St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-03-12
The COMMERCIAL RECORD
A Calm Existed In the Corn Market
Around the Opening Yes
terday.
Wheat Sold Down and Provisions We're
Firm and More Ac-
tive.
Transactions in the Financial Circles OF
Wall Street.-The General
Quotations.
en.n,o, N the Globe

was doing and the excitement III that deal
seems IN have suddenly died out. It's liable
to as suddenly revive. There was more trad-
ing In wheat which was sold down Ac by
Milmire. Bodman e. Co. and one or two other
houses. The offerings were pretty well ap
sorbed, however, and the market was hoV
weak. The early range on May wneaC was
SOBQ9O6sc and May corn 52Is@52ssc. Fro
visions were firm and rather more active than
usual, pork being traded in quite generally.
May pork was marked up from $14.22 ana
then suffered 10 settle to $l4. lTl2 all Ill the
first hour. The early trading in May lard
was on a basis Of 81. 72l2@7.75, and IN May
ribs OH q basis of S7.27l2@7.3O. The govern
ment report for March came to hand TINS
forenoon. 1t did not relate to the next crop,
but treated of the distribution OF the last ana
gave estimates of the stocks remaining.
The estimate of corn is 50S.OOO,OO
bushels against Cos, 100000 bushels at the
corresponding time last year and 1I3,O 600
600 bushels two years ago. The wheat est
mates are 81 100000 bush ls less than last
wear, The figures are the same as those pre-
scented in the Price Current yesterday, lead
ing to the conclusion that there is a tunnel
between Prof. Dodge's Office and the Price
Currents editorial room. It's a little rough
on the government that its confidential re-
ports should be published forty-cight hours
ahead of their official PRONUNCIATION. Per
haps, however, they are made i'll Cincinnati
and did not reach Washington sooner. The
estimates were construed bullish OH corn yes
terday. To-day different Interpretation
seems to have been put upon them. It's ar
gued that if last years crop was 30O,-
100000 bushels less than the year
before and stocks now are only 10O,-
600. coo bushels less than year ago,
there must be an enormous shrlnkage i'll
consumption somewhere. shrinkage which
should leave ample merchantable or com
mercial supplies 10 meet requirements
Again attention is turning TO the corn in
spection, marked improvement in the quail
itv of that now arriving being shown. Out
of 3l5 cars received Yesterday 26 cars graded
No. =, and the quality should continue to
grow better very fast from now on with any
kind Of weather The grade is also beginning
10 figure on the possible effect of cheap lake
{rcightS on the movement of corn from the
interior and the effect of swollen receipts on
a market now none too strong. Corn is be-
ginning TO drbble in over the Burlington.
Estimated receipts for Monday are $40 cars.
From 527s@ 53c May corn was damned down
10 52lsc this forenoon, June going to
the same mark and July at 524@523sc. The
decline seemed TO have been caused mainly
by selling of long corn. Liquidation was a
feature of the days market A slight reac
ton from bottom prices was witnessed to-
ward the end of the session. but the tone of
the market was heavy at the close and the
sentiment Of the trade was bearish. Opera
ito IS in wheat were also on declining scale,
the price Of May dropping 10 S0hc, loss of
Isc from the outside figures of early morn
ing The tenor of cable adviceS was discour-
aging Oh both wheat and corn. Indications
point To a decrease of 5000 to $50, 900 bu
OF The week. California stocks declined
some last week and ayices from that quarter
of the globe are TO the effect that
crCp prospects were never more bril]iant
/ cul tlading was influenced by these several
dScouraeiug conditions. and the additional
feeling that the bulls position is daily be-
coming more hopeless. Last prices were at
a fractional recovery from the bottom. There
was rather liberal selling of ribs this fore
noon by Cudahay and others. but the market
was firmly held, and it was destitute of SEN
SatiOnal features. Receipts of hogs for The
week $1,000 head; estimate for next week
100, 00J head.
THE ROUTINE REPORT.
