St. Paul daily globe., 1888-02-08
Grain Was Weak and Cables We're Soft
and Improbable Ali Along
the Line.
The Provision Market Opened Weak,
but Firmed Up Toward
the Close.
Transactions in the Financial Circles
In Wall Street--The General
Quotations.
Special 10 the Globe.

wheat bought on anticipation of war was IN
continently dumped, and the scaipers
jumped on the market Ell maSse. frlces
worked down below an ante-war basis. May
wheat struck 81 4c at the end OF the nrst nail
hour and corn declined 10 0lAsc. Nelther
wheat nor corn has been so cheap since last
November. The country has been working
out of corn for weeks and the country IN
terest in that cereal has not been 50 small
since the beginning of the great boom. The
professionals are now carrying q portion OF
the load and they act as though IL chafeu
their backs. Liquidation in both pits Is the
order of the day. The provision market SOFT
ened early, but il became firm when lard
developed such surprising solidity, and
prices crawled slowly back in the direction
of the upper extreme, pausing, however,
about midway. Old Hutch dumped 900
TO -, 900 tlerces of lard this morning at
S7.9U6S7. 92Isc. Singer took 1000 to 5000
tieceS, and Kirkwood fully as much, if not
more. The price then went 10 S7.95, and
stopped there. The boys" had great fun
with old Hutch for selling ont his S. lard at
7Ia6IUc loss, forgetful of the fact that he
was long a big line bought long previously
at considerably cheaper prices. For weeks
lard sold TO him. would not settle. 10 use
technical phrase, meaning shat his books
showed large open account
of property bought, and nothing
sold. Everything coming, and nothing
going. Old Hutch began buying lard about
the time agitation on the lard question com
menced in congress. He detected the growing
unpopularity of axle grease rs an article OF
culinary convenience. and was satisfied that
congress would pass Il bill of some sor; 10
project the stomachs of the people from
adulterated pigs fat. and that the result
would be the establishment of lard values
IN the proper relation To other gross product;
as time progresses the wisdom of this view
seems 10 strengthen. Old Hutch will proba-
bly, never attempt TO run corner. but he has
been known TO sit on 4 deal long time and
wait for profits, when he feels
certain of his position. Liquidation was
the feature of the corn market. The
commission houses poured great lot into
the pit, and shorts were good buyers, taking
in profits OH lines sold at higher prices. Re
ceipts for tomorrow are estimated at 100
cars. The possibilities Of general rate cut
ting from the base of supplies hasa tendency
TO disturb values, the history of previous rate
slashing tending TO prove that reduced
freights benefit neither the producers nor the
speculative holders, the cut coming directly
out of the price of the grain. This fact may
prevent as free a forward movement as eX-
pected, but the picture of enormous receipts
as a consequence of freight demoralza-
ton is ever before the eyes
of the speculator. May corn sold
down TO 51L2c, but the market was firm at a
partial recovery during the last half of the
session. Wheat developed no new feature,
from size for May the market rallied lac
and held steady for the most of the session,
but closed 8 bottom. The market was salts
factorily active in both wheat and corn.
Oats were active and declined sharply, going
from 32s4c to 32c and closing at 32lsc The
market had no support. At the afternoon ses-
sion, the grain markets were weak, wheat
Lc lower corn lsG l4c and oats 140$sc lower
Provisions were also easier and a shade
lower. 2:30 D. m. prices: Wheat-February,
754c; March, 1850; May. Sic: June, Sl14c.
Corn-February, 46l2c; March, 46s4c; May
81 Ac; June, 5lAc. 0ats-May, 313Sc. Pork
February. S14.2O; May, Sl4.45. Lard-Feb-
ruary. S7.70: March. S7.15@7.7 .77l2; May
$7.9O; June. $3.50. Short ribs-February,
S7.55; March. S7.57l2: May, S7.72ls@7.15; !;
June, $3.50.
THE ROUTINE REPORT.
