St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-03-17
THE COMMERCIAL RECORD.
On the Chicago Board Of Trade There
Was Downward Tendency for
Grain and Provisions.
The Wheat Pit Was Filled Early by a
Crowd Of Anxious and Active
Operators.
Transactions in the Financial Circles of
Wall Street.-The General
Quotations.
Special to the Globe.

Special to the Globe.
CHICAGO, March 16.-An agreement en-
tered into last night by the warning Western
railroads to advance rates on trans-Mlss1s-
sippi freight March 26 had the effect Of
opening the grain markets on higher scale
this morning. Corn advanced from 511sc to
51l2c for May, and wheat from 79Ac to
79l2c.
There was notable increase in the volume
of transactions, due in part to the reduction
of commissions to point that will attract
business. The advance in grain did not
hold long, and at the end of the first hour
both the leaders had settled back lac. The
feeling was not weak, however. Cables
were steady Provisions were active and
weak. The early range OIL May pork was
S14. 10@14.05; on May lard, S767l2@7 So;
on May ribs. $7.2212@7.20. When wheat
gets below soc it leaves hope behind. When
the price goes under soc holders be-
gin to ask themselves: 'If it isn't
worth that, what is it wofth?''
and as the fractions drop off day by day they
become more discouraged. For several days
disgruntled longs have been slipping out
from under their loads. They saw nothing
i'll the situation to encourage them to hope
for improvement and have been quitting in
ulSSuSG IudJ ID WHY luc loOhSu
weaker to-day at 1850 than it has anywhere
on the gradual descent from SEC, and far
weaker than at any point this side of soc.
Ream and Kenneth and Cudahy were in the
pit yesterday and this morning. vociferating
loudly on the buying side:
"HAyE YOU COVERED, JACK?"
asked Charles Singer, of Cudahy, who has
been sitting silently on 5,00o,00O-bu line
ep dOrU, Nnto will bIIy
side of 75c,' was the reply Later it became
apparent that Ream and Kenneth had been
helping to make market to sell on. Deceived
by their open play, Partridge boughtin abou
100000 blu. Around the opening Pard-
ridges buying probably had more to do with
the strong opening than the settlement of
the freight war, though that was at first
supposed to be the cause. The tone
of the market was decidedly weak
after the fret thirty minutes and
about noon prices declined sharply on the
report that the railroad strike was certain to
become general. A fractional rally resulted
from the non-confrmation of the report, but
the reaction was feeble. Corn behaved bet
ter than wheat. 1t only broke lee while
wheat was breaking S@1c. The stopping
point was around sic. Corn was not so
active as wheat, but there was good trade
passing. The temper of the market was weak,
but it was not subjected to the terrific ham,
mering that wheat was. That may have been
the reason why it did not break further. Re-
ceipts continue liberal, and news about coun-
try stocks was not of a character to encour-
age the bulls. There was enough cover
ing of short pork to keep that article
fairly steady, but lard and ribs were
very weak and soft. They were weak at the
close at inside figures. At the afternoon ses
sion there was a general stiffening of prices
for grain and provisions, but the advances
were slight. Pork sold for loo better than at
L p m. Wheat and corn closed about Ac
higher. with oats steady. 2:30 p. m.
Prces-Wheat, March, 74@74lsc; April,
7414174sSc; May, 7s%@7s7sc; June, 79A.
Corn-March, 47Ac; April, 47l2c; May,
51lS@51Ac; June, 511s. Oats-May Bic;
June, 3l@311sc. Pork-March. $14.O5;
May, $1415@ 14.17l2c; June, $l4.2212c.
Lard-March, $7.57l2c; April, $3.50; May,
S7.62l2@7. 65c; June, $7.67I2c. Spare
Ribs-March, SIS; May, $7.22l2c; June,
$500.
THE ROUTINE REPORT.
CHICAGO, March 16.-There was little of
the old-time ring on the floor of the board of
trade this morning. The big wheat pit was
The telegraph COMPANIES reported more
business than for three months. There was
q downward tendency early for both cereals
and provisions. There was no new reason
for weakness, except that the majority of
small orders were to sell, and this gave the
tone to the markets. IL the wheat market
trading was of fairly active character and
the market was weak from opening to close,
the closing price but shade better than the
lowest of the session. There was free sell
ing by local longs, and numerous small hold
ings outside were ordered sold. The market
showed no rallying strength. May sold be-
tween 7S5sc and 79SBc, closing at 7S34c. Corn
was less weak apparently than wheat, but it
early over the opening price, the action was
downward. but the range was so narrow that
at the close onlya fractional loss was sus-
tanned. During the session Hutchinson was
it was thought. checked the de-
cline. May opened at 511sc, sold at 51asc
and down to 50asc, closing at 511sc.
There was less than i4c range in the specula-
May sold at 3O7sc and 31@31lsc. closing Sic.
Provisions were depressed by larger receipts
and lower prices of hogs and the decline in
wheat. A moderate volume OF business was
transacted within narrow range, and con-
sidering all the depressing factors brought to
pork was quiet and sold at $l405@l4.1712
and closed at S14.15. Lard was offered more
freely and trading increased, but buying
proved inadequate and declined 5@512c, May
the bottom Short ribs were fairly active,
100000 pounds were sold by these operat-
ors and the bulk was bought by one trader,
who was short. May touched 1925 early,
but broke to 81. 17l2 and closed at $7.22l2.
THE QUOTATIONS.
The leading futures ranged as follows:
Wheat-No 2, March. opened at 741sc, clos
ing at 74c; April, 1850, closing at 7414c;
May, 7914e closing at 7Ss4c; June 79s4c, clos
ing at 79Ac CernaN9; 20 MAY opened at
511Sc; July, 51sSc, closing at Slice. Oats
No. May opened at Bic, closing at Bic;
June, Sic, closing at Sic; July, .3OAc, clos
ing at 3oAc; August 27lse, closing at 274sc.
Closing at sf4.15; June, sf4.1o, closing at
$1422ls. Lard, per 100 lbs-April opened
at $7.62la, closing at $3.50; May, S7.6712,
closing at 81. 62I2; June, $40, closing at
S7.67l2; July, $7aat2, closing at $7.72l2:
81 22la, closing at 81. 22l2; June, 81. 80,
closing at 81 80; July, 81 40, closing at ST. 3212
Cash quotations were as follows: Flour slow;
prices steady and unchanged. Wheat-No.
spring, 7S1s@77c; No. 2 red; sl52e Corn
No. 2, 55lse. Barley--No. 2, 77@s1c. Flax
$2.51. Mess Pork, per Dbl, $14. Lard,
per 100 lbs, $3.50. Short ribs sides Qoose),
short clear sides (boxed), S7.40@7. 55. Sugar
Cut loaf, 7ss@S4c; graduated, 7.0706e;
Standard "a" 7.O6sse. Reeeipts-Flour, 90
900 bbls;- wheat, $4,000 bu; corn, $4,000
$4,000 blu. Shipments-Fleur. q, 600 bbls;
wheat 1000 bu: corn, 1000 bu; oats,
5000 bu; rye, 1000 bu; barley, $4,000 blu.
On the produce exchange to-day the butter
market was very firm; creamery, 2212@29c;
dairy, 1Sl2@2Sc. Eggs firm at 13s4@l4c.