St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-03-26
The COMMERCIAL RECORD.
a Break in Pork Created Sensation
on Change Yesterday
Morning.
The Bears in the Grain Pit Receive a
Check in Their Reckless Manner
OF Selling.
Transactions in the Financial Circles OF
Wall Street.-The General
Quotations.
Enecial TO the Globe.

special 10 Tue UlODe.
CHICAGO, March 24-The sensation on
change this morning was break OF 20 Genus
in pork. The break itself was not serious,
but its importance lay in the fact that to-uay
was the first time it has been possible to get
the price below $3.50. 1t has been stopped
at that point a dozen times and could be
forced no lower. At the opening this morn
ing considerable long pork came on the mar
ket, and the two Charleys Wright and
Singer jumped in and helped values down.
From S1377 the price went to $500, or
27lsc under Yesterdays close. Between
SIS. 60 and $3.50 fresh lots of stuff came
out but further decline was checked TEN
porarily by the shorts, who covered pretty
generally The first break to $3.50 was toll
lowed by rally to Sl367l2. Selling favor
able opportunity the raiders went at 1t again
about noon and broke the price to $3.50, a
shrinkage Oh the day of 47l2c. The close
was S13.3712c. The Fowlers bought all the
way down. The break was started by the
raiders it was continued by the pressure OF
long stuff that came out from all
quarters. The scalpers covered to
great extent near the bottom.
The bears met with their first check to-day
in the grain pits. They have been selling
recklessly, and the opinion is becoming gen
orally entertained that they have 'overplayed
their hand" Wheat sold down to 76c Tor
May on the curb last night, and this morning
the pressure was put on a basis. The market
for wheat advanced from 76lSc to 767Sc. and
sentiment underwent one of those sudden
and complete changes that are sometimes
witnessed wheat has struck bottom, ana
it is in for big advance" was the opinion
that found expression in hundreds OF III
stances. 1t was the commonest thing to hnd
men who were respondent yesterday and in
depths of despair hopeful and buoyant to-
day. 1.-The short sellers sat down Oh the air
cushion too hard,i' said n trader, land they
are experiencing some of the discomforts of
a rebound Even wind has elasticity"
Crop reports are coming in bad. The treeZ-
ing weather has had q disastrous effect on
the exposed winter wheat throughout ILL
nois, Indiana and Ohio, and this important
fact cannot be suppressed. The mail of COM
mission merchonts is laden with correspond
ence of that tenor. 1t is also observed that
warehouse stocks of No. 2. as well as coun-
try supplies, are being drawn upon heavily
to supply the demand of millers. Outside
markets continue to be relatively higher
than Chicago, and within the past three days
100 boat loads of cash wheat have been taken
in New York for export Foreign market
news is bullish, and altogether the legitimate
conditions are against the chances of
further decline. William Dunn and
grain men of his standing are
almost to man bullish in sentiment.
Minneapolis has sold about 100000 bu to
exporters in two days and filed large orders
for local consumption at the decline While
wheat was advancing 34c, corn pushed ahead
10 m wit hI1E on
the way up. Corn has staunch and powerful
friends. The reasons for higher prices for
corn are not so strong as for wheat, but corn
has bull winners, and they still feel friendly
to the long side Of the deal. This is evident
by the failure of the bears to keep the price
down when they get it down. The market
closed l4c higher to-day than yesterday.
THE ROUTINE REPORT.
CHICAGO, March 24.-At the opening on
change to-day there was every indication
from the temper OF the crowd that still
lower points would be reached by the lead
ing grains and provisions. In fact, wheat
opened one point lower than it had touched,
May being quoted at 76lsc. The wheat mar
ket was at the mercy of the manipulators at
the start, but after the opening it was left to
itself tor some time and May advanced to
763Ic. Weakness returned later, with re-
newed selling by the professionals, and the
price of May was kept between 764c and
76l2c, The greater part of the time until the
a somewhat irregular action, the corn market
closed IS614c better than last nights prices,
and 1l2c lower than the price one week ago.
The receipts here this morning were less
than expected. and the additional trouble on
the Burlington led TO the belief that receipts
would be sill lighter for a time. The first
action of the market was downward. how
ever, and continued pounding until May
went from 495s0l50c to 495s614924c; then it
rallied to 5OSsc, the best point of the day.
II aIA Ant \ M nofc coll lo,,
nights prices, closing a shade firmer and
higher: May sold at 304@3Ul2c, and closed
at 3USBc. The bears INDUCED in another raid
on provisions, and succeeded in fore
ing prices lower than at any previous
time in months. Pork was the feature and
came out in large lots more rapidly than op
orators expected. Margins have been called
sharply Of late, some being below S13. Small
longs saw nothing in the situation to war
rant holding, and unloaded. Opening sales
were the highest and closing almost the low
est, showing decline of 42l2c from yester-
days closing figures. Shorts covered on the
decline, brokers supposed to represent the
bulls also bought but failed to sustain the
and closed at S13.37l2. Lard broke DC with
fair trading at $7.47@7.50. May short ribs
declined 7l2c. May sold at 81. 1907 10 and
closed at $40.
THE QUOTATIONS.
The leading futures ranged as follows:
Wheat-No. 2, May, 76l8c, closing at 76l2c;
june, 767sc. closing at nc; July, 76s4c,
closing at nc. Corn-NO. 2 May, 49lsc,
closing at soc; June 49s4c. closing at 497sc;
July, soc, closing at soc. Oats-No. 2
May, 30Ac, closing at 308sc; June 3Ossc,
closing at 30SSc; August, 2634c, closing at
267Sc. Mess Pork, per bbl-May opened at
$13.77l2,. closing. at $13.3712; June,
$3.50, closing at S13.37l2 Lard, per 100
lbs-May opened at $3.50, closing at 81 .47l2;
June, $7.55, closing at $780, July, 81 so,
closing at S7.55. Short Ribs, per 100 lbs
May, opened ut 81 1212, closing at
$40; June, $7.2212, closing at
S7.17l2; July, $3.50, closing at S7.27l2.
Cash quotations were as follows: Flour
Dull and unchanged; winter wheat, $4,000
2.45: spring, S1.75@4. So: rye, 50. zoos. 10.
Wheat-No. 2 spring, 7118@75c; No. 2
red, e012c Corn-No. 2 497sc. Oats-No. 2,
26a4@29l2c. Rye-No; 2, 5s@5sl2c. Bar
Prime timothy seed, 50 .6102.62. Mess Pork,
per Dbl, $3.50. Lard, per 100 lbs, S7.45.
Short ribs, sides Qoose) S7.O5; dry sailed
shoulders (boXed), S6@6.10; short clear
sides (boxed), $7.5517.6O. Whisky. dis
tillers finished goods per gal. S115.
Receipts-Flour, 1900 bbls; wheat, IA,
600 bu; corn, 100000 bu; oats, 100, 900
bu; rye, 1000 bu; barley, 5000 bu
hipments-Flour, $4,000 bbls; wheat
1000 bu: corn, $4,000 bu; oats, $4,000
bu; rye, 1000 bu; barley 10000 blu. On the
produce exchange to-day the butter market
was firm aud the stock light; creamery,