St. Paul daily globe., 1888-01-29
THE COMMERCIAL WORLD.
There Was an Abundance of Both Wheat
and Corn and the Market
Was Strong.
Provisions Were Active on a Declining
Scale, and the Market Is
Evened Up.
Transactions in the Financial Circles
of Wall Street.-The General
Quotations.

opened strong, but there was an abundance
Of both wheat and corn for sale from S2S4c
down 10 S2Ssc, and corn in abundance was
Offered at 55Ssc, and from there down to
52Ssc. Boyd Paxton l. Boyd, Hutchinson,
and the crowd in general were sellers. Pro
visions, too, were active on declining scale
of prices. May pork sold from S14.75 down
10 Slt57is; May lard from S7.71l9 to $40,
and May ribs from S7.S5 TO S7.75, all
within thirty minutes. At the decline
the market seemed passably firm. The
tendency of all the markets after the
initial trmness was toward lower
range of values. This tendency did not de-
Nelop into positive weakness in grain until
Later, and in provisions the early break was
followed by weariSome season of inaction
with prices remaining steady al the decline.
The Anglo-American company has been dis
covered TO be pretty well out of its big line of
pork. having unloaded most of it on the
shorts yesterday and this morning. The
market Is now more nearly evened up than it
has been for ninety days. There are yet
few good-Sized blocks OF pork held for I'M
known parties, and the country is clinging
10 the remains of what was once a large
popular deal. but the great mass of holders
are out of the market. The Hebrews who
were in the Bloom syndicate are supposed to
with the Fowlers lines greatly reduced, the
air is clearer. Several large short lines are
still undiSturbed. Cudahay's being the most
notable one. Armour interest is still sup
posed 10 be the same way, though the trade
Is already beginning 10 speculate as TO when
he Will take hold of the deal. Latest esti
mates place the shortage i'll the Western
packing al 750, 900 hogs, which is offset by
reduction in consumption, as shown by ship
ping statistics of products, equivalent to
100000 hogs. This will leave total stocks
in the West fully up 10, If not in
excess of, estimates for next year on
the first of next month. Old Hutch con-
fined his operation in wheat this morning to
moderate selling of May and the purchase of
about 500, 600 bushels for February delivery.
Money is getting plenty and easy, and the
old gentleman sees d profit in carrying cash
wheat, evidently. Trade in wheat was on
scale of fair magnitude. Along about noon
the market turned down and slid off 10 Use
for May. which is only fractionally above the
point of yesterday. The boom was short
lived 1t wIlted easily. The close was weak
AT about bottom figures. Corn sold off to
52ZSc, breaking sharply in sympathy with
wheat. As in wheat, about S4c of yesterdays
advance was lost. Wheat and corn cables
were somewhat conflicting, but their aver
age tenor was, on the whole, unsatisfactory.
Estimates rOint to a decrease of 200, ,OCO to
100000 bushels of wheat this week.
THE ROUTINE REPORT.
CHICAGO. Jan. 2S.-The bulk of the trading
on change to-day was done during the first
hour. Many of the smaller operators tailed
on later yesterday who had not the courage
to carry their deals over to next week. The
first thing this morning was a grist of small
realizing sales, which sent prices down Ssc III
wheat, l4c i'll corn, about &c for ribs and lard
and l3c in mess pork. This was all accom-
plished before 10 80 a. m. and for two hours
following the pits were duller than at any
time since the year began. The action on
the wheat market toward the close was very
treacherous. Thirty minutes before the
close. the bears moved on the pit
again and prices went down 54c
per bu from the first sales of
the day. 1t was purely local scramble, how
ever, and in no way indicated future feeling
IN wheat. May wheat opened at S2S4c, sold
at S2Ssc. reacted to S25sc, and during the sec
ond squirt of the bears broke to and closed at
Sl7s@ S2c. Corn was weak and heavy from
the opening 10 the closing. The selling began
by realizing as IN the wheat pit, and, after
dullness most of the session, there was quite
sharp decline of ssG84c before the close.
This was started by the discov-
were not attempting to support the
market, and by the further discov-
cry that several prominent receivers
were sellers Then there was the former dis
hcult under the circumstances. May corn
opened at 535sc, and sold down to the clos
ing figure, 527sc. There was bearish feel
ing in oats as in other grains. There was
some demand for January and sales were at
30Ac. Provisions were also bearish and par
ties who were buyers yesterday were sellers
to-day. and there being insufficient support
a weaker feeling developed and sharp de-
clines were recorded, last sales being at in
side figures. and recorded loss of 22I5c on
pork and l0c on lard. May pork opened at
Sl4.75, declined and closed at SI450. May
lard broke from S7.75 to 7.65. Short ribs
7.S5. S''''"
THE QUOTATIONS..
The leading futures ranged as follows;
Mheat-No. 2 February, 76ssc closing at
957sc; March, 77Ac, closing at 1850; May
s2s4c, closing at 81 sc; June, S3lsc, closing
at 83ssc. Corn-No. 2 February, 4SI2c,
closing at 4sc; March, 4e7sc, closing at
June, 53a4c closing at 53c. oats-No.
January, 30l4c; May. 33lsc closing at 33c
Mess Pork, per bbl-February, closing at
SI4;,15; May S1455; closing at sl450
at STATE; March. $3.50. closing at S7.52I2;
May, S7.72l2, closing at S7.65; June, $3.50,
closing at s7,72l2. Short Ribs, per
1880 800 lOsFsS51ary Is4sb $40 cas}d9g elGsing at
s7.e0; May, s7.s5 closing at s7.75.
Cash quotations were as follows: Flour
continues dull and neglected. winter wheat
SZooGt DO spr1ng. SI.I3(g42O; rye, $40
@3. .l5; buckwheat, S205.59 Wheat-No. 2
spring. 75Ts67Ic; No. 3 spring. 66l2c: No.
2 red, soc. Corn-No. 2, 4Sc. Oats-No. 2,
soc. Rye-No. 2, 63c Barley-No. 3, $40
S5c. Flax Seed-No. l. 1.46@ 1.46A Tim
othy Seed-Prime, S247. Pork-Mess. per
bbl, SI4I2l2GI5. Lard-Per 100 lbs.
81. 47l2G7.5O. Short Ribs-Sides Qoose).
$50: dry salted shoulders, (boxed), s.. .9O@
q; short clear sides (boxed), S7.95@8.
Reeeipts-Flour. II ,OU0 bbls; wheat, 22 600
bu; corn, $4,000 bu; oats, IO7, 600 bu: rye,
5000 bu; barley, $4,000 bu. Shipments
Flour, 1900 bbls; wheat, II 900 bu; corn.
$4,000 bu: oats, $1,000 bu; rye, 5000 bu;
barley, $4,000 bu- On the produce exchange