corn. The cribbeis who had long ago
sold for May against the corn which they
owned. are now buying i'll their shorts and
selling the more deferred deliveries 1t is
thought that the remaining short interest in
May is Of this kind. Wet weather has pre-
vented the Smelling Of the corn and made
the grading hazardous. or the corn would
have been delivered. AS it Is the only thing
the cmbberS can do IS to change over INTO
June or July, and this they are doing Gables
were very strong on corn to-day. and 9l2
loads were reported taken for xport in New
1ork. Exporting houses are looking for
large orders for cash corn soon. Receipts
here were smaller than expected and the large
give Very strong tone 10 the market The
strength in the other grain markets were re-
flected in oats which touched the highest
price thus far reached and closed at about
the top. The trade was quite active May
oats sold up from Sic to 35c. closing at 347sc.
In provisions the quiet feeling shown lately
was continued. In some respects the trade
commanded perhaps little more attention,
but there was no increase III outside business,
and the day trading, all told, was under an
average volume. Still, the market was firm
in fact, much finer than operators expected,
under the receipts of hogs here and at in
terror points and better prices were estab-
lished. Based on last nights closing. pork
al l o'clock showed an advance Of 100 2lac,
and both lard and short ribs 5@g7l2c. At the
afternoon session everything On the floor sold
at better prices than the p m. close Pork
sold 7l2c' higher. wheat $sc higher, corn ssc
higher and oats shade higher. There was
feeling of nervousness in all the pits.
THE ROUTINE REPORT.
CHICAGO. May l1.-Business on change to-
day of a much more healthy speculative
character than yesterday. There was less
nervousness and more deliberate buying on
the strength Of the situation. The govern
ment report. which went out all over the
country Yesterday brought in great many
buying orders for wheat. II was tins and good
buying by local professionals that advanced
July from see, the opening figure, TO S6asc
i'll the first hour Of the session. Trading was
quite large in volume, and the market had
strong undertone. Prices advanced steadily.
and July closed at the highest figure touched
during the session, S1l2c. Cold rains in the
Northwest were reported, and opera
tors also believe in large short
age i'll the winter wheat crop
The corn market also was strong and opened
at an advance Of 4@l2c. May was the
strongest because of the covering of short
corn. The cribbers who had long ago sold
for May against The corn which they owned
are now buying i'll their shorts and selling
the more deferred deliveries Exporting
houses are looking for large orders for cash
corn soon. Receipts here were smaller than
expected and the large amount inspecting
out 36l cars helped to give very strong
tone TO the market. May corn opened at
closed at soc. July opened at 56c. sold up
to SIC and closed AT 57$8c. The strength in
the other grain markets was reflected III oats.
which touched the highest prices thus far
reached. and closed nj or abol the ton The
trade was quite active. MAY oats sold up
from 34@35c, closing at :i4s4c. July oats
sold up from 33933$4c, closing at 3334c
In provisions the quiet feeling shown lately
was continued, and the days trading was
under an average volume. Sill the market
was firm in fact much tirmer than operators
expected under the receipts of hogs here and
at interior points, and better prices were es-
tablished. July pork opened at SLID, sold
up to 4.33, and closed at Sl4.27 July
lard opened AT $500, al d sold up to the
closing figure SS32l2 July short ribs
opened at $3.50, and closed at $40 the
highest point of the session.
THE QUOTATIONS..
The leading futures ranged as follows:
at S5s4c; June, SIC, closing at S6sSc: July.
Soc, closing at S7l2e; December, S77sc,
closing at $3.50. Corn-No. May opened
at 57l2c, closing at see; June, sec, clos
August, 5Gl8e, closing at 57I2c Oats-No
May opened ut 34c. closing at 3134c; June,
33S4c. closing at Bic: July. 33c closing
at 33s4e; August, 2S78c, closing at 29c
Mess Pork, per bbl-June, opened at $l4.05,
closing at Sl425; July, SLID, closing
at Sl4.35; August, S14.32l2. closing at
Sl440- Lard per 100 lbs-June opened
at $50, closing at $3.50: July, $500,
closing at SS.32l2; August, $3.50, closing
at SS;32l2; October, Ss.32l2, closing at
$3.50. Short Ribs. per 100 II s-June opened
at STATE. closing at S7.62l2: July, $3.50,
closing at $40: August. $3.50, closing at
SIZE; Sept. SIZE, closing at 81. Sole.
Cash quotations were as follows: Flour
Quiet but firm: an advance of lo@I5c per
Dbl generally asked. Wheat-No. , spring.
59l5 Co. G C9[ H. 2 3SS85Sisc. oats17No.
No. 2, 77@7sc. Mess pork per Dbl, Sl415
E114.20. Lard, per 100 lbs. SIS. 22IaGl
6;25., Short ribs, sides Qoose), S7.55.
Shoulders, dry, sailed (boxedl, S6@625;
Whisky-Distillers' finished goods, per gal,
BLY, Sugars-Cut loaf, 7I2@SsSc: gram,