St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-04-05
The COMMERCIAL RECORD.
a Partial Settlement of the Railroad
Troubles Caused Both Corn and
Wheat to Decline.
Provisions Decline and Touch the Low
est Point Yet Reached in the
HAY Option.
Transactions in the Financial Circles OF
Wall Street.-The General
Quotations.
Special to the Globe.


prices. the settlement of the strike haylng
in a large part relieved apprehensions OF a
general railroad blockade and corner IN
May. For May delivery corn sold as low as
52Ac, June and July opening at 51ssc. Inc
market reacted &c and was steadily held at
the Improvement for an hour or more
Wheat, too, was weak and lower, suffering
decline of 12c, May selling down to 76Ac,
June TO 7634c and July to 7678c WITHIN u
few hours of the opening. In wheat all ar
guments, conditions and conclusions WORKED
benefcially for the bears. The market oe-
clined for several days because fears Oh
financial stringency, as one OF the results Oh
q prolongation and extension of the strike,
discouraged speculative investment. NOW
the market keeps ON declining because the
danger is over and people are more free to
speculate Provisions were weak early, but
soon hardened The early range for May
pork was S13 15@13.30; May lard, STATE
also, and May ribs, S6.97l2@7. Wheat
dragged along about 76A@76l2c for an hour
or more Suddenly and without warning or
visible excuse the market began TO
weaken, and the price to decline rapidly
There was nothing doing in the PIT
when the breaks started and no pressure
was put on. In the expressive language OF
J.B. Dutch, the decline was checked at
75ss@75s4c, the lowest point yet touched
since trading began in the May option. A
sharp demand, principally to cover shorts.
caused a Sac rally. but the market was only
stolid, not firm, at reaction from the range
of recovery. Nobody seemed disposed to
take a hold. The bright and beautiful
weather seemed to make people disinclined
T. invest, and the market seems weaker at
the prevailing cheap prices than it has at any
stage since May was selling at 96c. An utter
absence of aggressive speculative inquiry is
the notable feature. Ream is quoted in an
interview as predicting zoe for wheat, and
the professionals are generally still partial to
the short side. They may not be standing on
big lines, but they are scalping the market
down instead OF up. New York is nearly 14c
above Chicago, and the "spreaders" and
''straddlers'' who see &c profit in the opera
ton are buying pretty exclusively to-day
here and selling in New York. New York
reports a fair export business in No. 2 red
winter. Cables are generally flat" dull or
weak, and limits ale reduced as general
thing. The amount of wheat on passage
shows an increase of $40, 900 bushels on the
week. The situation abroad is not
BIZ UulllSus lIlOuSh lOASiShSAS NOiA0iAANN w
take American wheat OH every break. Just
before the close to-day the market again got
soft and the price went TO 75l2c. The specu-
lative sentiment is bearish. Hutchinson
covered a considerable portion of his short
wheat this morning. Corn did not display
recuperative power after the break. The
price crowded back l3c, but it did not stay
there. Estimated receipts tomorrow are
crease in the forward movement now that
country shippers feel free to enter into con-
tracts knowing that they can carry them out.
The tone of the corn market is unqualliedly
weak at the present moment Provisions
were weak early, with Charley Wright and
his associates right on top of the market.
They opened pork at S13.15, and pounded
ribs down to S7.95. Pork subsequently adj
vanced to $13.45 for May, and Sl3.47l2 for
June. Wright sold 100000 pounds of
ribs, Wells taking 100000 pounds at
S6.97l2. The rest of the amount being dis
tributed. Ribs advanced, but softened be-
fore the close, and show decline on the
day. Lard, too, was a shade lower Packers
anticipate a heavy run of hogs for the next
couple OF weeks. Cudahay was large seller
of August ribs At the afternoon session
prices first went slightly lower than at L p.
M for wheat and corn. Before the close,
however, there was reaction, and closing
prices at 80 p. m. were 140Ssc for wheat,
and lsc higher for corn and oats Provisions
were firm and pork sc higher.
