St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-03-16
Ehs,a Was Bearish Feeling on the
Chicago Board Yesterday
Morning.
The Increase in the Amount Of Wheat
on Ocean Passage Was Rather
Depressing.
Transactions in the Financial Circles OF
Wall Street.-The General
Quotations.
Special to the Globe.

ketS opened talr tnlS HornlHs'
bles were not reflective OF stronger ieelihs
abroad. and the weather map was less ior'
bidding. The temperature over tne wii.ei
wheat districts is rising, and the possipliilies
of damage already done are lost slght Oh III
the prospect of relief from further DANGER
from western vicissitudes. During the nrst
hour Nav wheat sold down TO I9kc, oepre-
citation of 54c from the lowest point OF yestel
day. Receipts of corn were So cars, 4o
over the estimates. Arrivals are running over
the estimates day after day. and the move
ment is getting large instead of small. Inc
speculative sentiment on corn is gettlnS
more bearish as the spring advances ana the
facts about country supplies are becoming
better known. May wheat sold down 10
bI1sc early in the day and was weak
ut the decline of Sac. Provisions were
Barley steady. First trading IN pork was on
a basis of S14. O5@141O for May, and S7.67l2
for lard and 81 25@7. 27l2 for ribs. More IN
terest centered in the vote on the commits
sion rule than in the markets. News was
not sensation in the highest degree to-day.
New York was weak and led on the uoWh
turn. and reactions on the bull side were Ia
borious. Newberry, the Detroit plunger, was
q large seller of wheat and the crowd went
with him early, helping depress prices.
When the scalpers turned to cover they dls-
covered that there was very little offering
and the prices worked back to the starting
point The market is exceedingly narrow.
1t is receiving no outside support and prices
are too low to make short selling seem safe,
The public educated to the handicap OF
heavy commissions will not trade unless the
markets are active, and as there cannot be
active markets for any length OF time WIN
out the help of the public, there
SEEMS TO BE NO BREAK
to the circle in which the trade is travelling.
Nothing short of an earthquake will start the
speculative waters in their old-time turbu-
lence There are many who want to be bulls
on wheat, but while the market is so narrow
they will not invest, they are only too willing
10 concede that the situation is strong on
legitimate conditions. But they cannot for
get to use the language of Frank Kammerer,
"That a worlds crop III, 100000 bu larger
than that of 1886 and the bulk of the
excess on the other side. The prospects of
nm active demand for the American surplus
are not bright. The exports of both wheat
and -four for the past three or four months
are below expectations and away under last
year. This is confirmatory of the theory that
the world is fairly Independent of America
for the few remaining months of the crop
year, though London correspondence to flour
houses brings information that stocks in the
kingdom are perhaps less than expected.
This is faint encouragement for the weary
bulls, and it does not frighten the profession
ais who lay like a plaster over the specula-
tive maIket The price of May wheat ranged
79Ac low and 79l2@795sc high this
forenoon, a total range of A@sSc
In the corn fluctuations were trifle wider,
extending over 12c, May selling as high as
61I2c and as low as Sic: with June not vary
ing from May more than ''split'-1-16c.
Trade in both pits was light. Hutchinson
was moderate seller of May and buyer of
June and July. No other individual trading
was worth mention. Provisions became
frmer after the first season of dullness. Char
ley Wright d Singer undertook raid early,
but purchasers of pork by A. NJ. Wright &
Co., caused them to desist and therefore the
market was uninterruptedly dull. At the
afternoon session provisions were easier, and
pork declined sc. Wheat sold 14c lower, corn,
1sc lower and oats Ac lower.
THE ROUTINE REPORT.
CHICAGO, March 15.-The bearish feeling
which prevailed at the close of business yes
terday was even more pronounced at the
opening on change this morning. The big
increase in the amount of wheat in ocean
passage was still: a depressing influence, and
while Geographic communication with New
York was fully restored, the few orders from
there were to sell instead of buy. The short
interest was nearly all covered on the early
bulge yesterday, and the weather in the
wheat belt, according to this mornings adj
vices, was favorable to the crops and there
rOr inf NJ
opened at 79Isc, and dragged through the
first hour with the price ranging between
79H@79Sb@79I2c. The professionals in
wheat were chiefly engaged in coppenng the
market. Whenever it started up they sold
md when it declined they were buyers: By
though the trading was limited.
Towards the close decided weakness again
developed, and the final figure for May was
79lsc. Corn was weakened by the large re-
eeipts as well as by the general spirit of
weakness, which seemed to prevail all over
The Soor. There was no large short interest
IN the pit, no outside orders to buy no en-
eouragement i'll foreign advices. and on free
selling early there was lower opening and
slight decline. This was followed by a
rally to last nights prices for all futures, and
lgain before the close there was weakness
and depression. The range in May was 51Ac
down to sic, reaction of 5I8sc, and de-
cline of 51lsc, closing at 51lsc. There was
some stubbornness in the oat trade, and
while the offerings were free early, there
we're many orders to buy May at Sic. The
range was 307S@31lsc, closing at the outside.
Mess pork was unsettled and opened weak,
7l2@10 cents lower, owing to larger receipts
Of hogs and lower prices. Offerings were
small, and it required little effort on the part
Of buyers to reverse the course OF value, and,
later in the day, when grain became firmer,
strong feeling developed and prices ad-
RANGED 1O@12la cents. the market closing
frm at outside figures. May opened at
bl4.07l3. sold at S14.05, advanced to
b14.1712 and closed at S14.12I2. Lard re-
NAMED slow and shade easier at 81. 67l5@
7.7O for May. Short ribs, like pork. opened
weak and lower and after declining shade
reacted and closed steady, with all the de-
cline recovered. May sold at S727Q7.3O
and closed at $7.2712.
THE QUOTATIONS.
Wheat-No. 2 spring. March, closed at 74SBc;
April closed at 745sc; May, opened at 1850,
79l2c. Corn-No. May opened at 5i14c;
closing at 51lsc; June, size, closing at
Bic. Oats-No. 2 May opened at Sic, clos
Ing at $14.12l2; June, $1410, closing at
b14.1712. Lard, per 100 lbs-May opened
E.67l2, closing at $40; June, $40,
closing at $7.72l2. Short Ribs, per 100 lbs
May opened at $7.27l2, closing at $7.2712;
Cash quotations were as follows: Flour quiet
and unchanged. Wheat-No. 2 spring, 1850
77I2c; No. red. SIC. Corn-No. 2, 5OISc.
Oats-No. 2, 27&@3Oc. Rye-No. 2, 5sl2@
soc. Barley-No. 2, 77@S1c. Flax Seed
No. 1, $1.45. Prime timothy seed, $3.50
2.52. Mess Pork, per Dbl, S14.05. Lard,
per 100 lbs, $7.62l2. Short ribs sides Qoose),
E.15: dry sailed shoulders (boxed). SEQ
go; short clear sides Qboxed, $7.65@7.70.
Whisky-Distillers finished goods, per GAL.
Bib. Receipts-Flour, 10000 bbls; wheat
10000 bu; corn, $4,000 bu; oats, $4,000
bu; rye, 1000 bu; barley, $1,000 blu. Ship
bu: corn, los. 900 bu; 'ie oats $4,000 f bu;
rye, 1000 bu; barley, 10000 bu. On the
produce exchange to-day the butter market
was very firm; creamery, 22@29l2c; dairy,
iSl2@2Oc. Eggs. 13@14c.