St. Paul daily globe., 1888-02-24
The COMMERCIAL RECORD.
Private Cables Forced Grains Of AL
Kinds Down Nearly l Cent Yes
terday Morning.
Provisions Were Nervous, With Down.
ward TendenCT as 10
Prices.
Transactions in the Financial Circles
of Wall Street.-The General
Quotations.
Enecial 70 the Globe.

CHICAGO, Feb. 23.-The grain markets
we're weak this morning. During the
brst hour the price of May wheat
declined 10 soc, May corn to ooS4c,
Ind May oats to Sic. \ depreciation OF "a
R7Sc in wheat, SSc in corn and Ssc i'll oats
from Mondays closing range. Public cables
we're rather strong, but private cables re-
.eived here and at New York brought selling
prders. The main cause of the weakness in
Wheat was an appalling absence of outside
mpport Trading is wholly local or pro-
iessional. Corn was weak. Provisions
We're nervous, with downward tendency as
% prices, Early quotations, Sl+O1l20
l4O2l2 for pork; S7S7l207.S5 for May
lard, and $40 for May ribs. Weakness
continued TO be the governing feature
of the grain market TO the
lnd. Wheat settled 10 797S, and
corn 10 5C5s Wheat rallied TO S0IS and
sorn 10 5O7s, but most of the trading in the
pne was at about soc and in the other
around 50s4G507Sc, although the decline
was not so great in corn as in wheat. The
tone of the corn market was weakest. Re
ceipts to-day were 50 cars and estimates
Tor tomorrow are ~ ears. The Western
RhipperS wrote their brokers and commission
houses here that they would forward corn
freely were it not for the rigid inspection.
The corn inspectS No. > everywhere in the
country except in hlcago where not > per
rent of Chicago receipts grade above No. 3.
With freight advantages in favor of st. Louis
md other points and inspection more favor
Ible the bulk of the grain goes elsewhere.
While this is a cause for present complaint
[ is one of those that will equaliZe itself.
Presently the bins of other cities Will be full
of inferior corn and when the country corn
gets dry ii will flow into these markets
Buyers viii come her for good corn, and
good corn Will gravitate where il is wanted
and where it Will command good prices.
Eventually Chicago will be the gamer by
what now appears TO be a hardship. In the
local speculative market May is relatively
Stronger than the later deliveries. May
shorts are getting numerous. Local stocks
Of No. ? corn foot up 100000 bushels,
which Will not be sufficient TO fill contracts
for many millions, and there is i'm
minent danger of a squeeze; this is
apparent. Trade is shifting over into June
and July and shorts sellers are Offering those
months freely. June is already at discount
from May. This morning trade was very
dull, and the market showed no recuperative
force. The on-passage statement showed an
increase of 100000 bu of wheat. Lack Of
outside support and warm weather were the
principal factors of depression.
Excellent corn crop reports from all quar-
tiers are being received. A moderate export
business is reported. At the afternoon ses-
sion there was a fractional decline in wheat,
corn and oats, l4c in wheat and &c in corn
and oats. Provisions were unchanged.
THE ROUTINE REPORT.
CHICAGO, Feb 23.-The markets on change
Started in fairly active to-day, with prices
weak and tending. downward. The greatest
depression in all the pits occurred before ! l
M ttha fNr
$3.50, lard at S6.S2; May wheat at 7S7sc;
corn at 50ssc. At noon there was q slight
reaction, with pork at S14, wheat at sOi5c,
corn at 595sc. The lowest points touched,
compared with the closing sales Tuesday
showed pork 22l2c lower; wheat 7B@Ic
lower; corn just lc lower. There was a gem
eral dullneSS after the first hour of the deal
Ing. In the wheat market the depression
was caused by the mild weather, and the
selling Of quite lot oflong wheat and by the
purchasing of nearly million bushels of
wheat by single house May opened at SOLE
0S05sc, declined to 797sc, reacted to SOIsc,
figure reached, 1850. Corn was also
affected by the mild weather, which was
freely used as bear argument. The receipts
too, were fairly large, and are expected to be
still larger tomorrow. May opened at 51Is@
5l4c, sold off to 505sc, reacted slowly to
50SSc, and closed at 50ssc. Oats were easier,
being influenced largely by the weakness of
the other cereals. May opened at Sic and
closed at the lowest figures of the day, BOISE.
Provisions were moderately active early,
but later in the day became dull. The same
bear party who have been hammering the
market for several weeks resumed their usual
tactics, and sold the product more freely than
buyers were able to take it. A weak and un-
settled feeling developed and prices on all
speculative articles ranged lower. and al
though inside figures were not maintained at
the close, the last sale was at q decline of
12l2c on pork, 5@07I2c on lard and 71ac on
short ribs from closing rates Tuesday. May
opened Mt Sl405, advanced to S1407I2.
broke to $780, rallied and closed at S14
May lard sold at S7.S212617. .S7I2, and closed
at S7.S2l2G17.S5. May short ribs declined
from S7.4o97.32I2, and closed at 1880
THE QUOTATIONS.
The leading futures ranged as follows:
Wheat-No. 2 March closed at 75c; May,
SOl2c, closing at 797sc; June, Sic, closing
No. 2, March, opened at 47Isc, closing at
4612c; May, 511sc closing at 5O5sc; June.
bic, closing at 50Ssc: July, 515sc, closing at
5Osc. oats-No: ., May: opened at Sic, clos
August. 28c closing at 27s4c. Mess Pork,
per bbl-May opened at S14O5, closing at
Sl4; June, S14. 10. closing at 14.O7l2. Lard,
per per-, 100 lbs-March lbs Mar opened at S7.77la,
at S7.S112; June, S7.92I2, closing at $3.50.
Short Ribs, per 100 lbs-March opened at
81. 20. closing at S7.2O; May, $40, closing
at S7.35; June, STATE, closing at 'S7.42I2.
and steady without quotable change. Wheat
No; spring, 75A077l2c; No, spring,
49Ac. oats-No. 2, 27A@29c. Rye-No. 2,
G0c. Barley-No. 2, 77@SOc. Flax Seed
No l, 81. As. Timothy Seed-Prime, S2.44.
Mess Pork-Per bbl, $3.50. Lard-Per 100
lbs, S7.7O07.72I2. Short ribs sides Ooosel.
S720; dry salted shoulders Cboxed). s.. 300
Cos: short clear sides (boxed). S7.9O@8.
Receipts-Flour, 43, 600 bbls; wheat. $4,000
6,0O0 bu? barley, $4,000 bu. Shipments
Flour, 10000 bbls; wheat, 10000 bu; corn,
125, 900 bu; oats, 81 900 bu; rye, 5000;
barley, 5000 bu. On the produce exchange
to-day the butter market was quiet; creamery
2l12@2sc; dairy, 16l2@22c. Eggs unsettled