St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-02-15
THE COMMERCIAL WORLD.
Grains We're Lower, Provisions Steady
and Everything Was Extremely
Dull.
Western Operators Are Very Bearish
on the Recent Cut IN Grain
Rates.
Transactions in the Financial Circles
Of Wall Street.-The General
Quotations.
Epecial to the Globe.

EpeCldA 10 Inc
CHICAGO. Fen. 1.-the grain markets were
lower this morning, provisions were steady
and everything WAS duh. Wheat ard corn
Bold of L6iac on the additional cut III
freight rates The last eat didn't bring grain
forward any faster. But this one Is golnGto
tax the ,heapened elevator capacity TO the
limits. SPECULATIVE Imagination runs riot III
the contemplation Of the immensely or the
COMING move ment. May wheat sold off the
first Eor 10 S07sc and May corn 10 5oS4c.
Red winter and California wheat are quoted
higher H. the European markets, and wheat
and flour continue 10 move out of the coun-
Try in gratifying volumes. Clearances of
flour alone from New York and Balti-
more today were equivalent Ia 49,
Ooo bushels. Dispatches from New York
Io-daN Were generally bulliSh. but the temper
of the speculative market there was unqual-
lnedly beaIish. II is said that about all the
ocean freight room Immediately available i'll
New York has been absorbed and that the
outward movement must receive check
whether the foreign demand keeps mp or
ceases Ocean tonnage is not likely To stay
IN short supply for long at time. and if it
should prove true that there is a scaucity of
Ioom that state of things will not long exist
The news from the Northwest is encourag-
ing 10 The bull side of the market. The
elevator companies of Chicago and Duluth
are said TO have called in their buying agents,
having become satisfied that they can not get
any wheat away from the millers III this crop.
The lnillerS admit that they have about all
the wheat they can get their hands on, ana
they do not hesitate 10 say that if there were
more in reach they would have that, too.
New York was a big seller i'll the market
today and 81. Louis is also quoted as very
heari>h. Hutch sold about 800 600 bushels,
and other houses having New York connec-
tiouS were sellers on a scale nearly as liberal
The market did not break below 8 05sc, and
was firm at The slight decline. Hutchinson
covered big line of short wheat during the
afternoon. There WIS renewed liquida-
ton OF corn, the price of MAY going
10 50Ssc. The operators in most of the
Western cities are very bearish on the cut
iu freight rates, those of ST. Louis being eS-
pecially 30. Long corn, in large and small
lots came out all day. It was continual
drip. Proal 4 Sherman tried to support the
market, but they could not do much. The
pressure was too strong for them. The mar
9eU acts tired after every little rally, and on
every decline the stuff pours in from every
direction. The difference between wheat and
corn IS widening every day. 1t is now Soiac.
Two or three days ago it was 29c.. Oats, too
sold Off but, like the more important cereals,
there was partial recovery before the close.
On the day wheat shows no change But
in the long futures corn shows
decline and oats lose lsc.
Provisions were very well supported by
Auglo- Americans and others. Pork closed
al l2tzc and higher, and slight improve
ment occurred in lard and ribs. Pork was
traded in up 10 SHAPE; ribs UP 10 S1.57te,
end lard up to s.. 92l2. The last quotations
we've the top. At the afternoon session the
markets were weak and prices generally
G shade lower. Wheat February, IS 7sc;
March, 76e: May, Sic; June, ellac- Corn.
February, 465sc; March, 465Sc; May, 50Ssc;
June, 5Ol2@5O5sc. Oats, May, 31$s; June,
3lsse. Pork, February and March, SI4 1913;
May, S1437Is Lard, February, $3.50;
March, S7.67 I2@7.7o; May, S7.s2l2; June,
$50. Short ribs, February, S7.37la; March,
S137l4G7. 10; May, S7.55G7.57i2; June,
S7.62l2.
