St. Paul daily globe., 1888-02-09
There Was Scarcely Eneugh Doing In
Provisions to Establish Quo
tations.
Grains We're Weak, and Markets Cen
orally We're Entirely and Lament
ably Featureless.
Transactions In the Financial Circles
Of Wall Street.-The General
Quotations.
Special 10 the Globe.


in Nav pork was on a basis of Sl4.47l2@
1850, and in May lard on basis Of SI.72l2.
Wheat and corn started in weak, with the
local crowd disposed 10 hammer the market;
but somewhat TO the surprise of the scalpers,
nobody, excepting themselves, wanted 10
SELL May corn, which sold down to 51Isc,
rallied promptly to 5ll2c, and May wheat re-
acted from S0Ise to Sllse. Not much OF an
Improvement TO be sure, but sufficient 10
show that life has not entirely departed from
the deal. Cables were dScouragipg, but less
SO than yesterday. The markets were la
mentally featureless to-day. Old Hutch
bought about go, coo lbs of ribs near the
opening and then made a contemptuous re-
mark about ribs, which led the crowd TO con-
clude that he had no further use for them.
He was free seller of lard most of the morn
ing, however, and Logan & Co. and Wagner
also offered meats in apparently
unlimited quantities. Lard declined
under pressure from S7,92l2@7.9o
to S7.S1I2. and ribs from S7.75 to
S767I2. There was considerable business
done in the way of changing over into later
months. The wheat plungers, having coy-
cred their lines of wheat, aggregating Droba-
bly, 1000, 900 or i, ,oo0, 900 bushels, are talk
ing oullish. But the crowd does not act with
confidence on advice from people who, up TO
ing lower prices. 4 majority of operators
argue that the market should so lower, now
that the support of 4 large short interest has
been withdrawn. Its only natural thatthe
big bears should want 10 see an advance as
they would hesitate 10 put out fresh lines at
a rCnge below the points at which they COW
cred. There was more or less gossip to-day
about The foreigners buying wheat, and un-
confirmed statements were in calculation that
Powers X Sons had about fifty boat loads for
export The foreign houses here were selling
to-,lay, and adyiceS from the other side are
unanimously soft. 1t is well to bear in
mind that England and the continent
have been buying supplies of American
wheat for the last three years on the breaks.
Nothing. then, would be more natural than TO
look for buying from that quarter now. Just
the same, the local market looks and acts
weaker and heavier now than il did when
prices were 2c higher; that must be admitted.
Trading in the wheat pit was not on an ex-
tenSive scale anu was principally local The
range in ihe prices OF May was from SOS to
Slhc, with the bulk of business done below
Sic. The close was weak at bottom. Liqui-
dation continues 10 be the fe1ture in corn.
Heavy lines and small lines are coming out
on stop orders every iSc down, and the pur-
chasing power is narrowing every minute.
Receipts at Chicago do not increase, but
every other corn market is beginning to
show the effects of reduced freights. Chicago
will come in on the home stretch, and il may
come i'll good and strong. May corn sold
down to 5U5sc and closed at the inside. Trade
in corn was heavy throughout the session.
Free selling was the feature during the after
noon session and prices weakened. Wheat
declined lsc, corn Lc, oats lac. pork 10c,
lard 2l2c and ribs Sc. $50 p. IN. Prices
Wheat, February, 74slc: March, 747sc: May,
SGl2c; June, sic. Corn, February, 457sc;
March. 46c: May, 50I2c: June, 50lac. Oats.
33c: June. 3lssc Pork February. S14O5;
May, SLIPS. Lard, February, 81 65: March,
$40; Nav, S7.S2I2: June, $50. Short
ribs. February, S7.43; March, $7.41l2; May,
S7.62I2.
