Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-02-22
HEAT TDECLINES NEARLY2 CENTS
Corn in Close Sympathy, but at the
Close Recovered Little.
FURTHER DROP IN STOCKS
Wabash Declines 2 Points, followed by
a Decline in all the List.
CHICAGO.
Especial Telegram to the Globe. !

CHICAGO, Feb. 21.-The danger nov
) menacing the bulls on change Is the few
erish feeling prevalent in financial matters
throughout the country. Whether or no Jay
Gould's predicted panic is near at hand, there
is no doubt but the mercantile world is in q
condition where scare would bring on {
general crash. Everybody is nervous ant
ready to believe his worst fears. This i:
evident enough in the grain and provision
trade, where prices are so susceptible thai
even rumors will cause a sharp decline
This has been the case every day this
week. To-day the large wholesale house
of W. T. Allen & Co. collapsed, and imme
diately reports were current of other mer.
camille disasters. The exaggerated ac-
counts circulated concerning the losses met
by the extensive banking house OF
Preston, Kean & Co. had already created a
a good deal of excitement. Wheat slumped
off 2@2sc, corn 1911ac and provisions
showed much weakness. Until confidence
can be restored, in part at least, little sta
bility can be hoped for IN the markets.
The continued depression in stocks,
which seems to have no bottom, may pos
sibly end at last, and if so better feeling
will be likely to prevail. AS it is their
condition and the frequent failures among
the large manufacturing interests are sig
niicant.
On the board to-day wheat was active
but lower and at the close February was
about 24c lower than yesterday, March
21Sc lower, April 21sc lower
and May 2c lower. The market
began to quicken yesterday afternoon
under rumors of more business troubles in
banking circles, and opened weak this
morning at decline of 1c from the clos
ing figure on the call yesterday, fuctuated
| for time within narrow range but when
it was pretty generally understood that
| large grocery house had failed there was
general rush to sell and confidence became
badly shaken, prices falling irregularly
about 1c, recovered some, then fell 1850
from the highest point, changed somewhat
and closed rather easy. Spring was in fair
request but lower, and little doing in win
ter wheat.
Flour was neglected and dealers found
it difficult to bring about
business with the continued break
in the grain markets keeping
buyers out of this trade, and sales were
next to nothing, still dealers were not
willing to allow any shadoed prices and
the finer brands were held up to previous
quotations. Rye -four was firm. Buck
wheat -four was hardly selling at all. Bran
and millstufs were in light supply and do
ing well.
Corn was active but decidedly lower, and
at the close February was 111ac less than at
1 o'clock yesterday, March 14c less than
yesterday, April 1 &c lower and May 11ac
lower. The depression commenced after
the call yesterday, influenced by the same
causes that depressed wheat, and the first
trading in May was at &c below the clos
ing at 1 o'clock yesterday and ruled gen
orally weak, selling off irregularly
about 115c, then changing slightly and
closing easy. The decline was due to sym
pathy with the weakness in wheat, and the
distrust caused by reported business
troubles in mercantile circles. Car lots of
No. 2 sold at 55A @5614c, closed at about
sec. Rejected was quiet and sold spar
ingly. New mixed closed at 521S@ sac,
prices being governed largely by location.
At the close the feeling was weak.
Oats were steadily breaking, and the de-
cline started some days ago continues s,with |
the weakness in other markets bringin g
free sellers to this line, and forcing con-
decline. No. 2 cash
sold early at 1898 to of
fered at about 39c at the close. Samples
we're more plenty, and though going off
fairly yet lower range of prices had to
be accepted for all qualities.
Rye was neglected and dull, with the
same prices obtained for cash, but specu-
alton was neglected and lower prices were
quoted for all futures, with No. cash
bringing Csc for car lots, while sample lots
we're slow Future deliveries were hardly
raded in at all.
Barly was going slow and trading for
he day next to nothing, with dull tone
or all grads of cash and no disposition to
peculate in any grade or for any month .
10. cash was nominally about 85c, and '
70. brought e3c, while it $
Tas difficult to sell sam pies
nd easier prices had to be accepted for g
he same. The market for provisions was t
active at lower range of I
rices, though hogs we're reported firm. j..
ut the grain markets were lower, and the =
allure of prominent local grocery house r
xerted an unfavorable influence. Offer n
,gs of leading articles for future delivery t
ere quite free. The shipping demand for C
roduct was fair only. Il
Pork was moderately active but weak
nd lower under more free offerings for :
1ture delivery and lower grain :,
larkets. Prices dropped 2O@25c per
arrel and! closed steady. February dull
Lard was moderately active, but weak a
nd lower, closing at decline of log c
PIC per 100 lbs. On the Ecall board b
heat was active and &c higher. Corn n
4 good request and advanced &c. Oats L
uiet and steady. Rye 10 lower. Pork, !.
ard and short rib sides quiet but Fl rmer. .
Twenty -four thousand live hogs were re- 4
ieved here to-day and the market was c