St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-04-05
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 tie
May Option.
Transactions in the Financial Circles OF
Wall Street.-The General
Quotations.
Enenial to the Globe.

prices, the settlement OF the strlhe haylhS
In large part relieved apprehenslons OF u
general railroad blockade and corner IN
May. For May delivery corn sold as low as
b24c, June and July opening at 5lssc Inc
market reacted Sac, and was steadily held at
the improvement for an hour or more.
Wheat. too was weak and lower, suffering
decline of I2c, May selling down to 76Ac,
June TO 7684c and July to 767sc Wlthln
few hours of the opening. In wheat all ar
guments, conditions and conclusions WORKED
benefcially for the bears. The market de-
clined for several days because fears OF
financial stringency, as one OF the results OF
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 3.15@13.30; May lard, STATE
@7.50, and May ribs, S6.97l207. wheat
dragged along about 76A@16l2c 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 al
75ss@75s4c, the lowest point yet touched
since trading began in the May option. A
sharp demand. principally to cover shorts.
caused a ssc 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 1t has at any
stage since May was selling at sc. 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 dc 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. red
winter. Cables are generally 'fiat," 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
so bullish. though foreigners continue to
take American wheat on every break. Just
before the close to-day the market again got
soft and the price went 10 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 13c, but it did not stay
there. Estimated receipts tomorrow are
26S cars and receivers anticipate another in
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 unqualifiedly
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 S1315, and pounded
ribs down to S7.95. Pork subsequently adj
,vanced to $13.45 for May, and S13.47l2 for
June. Wright sold 100000 pounds of
ribs, Wells taking 100000 pounds at
S6.97l2. The rest of the amount being dis
tributed. Ribs advanced, but softened be-
fore the close, and show q decline on the
day. Lard, too, was a shade lower. Packers
anticipate q heavy run of hogs for the next
couple of weeks. Cudahay was large seller
of August ribs. At the afternoon session
prices first went slightly lower than at l p.
NJ for wheat and corn. Before the close,
however, there was reaction, and closing
prices at 2 80 p. m. were 1A@$sc for wheat,
aud lsc higher for corn and oats Provisions
were firm and pork sc higher.
THE ROUTINE REPORT.
CHICAGO, April 4.-TEere was q 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 Interior
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 u o'clock 1c lower than forty
eight hours before in both pits. There was
no sensational selling, but gradual sinking
of values under liberal offerings. Wheat
opened at 1880 for May, sold at 76l2c and
then sank gradually. At 1 p. m. the
price, was 75l2c, but on the afternoon
a pNr the final figures were 75a57sc e'V CORN
opened at 52I2c for May, sold at 527sc, from
which point it went down with slight rallies
to 517sc, the price at p. M, react1ng later
somewhat and closing for the day at SIC.
Oats were weak. May opening lsc lower than
the last previous quotation, and dropping
I4c further. A rally of lsc in the afternoon
followed, putting the closing price at 3075c
Provisions operators were mostly bearish 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 17l2c
on pork, SC on lard, and 7l2c on short ribs.
The break brought in a liberal number of
buyers, who absorbed the offerings, SO that
pork not only fully recovered, but showed
net advance of Toe, lard neither gain nor
lost, and short ribs only decline of 2l2c.
Later sc of the advance in pork was lost, but
lard and short ribs were unchanged.
THE QUOTATIONS..
The leading futures ranged as follows:
Wheat-No. 2, May opened at 76ssc closing
at 75s4c, June, 76S4c, closing at 76Ac: July,
77c closing at 769sc; December, 1880,
52l2e, closing at SEC; june, 5ls4c, closing
al 511sc; July, Sic, closing at 51s4c; Aug
ust 5184c, closing at 51l2c Oats-No. 2, May,
opened at Bic, closing at 307Bc; June,
307sc, closing at 30Ac; July, 30s4c, closing al
S Sx a Awgps sf Mess eos Pork per Be 3D.
June, $50, closing at Sl3 $40; Lard, per
100 lbs-April opened at $7.47l2, closed at
S7.47l2 May opened at $3.50 closing at
81 .52l2; June, 500, closing at S!.55. July.
$3.50, closing at 81. 60. Short Ribs, per
100 lbs-May opened Mt 81, closing at
81; June, S7.0TI2, closing at $7.0712;
July, S7.15, closing at $7.15;
August, S7.22l9 closing at $7.22l2.
Flour steady, unchanged; sales entirely local.
Wheat-No. 2 spring, Z 1S@74c; No. 3 spring
wheat, nominal; No. 2 red, nominal. Corn
No. 2. 5O7sc. Oats-No. 2. 271@30c. Rye
No. 2, 59l2c. Barley, No. 2, 77G9Oc. Flax
Beed-No. l. S1.44@1.45; prime timothy
seed, $3.50. Mess pork, per bbl., Sl3.30@
1885. Lard, per 1901 lbs, 81, so. Short ribs sides
Qoosel, Sc 9506. 97l2c; dry sailed shoulders
6oxed(. S5.75@6; short clear sides boxed,
goods per gal, S1.15. Flour, $4,000
bbls; wheat, $4,000 blu; corn, 101. 900
bu;, oats. ia, 600 bu; rye, 10000 bu;
barley, $4,000 bu. hipments-Flour, %,
900 bbls; wheat, 10000 bu; corn, 243, 900
bu: oats, $4,000 bu; rye. 1000 bu; barley,