St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-09-08
The COMMERCIAL RECORD.
A Panicky Wheat Pit, Prices Bobbing
Up and Down and Closing
Firm.
Corn and Oats Trifle Stronger---Prc-
visions Quiet and In
changed.
Financial Operations in the Money Marts
1.-The General Quota
tons.
Special to the Globe.

Special to the Globe.
CHICAGO Sept. 7.-Operators in wheat had
something new to talk about to-day. The
Minnesota warehouse commissioners settled
the wheat and flour markets of the world by
changing the grades of wheat in that state.
The effect of this change did not influence
prices i'll the Northwestern markets at the
opening. Here prices opened SSe lower on
easier cables and weak offerings by longs.
The market was buleel a little early after it
had shown weakness, presumably by the
longs, who wanted hard spot to sell on.
Whatever shorts were out Got under
cover. and the prices went Off about lac IN
der deluge of long wheat But just when
it looked most like decided break, there
was a rally of 84c. III it was doubted before
that there was large short interest in corn
here. especially among the receiving houses,
it was made quite clear to-day. The feature
of the market was the unusual demand for
cash corn, which sent the price up about
lHc. September sold up TO 46lsc, closing
at 46c. October sold at 45045s4c, clos
ing at 455se bid Oats were firm
and shade higher. Provisions were
quiet and uninteTesting, and fluctuations
were within narrow range. There was an
early weakness on yellow fever in pork; lard
and ribs sympathizing little, and October
pork opened at $3.50, or 15c lower than
yesterdays close. This proved the lowest
price of the day. and there was subsequently
some improvement. At l o'clock October
pork stood at Sl4, and January az S13.71I2 a
loss of Toe on near futures, and 2l2c Gu
January during the long session. Lard was
nearly steady, closing about where it did at l
o'clock yesterday. Short ribs declined 7l2c
on nearby months.
THE ROUTINE REPORT.
CHICAGO, Sept. 7.-OperatorS in wheat had
something to talk about to-day 1t was the
published report that the Minnesota ware
house commissioners had lowered the grade
of No. hard by the admission of such per-
centage of frosted wheat as to amount to The
wipng out of the old grade of No. l hard,
and allowing No. l northern to be delivered
on contracts based on the former. Some
persons on change claimed that they had
dispatches from the Northwest showing that
the action of the commissioners was miSun-
derStood and that there was no real change
over which to be alarmed. There were also
conflicting advices as to what the commits
sioners had and had not done, which kept
the market in an excited ana nervous stale.
causing prices to bob up and down without
any apparent cause. 1t did noteffect prices in
the Northwestern markets at the opening
Here prices opened $sc lower, with easier
cables and free offerings by longs. The mar
ket was bulged little early, after it had
shown weakness, presumably by the longs,
who wanted hard spot to sell on. What
ever shorts were out got under cover, ana the
prices went off under Il deuge OF long wheat
about lac. But just when it looked like a de-
ciGed break there WAS rally of S4c. Octo
Der sold from 93lsc to 93SSc, off to elise
and up to 92S4c, about noon: December
94l2@9ls4c and up to 94S4c, then down to
935sc, with rally to 94Ac May sold down
TO 9Sl4c and rail- 81. December wheat closed
at p. m. Mt ole. If it was doubted before
that there was large short interest in corn
here, especially among the receiving houses.
it was made quite clear to-day The
feature of the market was the unusual de-
mand for cash corn. which sent the price up
west lac. September sold up to Use, clos
ing at 46c: October sold at 4J0i0s4c clos
ing at 435sc bid; December and May closed
at 347sc. Oats were very steady and trife
stronger with an improvement of 1s0Hc.
Provisions were quiet and uninteresting and
fluctuations were with narrow range. There
was an early weakness on yellow fever in
pork lard and ribs svmpathizing little, and
0c,ober pork opened al $3.50, or.l5c lower
than yesterdays close. This proved the low
est price Of the day and there was subse-
October pork stood at S14 and January at
Sl3.77l2, loss of l0c on near flu
lures, and 2I2c on January during the long
session. Lard was nearly steady, closing
about where it did at l O'Clock yesterday.
January rested at $500 short ribs declined
7Iac on nearby months, closing at $3.50. and
81 2Gls for October and January. Late ca
bles were strong, and at the afternoon SEES
sion wheat advanced SIC Corn was active
for the near futures and firm. Oats were in
light request, and steady. Pork was nomi-
nally unchanged for near futures, and 2l2c
higher for January Lard advanced 2l2c for
September and October ana ruled shade
easier for January. Short ribs were I'M
changed for september and October, and
2lac higher for January.
THE QUOTATIONS.
The leading futures ranged as follows:
Nheat-No September opened at 93Ac,
closing at 934c October. 93lsc, CLOSING at
92Bc: December, 94l2c. closing at 9i4c;
May, 9Ss4c. closing at 9sS4c. Corn-No 2
September, 45l4c, closing at tic: Octo-
Der. 45c, closing at 45s4c; December,
3g7se, closing ut 39TSc; May, 39S4c, closing
at 39!8c. Oats-No. 2 September, 2414c. clos
ing at 24Ac; October. 2Il2c, closing ut 24Ssc;
November 24I2c: May, 2Sl2c closing at
at S14: October SI395, closing at S14;
November closed at S13.65; January,
S13 20, closing at $3.50. Lard,
Per 100 Lbs->eptember opened at 50. so,
closing at 50. S2l2; october, -. 77l2, closing
at 50 S2l2: November, $3.50, closing at
So 90: january. IS 22l2. closing at IS. 22I2.
Short Ribs, Per 100 LBS September
closed at $3.50; October, $40, closing at
$3.50; January, S7O2l2, closing at sos.
Cash quotations were as follows Flour firm
and unchanged. Wheat-NO. = spring, 1924
@93c; No. 3, e5@S9c; No. 2 red, Csc.
Corn-No. >. 46c. Oats-No.2, lilac. Rye
No. ., 54N@54l2c. Barley-No. 2 73c.
Seed-No l flax, Sl.30; prime timothy
I.S261l. SIS. Mess pork, per Dbl. Sl4O2L2
@I4O5. Lard per 100 lbs, 50 30Q9.S2l2
short rib sides Qoose) SS.35 dry sailed
shoulders (bcxed), S7.62l2G17 70; short
clear sides (boxed), S9G9.25. Whisky
Eistillers' finished goods. per gal, Sl.20.
Sugars-Cut loaf, Sls0Sl2c; graduated,
use; standard a" 7lac. Receipts-Flour,
900 bbls; wheat. 7213 bu; corn, 49,
33S bu oats IA, 1913 Du; rye, S,745 bu;
barley 1908 bu. Shipments-Flour. %
1877 bbls; wheat los, AS bu; corn 249 1873
bu; oats, s61 III bu; rye, 1867 bu BARLEY,
29,Ol6 bu. On the produce exchange to-
day the butter market was steady and
unchanged. Eggs firm; choice Northern,