St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-02-16
There Was a Reduction in the Price
of Both Cora and
Wheat.
1t the Opening Provisions We're Steady
but Later Declined Some
what.
Transactions in the Financial Circles
OF Wall Street.-The General
Quotations.
Special 10 the Globe.


CulcAGo. Feb. I5.--Everyt hing on the list
was weak this morning. Corn broke the nrSt
half hour from 5OSsc 10 50c on the swelling
movement from country points ana wheat
followed on tame cables, an increase OF
10000 bushels in the amount on passage,
and selling by Hutchinson, accompanied Dy
hammering by lesser lights. The price broke
10 SOI2c at which point there was pause,
and il looked as though bottom had oeeh
struck There was little trading on basis
of SOSs6I SOIac but at slice Walker bought
500, coo bushels, and plenty OF wheat was
wanted all around the pit al the price FRO
visions were steady AT the outset, but the
weakness of grain communicated itself 10
hog products. May pork declined from
SlI.4O To Sl43O. and May ribs from 81 .52l2c
10 s7.47Isc. There was no trade TO speak Of
IN lard. The most interesting feature about
the provision deal was the trade i'll ribs.
There was heavy selling of meats with
Armour leading in determined atfort TO
load up the market II has been the avowed
purpose OF some of the big bear packers
for 4 while back to pound down ribs 10 a
point which would stimulate the manufact-
ure of barreled pork. Ribs have been re-
garded as the vulnerable place of attack
The price has been forced down for sew
eral days To-day the market was well and
strongly supported by Wells and the Fowlers
Transactions around S7.47Ie@7.5O were on
q large scale. The concentrated long inter
eStln pork Is figured al POO, OOOG23O,OOu
bbls which is offset by about 10000 bblS
OF contract. \ short interest of 25,OoO01o,-
600 bbls i not enough 10 run corner on
when il Is safe 10 figure on net loss OF sew
eral dollars barrel in cash pork. The com
binauOnS OF high rolling speculation 10 not
seem dispose 10 put ont lines or make the IN
dpcement 10 run corner any stronger than
il really is. The county continues bulllsh
or provisions. but the fever is tempered by
discretion. Receipts of hogs are liberal. The
matter of cheap freight doubtless has some
thing 10 do with the movement of hogs at
this juncture. though every additional hog
strengthens the bears in the position they
have taken. This morning Hutchinson
plunged around at great rate, bnt his oper-
atoms were not significant. The bottom that
was struck in wheat early in the afternoon
proved 10 be false bottom. After hating for
a time around S0lsc the market again broke,
the price going to Sue, where there was
pitched battle. 1t got below soc two or three
times later. and there was heavy trading once
at 197sc. The crowd had been looking for a
deluge Of stuff al soc on stop loss orders, but
most of the wheat came out before
the price reached Soc The Weare
Commission company threw big
line of wheat beginning early
and closing mp the deal before soc was
reached. Weare's sales probably aggregated
100000 bu. Duluth dispatches say it was
for account of Sawyer, who has been bul
all the way down from S5c. Great lines of
patiently held long wheat were dumped by
houses having New York connections. Min
no MI nd Ralf
more were large sellers of long property.
Jones, Mccormick and Kenneth, Ream, Part
ridge and, in fact the whole list of shorts,
big and little, covered on the break, and the
market this afternoon stands more nearly
even thanit has been for many days. Hutch
inSon alone of the big shorts is standing out
for a big break, and he is liable to change in
q second. Cables were a reflection of the
American markets, and brought selling or-l
ders. Trade on change to-day was very
heavy. The failure of grain bank in Bor
deauX for 81 100000 was announced early
There was more liquidation in corn and a
very weak market. The price of May was
once down 10 49s4c, but the bulk of trading
was at and around soc. There is nothing
new in the corn situation. The tone seems
heavy, even at the break. On the day wheat
lost 7se, corn l2c and oats $sc. At the after
noon session tlfere was lille dcllOn 10 either
grain or provision markets Wheat closed a
shade lower Than at l p. N. Corn and oats
We're steady. Provisions slightly easier.
