St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-02-17
The Grain Market Was Fairly Active
at the Opening, With Down.
ward Tendency.
Another Break in Provisions Caused
Some Excitement Among
Those in the Pit.
Transactions in the Financial Circles
oi Wall Street.-The General
Quotations.
Special 10 the Globe.

I'm a more uncertain condition than Il was be-
fore, and equally as susceptible 10 the lnfiu-
ences of any and every sort; for instance,
nervous tremor has been caused by the clrcu-
lation of a rumor TO the effect that the visible
supply statement will be extended shortly 10
include large quantity of country elevator
wheat. Such a statement would not increase
the wheat in the country bushel. But The
visibly supply statement would show up
larger, and the scalpers sold furiously for a
while on the theory of big increase i'll the
next visible. This absurdity only illustrates
the extreme nervousness of the market.
This morning early May wheat sold down to
soc and May corn TO soc. al which fig
ureS there was heavy trading. Provisions
broke sharply this morning, pork sliding off
10 Sl4. The provisions pit was thronged
again and the crowd was in Il state of excite
ment Armour. Ream and the rest of the
local bears made an ugly drive at the market,
which broke in spite of vigorous resistance
from the Fowler combination. The break in
pork developed into semi-panic. The first
intimation of a slump was the discovery of
the quiet working off of a great lot of pork
early at the bid prices. Brokers all around
the pit slipped 80, 500, 1000 and 1000
lots into the crowd wherever there
was demand until 10000 TO >, 900 barrels
were placed. Then Baldwin began offering
pork in big lots below the market, Ream,
Singer. Charley Wright, Hewer and Broker,
who were afterward found 10 represent Cud
ahay. helped the thing along conversation
ally. At Sl4 n mass of stop orders were
struck, and from the grain pits there came
stream of commission merchants, who Slob
bered stuff over the edge of the pit. Probably
10000 bbls of pork were dumped at Sl4.
and from there down TO Sl3 so at every fresh
sc decline new lot of stop orders were
struck. At Sl3 50 StrobS, Clifton and 4. NJ.
Wright & Co. came 10 the rescue. They bid
for unlimited quantities. Seeing this
the raiders and the scGlpers turned
and went to buying back property.
They put the price to $3.50. But
the moment the cliques support was with
drawn, the price dropped again 10 Sl3.S2l2.
From that point the market steadily adj
vaneed until goodly portion of the lost
ground was recovered. The early sellers
were free buyers all the way up and at
S1407l2 Singer bid for 10000 barrels
without getting il. Ribs, which had de-
clined TO SITE. advanced TO S7.25 and lard
went from S767l2 back to S7.72l2, while
the provisions pit, wheat and corn held
steady, and when it was over the grain mar
ket began TO harden. Boyd, Paxton & Boyd
and Hutchinson bought enormously Of wheat
at soc, and in corn report
was circulated that Pool Sher-
man and Irwin, Green & Co. were uying
for a syndicate of stockyard or railroad spec
ulators. 1t is known to few that Pool &
Sherman's late heavy purchases have been
10 cover a short line of 1000, 900 to ), OOO-
600 bushels put out 4@5c higher. But the
crowd didn't know it, and if it had it would
not have made any difference. The market
was oversold, and when it was found impos-
sible to break the market under soc and keep
it there the shorts got frightened and run the
price up on themselves May jumped from
soc TO 50$4c, and June from 497sc to 5Ol2c.
May was very strong, and June and July
were weak. The excitement in pork
was transferred to corn and the pit presented
an animated scene to the close. May settled
back to 50Iac, but acted firm at that price
and the market was about as well supported
there as il had been Ice lower Transactions
were on large scale. Over in wheat the
price of May fiuctuated between seq SO$sc,
with most of the trading around S0Ac.
