St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-02-28
The COMMERCIAL RECORD.
Those Who Expected to See a Rise in
Wheat and Corn Get Dis
appointed.
The Burlington Strike Has Demoral-
izing Effect on the Markets
Generally.
Transactions in the Financial Circles Of
Wall Street.-The General
Quotations.

CHICAGO, Feb. GIT was thought by many
that the cold snap would advance wheat this
morning. and that the Chicago. Burlington Il
Quincy strike would have similar effect on
corn. But disappointment was in store for
those who reasoned on these theories. There
was some buying in both pits at the opening
around SOS4c for wheat and 5Ol2c for corn.
But the contest was brief. Trade slackened
up in the wheat crowd, leaving the market
stationary, while in corn the pressure of
offerings depressed the price within an hour
to 50Ac. The strike was construed generally
as bearish instead of bullsh argument.
The receipts for Saturday and Sunday footed
up 600 cars, and this was present
tangible element of weakness. In
neither of the pits was there any
outside business worth mentioning. Pro-
visions were quiet and firm, with early quo
tations for May pork $14.O2l2@14. O7l2; May
lard $3.50 and May RIBS 1875. On account
of the strike hogs advanced Toe at the yards.
The grain markets dragged along all morn
ing. Wheat sold down to SOSS0SOl2c, and
corn for May to sic. The visible supply
statement showed decrease of l, 1927 bu
In stocks of wheat, and reports of damage to
winter wheat from the freeze were in circu-
lation. But these two factors were more
than offset by the dread of business troubles
and depression as a consequence OF the
strike. 1t transpired that on Sat
urcay Hutchinson covered nearly 4,OOO,-
900 bu of wheat, but that
knowledge that the great operator had
worked himself out of his short lines, and
was in shape to take the other side was with
out stimulating effect. Neither did the re-
ports of big decline in Russian securities
in their home bourses, coupled with stories of
serious mercantile failures in the cars do
minions, start people to buying, it being az
gued that the financial excitement in that
part OF the world did not portend war, but
rather internal bankruptcy and distress,
Foreign breadstuffs markets were quoted as
active, and outside spectators are as rule
holding off. The tendencies are not yet suf-
hclently we'll developed to excite ambition to
jump in and either buy or sell produce.
The total visible stocks of wheat now foot
up Sc, 1919 bushels, against 81 ,627 900
bushels year ago. May corn firmed up con-
slderably after the break, but the later
months continued weak to the end and be-
lore the close July, as well as June, sold at
discount under May. July is lower than it
has been since speculation got into the sum-
mer deliveries. The visible supply increase
OF Ga. 900 bushels was dampener, and the
large receipts for to-day were not especially
inspiriting to the bulls. There was, however.
some outside buying of corn on the decline,
and the professionals of the first class were
not actively enlisted on the bear side. 1t is
yet to be ascertained what effect tie-up on
the Burlington will have on the corn move
ment. Most of the Iowa corn is coming In
over the Northwestern, and the movement of
that line will be likely to increase. Pro-
visions didn't show especial activity at any
time, and fluctuations were within very
narrow range. The market was dead at the
afternoon session. There was little done in
any Of the pits. Pork was slightly firmer and
wheat and oats trifle lower. Corn was
steady.
THE ROUTINE REPORT.
CHICAGO, Feb. 27.-Local banks state that
there is no noticeable change in the financial
situation. Money is in little better demand,
and rates are also firmer, but the improve
ment is so slight as to make no apparent
difference with either the banks or borrow
ers. The basis on which most of the loans
are made is q per cent. Clearings, $S,937,-
600, and New York exchange unchanged at
par. About the only signs of activity or
strength III either the grain Or provision
markets up to noon to-day was Immediately
after the opening. The bulls had an ar
gument for each leading grain pit, and the
cold snap was depended on to send wheat
up somewhat, and the Chicago, Burlington
d Quincy strike, by cutting off receipts, was
expected to boost the corn. Wheat opened
lac higher than the close and sold 1sc over
the opening, thus touching Sic for May. In
less than an hour, however liberal selling
and offering by the bears caused the prices to
drop to S0s8@9Ol2c, reaching to s05sc after
the announcement of a decrease of 1,103, 900
blu IN the visible supply, and closing at SU12c
Corn was rather easy during most of the SEES
sion, the feeling being influenced mainly by
of =,
in the visible supply. Trading was chiefly
local, and fluctuations within $s@I2c range
May opened at 5112c, declined to 5I@51I sc
reacted to 51!4@51$sc and closed at 51Ac
Oats were quiet and featureless. May opened
at 31Ssc, the highest, and closed at 311sc,
the lowett figure of the session. The trading
in provisions was lighter and the market des-
htute OF new or interesting features. Arriv-
ais OF hogs were lighter, owing to the Bur-
nngton strike, and prices were Zoe higher
There appeared to be a fair supply of local
and outside buying orders for pork at S14
and liberal selling at $14. 10 and over. Lard
and short ribs were quiet and steady, with
prices confined to a small range. Lard sold
at 81. SOQ7.S5, and closed at 81 8O@7. S21a
May short ribs sold at S7.33I2@7.34, and
closed at S7.35.
QUOTATIONS.
Ihe leading figures ranged as follows:
Wheat-NO. z, March opened at 157sc, clos
ing at 7512c; May, 907sc, closing at 8O1ac;
June, S11sc closing at SO5sc July, S11sc
closing at SOS8c. Corn-No. 2. March opened
at 47lsc. closing at 471sc; May, SLICE clos
ing at 81 Ac; June, 51Ac, closing at 5O7sc ;
July, 515sc, closing at 51Ac. Oats-No. g
May opened at 31SSc closing at 81 sc; June
311sc, closing at 311sc; August 2Sc Mess
Pork, per bbl-Mareh closed at S13.s 7l2c;
May opened at $14 10, closing at $l4O5 !;
June, S14, closing at $1412I2. Lard, per
100 lbs-March opened at $40, closing at
$40; May, S7.S2l2, closing at $3.50; June,
81. s2l2, closing at $7.s5. Short Ribs, per
100 lbs-March opened at $7.1712, clos
ing at 81. Is; June, STATE, closing at 81 42l2.
Cash quotations were as follows: Flour
without quotable change and steady. Wheat
No. 2 spring, 755s@7Sc; No. 3 spring, sc
@6sc; No; red, soAc. Corn-No 2. isaac.
Oats-No. 2, 27S4@29l2c. Rye-No. 2, SOC.
Barley-No. 2. 79@80c. Mess pork-Per 100
lbs, S1392l2. Lard-Per 100 lbs, $40.
Short ribs sides Qoose), S7.1712; dry sailed
shoulders fboXed), $4,000 10: short clear
sides (boxed), $7.50@7.62. Whisky-S7.7l
as IA. Receipts-Flour, Do, 600 bbls; wheat,
10000 bu; corn, 217, 900 bu: oats, 143, 600
bu; rye, 10000 bu; barley. 80, 900 bu. Ship
ments-Flour, 10000 bbls; wheat, Ia. 600
bu; corn, $4,000 bu: oats, 81, 600 bu; rye,
1000 blu; barley, 10000 blu. On the pro
duce exchange to-day the butter market was
quiet and lower; creamery, 21@27c: dairy,
16I2@25c. Eggs firm and higher at 19@20c.
R. M. NEWPORT G. SON,
Investment Bankers.