2:3O p. IN. prices: Wheat-February, 75Isc :;
March. 75l3c; May SOlsc; June, SOssc.
Corn-February, 457Sc; March, 45Bc; May,
50lSc; June, 5Olsc. Oats-February, March
and May, 31lsc; June. 31lsc Pork
Sl407I2; March, SI4.O7l2; May. Sl43O@
14.32l2; june. Sl43C@ 14.32I2. Lard-Feb-
ruary, S7.57l2; March, S7.6G@7 .62Ia; May,
SO: June, S7.S2la. Short RIbs-Febru-
aIy. S7.32l2: March, S7.32I2; May, $3.50;
Jane, S7.57I2.
THE ROUTINE REPORT.
CHICAGO. Feb. l5.-There was improved ac
tivity i'll the grain markets to-day, but values
suffered sharp decline. Market declined
cent before noon and the weakness was
shared in by the corn and oats The sharp
decline was not attributed altogether TO any
one cause. The market has been heavy in
spite of all attempts to rally it of late very
many operators, who are naturally bulls, be-
HcVed that further depression was necessary
before there was much profit in buying But
the chief causes of the weakness were UNI
doUbtedly the reported failure of bank at
Bordeaux, France, coupled with weak and
lower grain cables from Liverpool. The ex-
pOTterS are free sellers and a prominent oper-
at0r sold about 10000 bu in the first hour
Inere was no apparent ulSpOsltlOn to support
prices and May declined to SOI2c in the first
hour : trading. The heavy selling continued
during the latter part of the morning session
as usual. the ScalpeTs followed the big trad
erS, and the result was that May was sold
down TO I5sSc shortly after noon. 1t did not
stay there long. however. as n few houses be-
gan picking 1t up at that price and this
started the smaller shorts to covering. Nav
reacted from this cause to and closed at SOlsc
Corn was traded In quite heavily today, the
prevailing feeling being one of weakness
There was a good deal of long corn sold for
outsiders and May sagged to SOC At this
fglre, however, there was a good demand
from local traders When wheat was at its
weakest May corn went down TO 1896 but at
soc and below there was good demand from
country spectators, ana this caused a reac-
ton, May finally closing at 501Sc. Oats sym
palhjZed largely with wheat and corn Nav
and June were offered freely and prices
ranged about 7sc lower.bu lac of the decline
was subsequently recovered. May and June
both closed at Slice. Provisions were de-
pressed by the weakness and decline in
grain; also by receipts of hogs being mater
Tally larger than was expected. Trading was
Of the spasmodic order, but the demand was
larger Prices, however, traversed a small
range, and were about in the same state as
yesterday. The big traders who are under
pork bought moderately, May being at Sl4 30
OH and closing at Sl4.32l2, decline of
DC from yesterday. Short ribs were fairly
active. several larger traders selling freely
but their offerings were taken by others
equally as strong. Prices declined 507lac
and the market closed steady. Nav ranged
Al S7.5oGl7. 52I2 and closed at $3.50. Lard
was rather quiet and broke sc, May selling at
S1.15j17.S so and closing at S77J.
the QUOTATIONS.
The leading futures ranged as follows:
Wheat-No. 2, February opened at 755sc.
closing AZ 75lsc; March opened at 75s4c.
closing 1T 75l5c; May opened at SOs4c, clos
ing at SCIsc; june opened at S1ssc. closing 1t
Sns4c. Corn--No. =. March opened at 46I2c.
closing 81 457sc: May opened at 50I2c, clos.
ing ato9isc; June opened at 5Ossc. closing at
5o.sc; July opened at sic, closing at 5O5sc.
Oats-No. May opened ut 81 l4c, closing at
Bic: juno opened at 3lI5c closing at 81 ihn