Cables were weak. but the trade seemed ripe
for d substantial reaction from the depres-
sion. The close was remarkably strong in
everything. At the afternoon session there
was considerable trading in wheat and prices
advanced lac. Corn gained Isc. Oats steady
Provisions steady. 2:3O p. m. prices-Wheat
February, 75Isc; March, 75l2c; May,
s0ssc; June. sOssc. Corn-February and
March, 46l2c; May. 5O5sc; June, 5Olsc.
Oats-February, 311sc Probationary and
March, S13.77I2; May, SD; June, Sl4.O5.
Lard-February, $3.50; March, S7.52la;
May, S7.75; June, S7.S2l2. Short Ribs
February and March, S722l2; May, $40;
June, STATE.
THE ROUTINE REPORT
CHICAGO, Feb. 16.-There was considerable
activity on change during the morning At
the opening. prices for leading grains were
unchanged from last night, but the trading
was limited, as it was at first closely watched,
there being much uncertainty what sort of
action would follow yesterdays sharp de-
clines. Before there was any decided action
III the grain markets, the bears began Il raid
on the provision pit Their efforts were
mainly directed against mess pork, which
had been let alone for day or two By pre-
concerted selling and sensational offerings
below the market the price broke SOC in short
order. The decline in May was from S143O
10 $3.50. OF course 4 reaction followed.
The break induced large packers and bears,
who have been short for several months to
begin covering Large lines were rapidly
absorbed and the decline was stopped and
prices started upward, and before long had
reacted to Sl4.l0. Trading decreased some
what after midday. The feeling became
nervous, values receded TO S13.9712, but
closed at Sl4, break of 27l2c from opening
figures, and 32I2c from last nights close,
Short ribs were active and declined 100 bloc
but reacted 2I2@5c ana closed steady. Offer
tngs by scattering holders were large, buyers
absorbed them quite readily. May opened
at S7.4,12 sold to s.. 80, reacted and closed
at 40. Lard was slow but held up stub
bornly. May sold at S767I2@7.75 and
closed at the latter figure. Corn was an in
teresting market. On the early weakness III
pork the crowd pounded it and succeeded
III getting themselves very short. May
which opened at 5O4c, sold down to soc
but about the time that pork turned upward
there were some buying orders in the corn
pit which caused a second furry. The bulge
was started by two or three local houses
bidding l2c over the market which started
the crowd, and there was a scramble to buy
and TO cover. In few minutes the price of
May jumped from soc to 5OIac and before
noon sold at 5O34c, and finally closed at
5O5sc. There was nothing in the advices to
effect any better prices for wheat this morn
ing than on yesterday, when it declined lc
The crowd was ready for a reaction but il
was delayed by the raid in the provision Dit.
The price was sustained at soc for MAY bv
some buying. 1t opened at S0Ae I2c better
than the close last night. When the reaction
came in pork, and there was some sensa-
tional buying in corn, the wheat crowd took
advantage OF 1t and prices advanced ssc,
touching S03sc about noon. The closing hour
of the session was more quiet, and May
hung around S0ls@SOAc. and closed for the
day at S0ssc. Oats sold within ssc range.
May closed at 3IISc.
THE QUOTATIONS.
The leading futures ranged as follows:
Wheat-No. 2, February opened at 75c,
closing at 75l2c; March opened at 75c.
closing at 73l2c; May opened at sOAc, clos
ing at eOSsc; June opened at Sl34c. closing at
SOS4c. Corn-No. 2, March opened at 46Isc.
closing at 4612c; May opened at 504c. clos
ing at 5Oasc; June opened at 50lsc closing at
5Ossc; July opened at 5Os4c closing at Sic,
Oats-No. May opened at Isc, closing nj
311sc; June opened at 318sc, closing at 3Iisc:
August opened at 2Sc. closing at 27Tsc'
Mess Pork. per bbl-March closed atSI3. :i7i5
May opened at Sl4.27I2. closing at SI4;
June closed at S14.1O Lard. per 100 lbs
March opened at $3.50, closing at 81. 62I5:
MAY opened at 81 Is closing 81 e e. In,an