THE ROUTINE RETOET.
CHICAGO, April 4.-TEere was a general
letting down of prices of grain to-day. The
leading cause was the partial settlement of
the railroad troubles. The break made by
shutting off receipts threatened in filling
future contracts on the floor and by interfer-
ing with commerce and collections caused
tight feeling for money. The situation this
morning being more hopeful, the result was
natural-lower prices and easier money.
Provisions opened lower, but developed con
siderable strength liter. At the very outset
sales of wheat and corn for May were fully
l2c under the closing price on Monday.
From this point there were slight rallies on
buying by those who wished to bull the
market and sell. The result was decline
from opening prices of about l2c in both
wheat and corn before noon, which left the
market at II o'clock 1c lower than forty
eight hours before in both pits. There was
no sensational selling, but q gradual sinking
of values under liberal offerings Wheat
opened at 1850 for May, sold at 76l2c and
price was 75l2c, but on the afternoon
board there was slight recovery
and the final figures were 75a4@757sc. Corn
opened at 52l2c for May, sold at 5275c, from
which point it went down with slight rallies
to 517sc, the price at p. NJ. reacting later
somewhat, and closing for The day at SIC.
Oats were weak. May opening lsc lower than
the last previous quotation, and dropping
Ac further. A rally of 1sc in the afternoon
followed, putting the closing price at 307sc.
Provisions operators were mostly bearsh at
the opening. Stocks of produce given out
yesterday were rather disappointment to a
majority of traders. The weakness in grain
also tended to encourage selling by strong
parties and during the early trading the low
est prices of the day were recorded, sales be-
ing at decline from Mondays close of 1712c
on pork, sc on lard, and 7l2c on short ribs.
The break brought i'll a liberal number of
buyers, who absorbed the offerings, SO that
pork not only fully recovered, but showed a
net advance of 1Oc, lard neither gain nor
Later DC of the advance in pork was lost, but
lard and short ribs were unchanged.
TIE QUOTATIONS..
The leading futures ranged as follows:
Wheat-No. 2, May opened at 76ssc, closing
at 75a4e, June, 76s4c, closing at 76Ac: July,
77c, closing at 76asc; December 1850,
closing at 785sc. Corn-No. 2, May opened at
52l9c, closing at 52c; June, 5l&c, closing
at 51lkc; July, sic, closing at 51sc; Aug
ust, 51is4c' closing at Slice. oats-No 2, May,
307sc, closing at 3O%c; July, 30%c, closing al
May opened at $l3.l5, closing at $3.50;
June, 1880, closing at $3.50; Lard, per
100 lbs-April opened at S7.47l2 closed at
$7.4zl2; May opened at $3.50 closing at
81 .52l2; June, $50 closing at S!.55. July.
$500 closing at S7.6o. Short Ribs, per
100 lbs-May opened at ST. closing at
81; June, S7.07I2, closing at $707l2;
July, Sis, closing at S715;
August S7.22I2, closing at S722l2
Flour steady, unchanged; sales entirely local
Wheat-No. 2 spring, 71l8@74c; No. spring
wheat, nominal; No. 2 red nominal. Corn
No. 9. 5O7Sc. Oats-No. 2. 27A@30c. Rye
No. 2, 59l2c. Barley, No. 2, 771SOc. Flax
Beed-No. ]. S1.44@1. AS; prime timothy
seed, $3.50. Mess pork, per bbl, $13.30@
1885. Lard, per 100 lbs 81. so. Short ribs sides
Qoosel, $6.95@6.97I2c dry sailed shoulders
(boxed), S5.75@6; short clear sides (boxed)
S7.45@7.5O. Whisky, distillers' finished
goods, per gal, S1.15. Flour, 10000
bbls; wheat, $4,000 blu; corn, 101 900
bu; oats, ia, 900 blu; rye, 10000 blu;
barley, $1,000 bu. Shipmcnts-Flour, %,
600 bbls; wheat, 10000 bu; corn, 243, 900
afr' t,,, L,