CHICAGO, Feb. THE grain markets on
change opened this morning with Il general
breaking down of prices. The early cables
We're bearish, and the local crowd were gen
orally long OH everything. Very many had
taken wheat on the strength of the for
eign situation for few days past, and of
course there were many who wanted TO I'M
load this morning. Selling was the order of
the morning. first by the large houses, and
these were followed by the crowd. There
was quick decline of lee for all futures.
Then the short interest began taking and the
decline was checked. May opened a shade
lower at Sl5sdSls4c, sold down to Sl14c re-
acted TO 81 5sc. and, on renewal of the selling
pressure, broke and closed at Sic. Corn,
like wheat, looked very weak, and the crowd
holding felt very heavy this morning. EX-
pected large receipts, as an incident of the
big cuts in freight rates and weak cables,
were the depressing influences. May corn
opened unchanged at 52c, sold down to
5lSsc, reacted little and was then down to
5l4@5lssc, and closed at that figure
Oats were very weak, and there was a more
decided break in May oats thln anything
else. The weakness in other markets caused
a scare in the Oat crowd. and May sold down
to 32c, from which point there was a 1Ac re
action, but the closing price was still lower
May being at 315sc. Provisions were de-
pressed bV the weakness and decline in grain
also by the ire e selling of lard and short ribs
by the two leading operators, declines being
recorded Of 1Il2c on pork, DC on lard ana
short ribs. At the bottom buyers came in
freely, and absorbed the offerings so readily
that pork rallied 10c and lard and short ribs
DC, the market closing steady. Arrivals of
hogs were 10000, and prices IOc higher
This, however, had little effect Oh values
Trading Oh the whole was larger but chiefly
local. May pork sold at $l4.55 and closed at
S14.45. May lard sold at S7.S7I2a7. .92I2
and closed at $3.50. May short ribs at s.. 20
@7.75, and closed at S7.72l2@7.75.
THE QUOTATIONS.
The leading futures ranged as follows
Wheat-No. = March opened at 757sc, clos
ing at I5Ssc; May opened at Sl5sc, closing
at sic; June opened at S2c closing at 81 Iac p:
July opened at S2ls, closing at Sl5sc Corn
No. February opened at 46s4c closing at
46l2c: March opened at 47c. closing at 46isc
May opened at 52e, closing at 5l14c. Oats
No. May opened at 32s4c, closing at 3I7sc.
Mess Pork. per bbl-February opened at
S14.30, closing at S142O; May opened at
$l4.55, closing at S14.45. Lard, per 100 lbs
February opened at S1.75, closing at 81. 20;
March opened at ;7zl2, closing at S7.75 4;
June opened at S7,95l2; closing, at S795
Short Ribs, per 100 lbs-March opened
at S7.3Tl2, closing at S7.57l2; Nav
opened at S7.T5, closing at S7.72I5.
Cash quotations were as follows: Flour
quiet and without special change. Wheat
CSC: No. red, 1sl2c. Corn-No. 2, 47c.
Barley-No. 2, s1@s2c. Flax Seed-No. ooi, !,
$l45; prime timothy seed. S2.45.
dry salted shoulders boxed), SG@6.55
short clear sides boxed, SS6S.05. Whisky
-Dlsillers' finished goods, per gallon 81 IA.
Sugars-Cut loaf, S@S!2c; granulated, 7Ssc
Standard "A Csc. Receipts-Flour, 25. 600
bbls; wheat, $4,000 bu; corn, 1000 bu:
oats, 133, 900 bu; rye, 5000 bu; barley. 81 :,
600 bu: ShiPments-Flour, $4,000 bbls;
wheat $4,000 bu; corn, 10000 bu; oats,
$4,000 bu; rye, 5000 bu; barley, 81. .OO0
bu. On the produce exchange to-day the but
ter marketw firm with fair demand: cream
cry; 22G31c; dairy, 16@26c; Eggs firm