St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-03-23
THE COMMERCIAL RECORD.
Speculation Was Lively Yesterday With
Wheat and Corn Both Higher
Than Wednesday.
There Was Only Moderate Trade in
Pork and Ribs and Lard Re-
manned Firm.
Transactions in the Financial Circles OF
Wall Street.-The General
Quotations.
Snecial 10 the Clone.

Special to the Globe.
CHICAGO March 22.-Speculation set off on
Change this morning at a rafting pace.
Wheat opened higher on the cold weather,
and corn opened higher because wheat did.
Early trading in May wheat was on basis OF
7784c, and May corn was quoted at 49S4c.
The demand was active in both pits, but the
improvement proved to be bulge. wheat
settling back to 77sBc before 1880 and corn
TO 49Is@49I4c. At the decline the market
became dull, the determination OF the pear
leaders to keep the prices of wheat down at
all hazards was strikingly illustrated by tneir
tactics this morning before trading began on
the board of trade. They found 1t necessary
to sell ], 100000 bushels on the open board
call to keep May below Use The prices once
touched 777Sc, but it was beaten back 10
77S4c, and on the big board it was kept at or
under 77I2c most or the Sc ssion. The bears
were content 10 let the market remain ABOUT
that figure To put it there, they were forced
to mass their forces and sell 100000 to
5000, 900 bushels early and to keep it they
were obliged to be on the alert and fill up the
crowd when the buying spirit developed
symptoms Of especial activity. Liquidation
is about over seemingly, and the fact that
the pounding must now be with short
wheat is regarded by shrewd bulls
as point in their favor. The
market is becoming largely over
sold and an oversold market is dangerous Tor
bears The sudden cold snap extends over
an extensive section of winter whea t terri
tory, and it cannot be denied that such
weather is exceedingly trying to the plant
1t is more than trying. 1t is positively and
certainly damaging The bullishness gen
Grated by existing weather conditions Is
what the bears have to contend against
Should these unfavorable conditions con-
tinue any length of time the bears will find
themselves with dangerously extended short
lines and the market ripe for sharp reac-
ton, which they may be powerless to pre-
vent This is the situation to-day. Receipts
of corn were 435 cars, and estimates Tor TO-
morrow are less than $50 cars. The big
rush seems to be over for the moment
though country supplies are known to be
pretty nearly ineXhaustible. Neverthe-
less the market is strong and being
subjected to the tremendous artificial pres
sure that is keeping wheat down, the prices
advanced to Soc after the decline of early
morning, and the average for the session was
above 1850. The market was quite bouyant
at times aud decided bullish feeling de-
veloped. Trade was large and revival Of
activity in the cash market was noted. Elk
porters were busy in corn as in wheat. and
business is brisk all along the line. The bear
party in provisions raided pork this morning,
but the selling was in the nature of test of
the market. The leaders made good deal OF
noise without getting rid of any great guam
cnft 1nI 10
but reacted easily to $3.50, and closed at
S13.92I2. Only moderate speculative trade
was transacted in pork and ribs, and lard re
manned firm with slight business. At the aft
ernoon session provisions were easier, with
mess pork sc lower than at l p. IN. Wheat
closed unchanged. Corn steady and oats un
changed.
THE ROUTINE REPORT
CHICAGO, March 22.-The big short sellers
of grain were in the pit on change this
morning either in person or by their agents,
but it was simply to prevent rally and not
to raid the markets as on yesterday. The
most interest centered in wheat, where the
cold weather had made the general crowd
bullish and caused some shorts to feel merry
Gus. When there was furry OF buying,
the raiders filed the crowd up quickly
and then the pit was dull. The market
opened strong and and fair reaction would
have taken place, but the raiders stood in
the way and filed up the crowd and kept
prices from going much above their closing
points last night. May opened at 775Sc, sold
at T7a4c, declined to 77lsc and became
steady at 7712c. closing at 775sc. Corn did
not show as much strength as wheat, because
of large receipts and an increase i'll the
amount of contracts stuff coming in. May
corn opened l2c over the close last night.
During the morning it looked as if the open
ing was to be the best price of the day. as
there was an early decline which took flu
lures to points a shade lower than last nights
closing. There was little sur
prise in store, however. and before the close.
when the shorts tried to get the corn back,
there was little for sale. This caused a
scramble and an advance of 5B cents during
the closing hour and made the closing prices
from "a to 78c better than those of last night.
May opened at 4934c, sold down to 1850,
gradually reacted to 49S4c. and then bulged
TO 50lsc, at which figure it closed. Oals
were steadier to-day, and there was moderate
trading in May and June, which improved
about 4c, closing at 30l2c for the former and
30l2@305Se for the latter. Provisions were
moderately active and unsettled. The bears
raided pork and sold it off 20 cents in short
order. Buying by one or two houses caused
an irregular rally of IS cents. The feeling
was nervous, and operators disposed to call
margins freely for protection. Bears take
advantage of any drop in values to cover
shoots, they keep the market fluctuating rap
idly. May pork opened at S13.92l2 sold at
$1395, down to S13,75, rallied and closed
the same as yesterday, at Sl3.S1l2. Lard
was steadier, May selling at $7.52l2@7.5 5.
closing at S7.55. Short RIBS were active, one
house buying over 100000 pounds, and
advanced prices 2l2c, May sold at $7.l71s@
7.20, and closed at the top.
THE QUOTATIONS..
The leading futures ranged as follows
Wheat-No. 2, April, 731sc, closing at 73lkc;
May, 774sc, closing at 775sc; June, 7Slsc,
closing at 1850; July. 7Sl8c closing at
7S4sc. Corn-No. 2 May, 49s4c, closing at
501sc; June, 1850. closing at soc; July,
49s4c, closing at 5O18c; August, 49s4c, clos
ing at 50Ac. Oats-No. May opened at
at 301sc. Mess Pork, per bbl-May opened
closing at S13.92l2 Lard, per 100 lbs
April opened at S7.52l2, closing at $3.50;
May, $7.55, closing at 81 5212; June,
$ cSng closing 59 at sS SGq in July SaS2
May, opened at 81 20, closing at
$3.50; july, SSH, -- Closing G'S at 81 a7Is
Cash quotations were as follows: Flour
Quiet and prices without -quotable change.
WheatmNo. 2 spring, 7$3@s75$4e; No .
2, 27@3Oc. Rye-No. 2, 59c. Barley-No.
2. 77@8lc Flax Seed-No. 1, S1.45. Prime
timothy seed, $2.55@2.56. Mess Pork, per
Dbl, $3.50. Lard, per 100 lbs $3.50. Short
rib sides Qoose), S7.55; dry sailed shout
ders (boXed). S6@6.10; short clear sides
(boxed), $7.55@7. go. Sugar-Cut loaf, 1850
SAC; granulated, 070.6c; standard "a
Csc. Receipts-Flour, 10000 bbls; wheat,
$4,000 bu; corn, $4,000 bu; oats, $4,000
bu; rye, $4,000 bu; barley, $4,000 Blu.
Shipments-Flour, 10000 bbls; wheat, 10,
600 blu: corn, $4,000 bu; oats, $4,000 bu;
rye, 5000 bu; barley, 1900 blu. On the
produce exchange to-day the butter market
was less active, but firm; creamery, 23@30c;
dairy. 2OM26c Eggs firm at 4laM15c.