THE ROUTINE REPORT
CHICAGO, Feb. S.-There was feeling of
uncertainty and nervousness in the grain
markets TO day and provisions acted largely
iii sympathy with grain. In wheat there
was sort of an evening up market to-
day. The speculative offerings were large
at times, considerable long wheat coming on
The market, and there was also some selling
from other sources. At the same time there
was good demand, shorts covering rather
freely, so that in the aggregate pretty fair
business was transacted. Trading, however
was principally on behalf OF some of the
large room traders. May opened at Sic, de-
clined to Sr7sc, reacted and frmed up to
SllSGS1hc on covering by shorts, and finally
broke to and closed at SOl2c. the decline
being caused by heavy selling on account of
several operators. Corn was more active to-
day than for some time past and trading was
quite heavy during the greater part of the
session. The general feeling was weaker,
ing the market was quite firm
owing TO the actions of large local operator
and the frmer tone of wheat May opened
at51ssc. sold down to 51Is@51l4c i'll the open
QIVannnH IN S,a fho,,
ruled weaker, considerable corn coming on
the market around sic, reacted slightly on
covering by shorts. again became week, and
finally closed al 50l2c Oats exhibited
marked Improvement to-day, the decline in
prices having awakened interest in the mar
ket Trading in the near options was inact-
i've, but in May there was big trade. May
and finally closed at 3Ic. The fea,
ture OF the provision trade was the increased
business in short ribs One house sold l.
100000 pounds, and another bought about
al equal quantity. Pork and lard were dull
without features of interest, scalpers doing
the principal trading. Prices rallied slightly
al the opening, but later declined in sympa.
sold to S14.52l2. ard closed at Sl425.
May lard opened at $50, sold to
E92iSG as iSi,. s.92i and closed at s7:s2l2.
S1.75, and closed at S7.62.2.
THE QUOTATIONS..
The leading futures ranged as follows:
Mheat-No. = February opened at 1890, clos
ing at 14S4c; March opened at 1886, closing
at 747sc; May opened at sic, closing at
SOl2c; June opened at Sl3Sc. closing at Sic.
Corn-No. February opened at 465sc clos
mig at 46c: March opened at 467sc, closing at
46c: May opened at 5l2Sc, closing at 5OIec;
June opened at sic, closing at 50l2c Oats
No. May opened ct 3124c, closing at 3Ic
June opened at 31s4c, closing at 31ssc
Mess Pork: per bbl-May opened at S14.5O
closing at SLIPS. Lard per 100 lbs-Feb-
ruary opened at S7.75, closing at S7.65:
March opened at S7.7712, closing at $40;
May opened at S7.92l2, closing at 81. 7.8212;
June opened at SIS, closing at 81. 90
Short Ribs per 100 lbs-February opened
at $7.57L2, closing at S7.45; March opened
atons5 at 800; s1 closing eiag at s7.4?l2: May
Cash quotations were as follows: Flour
quiet and Unchanged. Wheat-No. 2 spring.
T45sQ76c; No. ) spring, 66@67c: No 2
. red, .7s4c. COrG-No. 2, 46Iac. Oats-No
2, 2Sl2GD29c. Rye-No. 2, 60c. Barley-No
2. S0QS2c. Flax Seed-No. l. 81 46: prime
timothy seed, S2.47d2.47l2. Mess Pork
Per Dbl. SD. .15Gl14.20. Lard-Per 100 lps
$7.67l2@7.7O. Short ribs, sides Qoose),
$3.50; dry salted shoulders (boxed), S6@
sos, short clear sides (boxed), $7.950S
Whisky-Dlstillers' finished goods, per gal
Ion, S1.14. Sugars-Cut loaf, 7S.@ss1c;
granulated, 7Ae; Standard Al 6Isc Re,
ceipts-Flour, $4,000 bbls; wheat, 32, 900
bu; corn, 19l 600 bu; oats, 246, 900 bu; rye
5000 bu; barley, $4,000 bu. Shipments
Flour, $4,000 bbls; wheat 10000 bu;
corn, &c, 900 bu; oats 81, 900 bu: rye l 600
bu; barley, $1,000 bu. On the produce ex-
change to-day the butter market was weak:
creamery, 22A@30c; dairy, 22A@26c. Eggs
firm.