CHICAGO, March I0.-At the opening this
morning the markets gave evidence of mod
erale steadineSs. Operators were not par
ticulaTly anxious to trade, and as usually the
case when business begins TO drag general
feeling of uneasiness developed, and al
though no special selling pressure was noted
values of grain receded almost steadily af-
ter the first ten minutes. and before midday
declines of Sac 10 7Sc had been recorded. AT
tcmpts 10 rally the markets were feeble and
the close was rather tame at fair declines
from Yesterday. News from the outside was
not of Il character to inspire confidence in
the wheat market. Foreign houses were re-
ported TO be selling, but trading was manly
by the local scalping element. who as rule
were bearish. The government report show
ing stocks in farmers hands to be l0, 0O0, 900
bu i'll excess of year ago, tended to
increase the disposition of operators to sell,
and assisted to force prices down. About
the only support came from shorts who were
evening UP for the week. May opened at
S05Bc sold to S07sc, broke gradually to S0i4c
rallied to S0l2c and closed at S04MSOlsc
Corn was again dull to-day The bulls who
were long OH corn succeeded in unloading
Tuesday and have since let the market alone
to those who tailed on expecting bulge
The. latter have been forced to unload at Il
loss and closing prices to-day were lac below
outside figures of the week. Trading to-day
was smaller than on any preceding day dur
ing the week and almost entirely local Nav
opened at 5234c, sold to 527s@53c. Offer
1ngs became quite free and prices started
downward and before 1890 touched 52Isc
The government crop report, showing stocks
in farmers hands Of 100, 1000, 900 bu. less
than a year ago, created considerable dis
cuSsion, and was constructed by some opera
tors as bearish argument, as the effect of
discounted by the advance of IA
cent over prices current year ago.
A rally of ssc followed the decline, but the
market closed quiet at 52h@52ssc, a decline
OF Use from yesterday close. Oats were slow
and heavy. There was about 1s@Ac decline
In prices. Speculative trading light and con-
fined to May and june, which both ranged at
SlA@31ssc, and closed at 3lA@319s The
provision market manifested more life to-
day and the feeling was stronger. Interest
centeTed mainly in mess pork. Offerings on
speculative account were fair, while the de-
mand was activetespecially Oh behalf of local
Shorts Prices ruled higher during the
early part of the day, but the feeling was not
quite SO strong later, and outside figures were
not, supported to the close. The receipts
of hogs were quite liberal for the closing day
Of the week, and prices ruled lower, which
had some effect on the market during the
latter part of the session. May pork sold at
$l4 1O@l4. 221s and closed at $l4 17l2. May
lard sold OF S7.72l2@7.75 and closed at
$7.72l2. May short ribs sold at S7.25@7. so
and closed at S7.27l2.
THE QUOTATIONS.
The leading futures ranged as follows
Wheat-No. 2, May opened at s09sc. closing
at S0sbc; June, Sic, closing at S0s4c; July,
Sic, closing at sOAc. Corn--No. 2, May,
opened at 52s4c, closing at 52Ac; June
62tsc. closing at 52lsc; July, 527sc, closing
at 52ssc. Oats-No. 2, May opened at 31l2c,
closing at 31Ac; June, 31l2c, closing at
31Ac. Mess Pork, per bbl-May opened at
e14.10, closing at $l4.17R; June, S1415,
closing at SI4.2O. Lard, per 100 lbs-April,
opened at S7.67Is. closing at 81 .67I2; May,
$7.72ls, closing at $7.72g2; June, .$7.77l2,
closing at $7.77la: July ,$7.s212, closing at
sissy. Short Ribs, per 100 lbs-May,
opened at $7.27l2 closing at $7.271sc;
July, $7:424, closing at S7.42l2 !;
june, 1875, closing at 81. 35.
Cash quotations were as follows: Flour
steady and unchanged. Wheat-No 2 spring,
S5A@79c; No. 2 red, 81l2@s2c. Corn
No. 51Iao. Oats-No. 2, 2Sl2@3O12c.
Rye-No. 2, 59l2c. Barley-No. 2, 77@92c.
Flax Seed-No. l. $1.45. Timothy Seed
Prime, $2;53@2.54. Mess Pork, per Dbl,
$14914. 10; lard, per 100 lbs, S7.65@7 .67l9 /;
short ribs sides GOOSE, S7.17l2; dry saltcd
shoulders (boxed), SG06 10; short clear sides