THE ROUTINE REPORT
CHICAGO. Feb 1.-THE markets on change
opened rather tame, with prices practically
unchanged. The expected cut i'll Western
grain rates and the news from 81. Louis that
there was heavy selling there or the ex-
pected cuts TO follow on the roads tributary
TO that point created considerable weakness
iii all the grain markets. May wheat, which |
opened at Sl14@SlSsc. under liberal selling
by several houses, broke to S07Sc. When |
this figure was reached heByy purchases on
the strength of talk of damage by cold |
weather 10 winter wheat caused a reaction to
size. but shortly after noon the selling was
renewed, and May dropped back 10 Sic.
Corn kept weak all through the session. The
expected decentralization in freight rates and
the large receipts which are expected to fol-
low keep prices down. May opened un-
GhAns sSd at closed At 5 ana drGB Bed
he reduction in storage rates the
difference between near and deferred futures
has become less. This, with the demand for
cash corn, caused the month and March to
close at 4G@sc. Oats were active and unset
lied to day. There was quite free selling at
times by prominent operators, and May, the
active option, sold down from the opening
figure, 31S4c, to the closing, 31sSc. There
was little in the provision market to call for
Special comment. Outside trading remained
almost dormant, and most Of the local trad
ers give the market less attention. Those who
are loaded with product are anxious to get
prices up to unload, but the trade is so light
That the market requires constant bolstering
TO prevent values from declining. Pork
opened steady at fraction advance at SD. so
Tor May, and before noon advanced to
Slt42i2. and closed at Sl4.37la gain of
Toe. Lard was quiet, but closed 2l2c higher.
May sold at S7.SC97. S2I2c, and short ribs,
like lard, advanced 2la@5c, May selling at
S7.52l2@7.77l2 and closing at the top.
THE QUOTATIONS..
The leading futures ranged as follows:
Wheat-No. q, March opened at 764c
closing at T6c; May opened at STAG, clos
ing at Sic; June opened at sla4c. closing at
size. Corn-So, ., March opened pen at 467sc
closing at 465sc May opened at 5114c, clos
ing at J0asc; June opened at 81 I5c, closing at
50l2c; July opened at SLICE, closing at
5lL4c. OatS-NO. 2 May opened at 3la4c
closing at3lsSc: June opened at gee, closing
at 31ssc. Mess Pork. per bbl-February
opened at S14.0 5. closing at 4I2la; March
opened at S14.05, closing at S1417l2; May
opened at S14 30, closing at S14.37I2 Lard.
per 100 lbs-March opened at 7.65, closing
at 81 .67Ia; May opened at $3.50, closing at
S1.S2I.; June opened at $50, closing at
$50. Short Ribs, per 100 lbs-Mareh
opened at S7.27Ia, closing at S7.37Ia; NAV
opened at S7.55, closing at S755:
June opened at $7.62la, closing at S762I2;
Cash quotations were as follows: Flour
Quiet; prices steady. Wheat-No. spring.
76tG77S4e; No. 3 spring. 67@6Sc; No. 2
red, soc: Corn-No. ., 477s@4sc. Oats
No: . 2s@29L2c. Rye-No. 2, Gle Barley
prime timothy seed, S2.46@247. Mess
Pork-Per Dbl. S14.15. Lard-Per 100 lbs,
S7.65G.7 .67I2. Short ribs, sides Goose),
S7.37la; dry sailed shoulders (boxed) 500
q. ID; short clear sides boxed, SSQS @5.
Whisky-Distillers' finished goods per gal
. SLID. Sugars-Cut, loaf, 7ss1S14c; grann-
lated. Tlsc: Standard "a" 6s4c. Receipts
Flour, $4,000 bbls; wheat, 10. coo bu; corn
157, 900 bu; oats, 100000 bu; rye, 5000
1900 bbls; wheat, 1900 bu; corn, 49,.
900 bu; oats, Ill 900 bu; rye, 1000 bu:
barley, $4,000 bu. On theproduee exchange
today the butter market was firm and grades
easier; medium firm; creamery, 22629c:
dairy, I7Q25c. Eggs firm and scare at 93Is
Qc25c.
r. M. NEWPORT & SON,