St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-04-25
THE COMMERCIAL RECORD.
The Markets We're Weak all Around,
Wheat Selling Off Nearly 1 Cent, as
Also Did Corn.
Pork Declined Is Cents and the Pro-
vision Market Was Very Gen.
orally Weak.
Transactions in the Financial Circles OF
Wall Street.-The General
Quotations.
Special to the Globe.

weak all around. Inc WARM Wed.iioi i
the enthusiasm in wheat, ana u seeneu ~
exert a similarly depressing erect Oh pro-
visions Wheat sold down to Sic the hrs'
hour and corn to $3.50 for May, snorlaee
of 15c on both cereals. Wheat cables re-
fected great sensitiveness abroad and readl-
ness to respond to conditions in this market
Hutchinson was reported 10 be heavy
seller and Clifford, too, figured as Tree
seller. Receipts of corn were 3oI CARS "a
wheat l32 ears. graded No. 2. This weak
ened the market somewhat. TRADE III poth
grain and provisions was rather light. In
provisions the notable feature was oeciine
of 25c on pork, and widening out OF the
difference between May and June to l0c, or
within 212c of the natural carrying charge.
This was construed as confirmation OF the
theory that the ''deal'' was out OF pork.
Charley Wright was the originator OF the
morning break. There was another grand
chorus of bad crop news this morning. put
the trading crowd in the wheat
nit "copperedr it and ''guyed'' it
alternately. Everybody who had re-
ports of crop damage to show was
aughed at. The bears were in command.
They have not had day for some time, and
they were in for enjoying their fun to the Ut
most. NEW 1OIk hCpl up lto iOON' "
dispatches. Nightingale reported weak
cables and foreign selling orders. He had it
that the foreign markets were developing a
decided declining tendency. lie must nave
had exclusive information on this point, for
everybody else who had cables at all quoted
the English and continental markets as rang
ing from sensitive" to "strong." New 1orA
parties scattered the tidings that the New
i 1;el, ire
ernoon summary of reports from its CORE
spondents by which it is made to appear
that winter wheat is in no worse condition
now than it was a year ago. This is known
to be an incorrect statement of existing con-
ditiots, but the crowd accepted it as refuta-
ton of the reports that have been received
here for the past month and acted
accordingly. They found the market
easier TO pound than they did
Yesterday, owing to the general withdrawal
of limited buying orders or the dropping off
of the limits. This led to the throwing over
of a lot of thinIy held wheat by timid longs,
and general feeling of weakness prevailed
wheat From Detroit, st. Louis, Cincin-
natl Indianapolis and q hundred minor
points come bad crop reports, confrmatory
of the worst that has been said about the
Ohio, Illinois, Indiana and Missouri, but
that had no effect whatever on the specu-
lative sentiment, except to intensity the
skepticism and make the bears more satisfied
with themselves. Anticipations of warm
weather, light export clearances, coupled
with a well grounded conviction that the
bull element would weaken, stimulated the
courage of the bear party. They worked
May down to S034@S07Sc, and June down to
S17sc. There was a rally of 2l2c
and subsequent loss of all the ground
that had been recovered, the market
closing weak with the decline. Spring
wheat seeding is now progressing. Later
advices agree with previous estimates of a
decreased acreage in the lower half of the
spring wheat country, but as the seeding has
hardly commenced in the northern belt 1t is
vet too early to hazard predictions on acreage
there. May corn was pounded down to
535sc, and June and July to 53l2c. Hutch
inson and Walker were the first sellers, and
BUYERS were few at the decline. 1t was dis
covered, however, that when the pressure
was removed and anybody wanted property
1t was not to be had easily. The market adj
yanced I5c but eased off subsequently. Re
ceipts for tomorrow are estimated at 100
cars The receipts are grading better, and
this Improvement is likely to become more
marked from now on. 1t is noticeable that
on the breaks very little outside corn comes
out and that the raiders almost invariably
take back their lines at loss. This has been
the history of the corn pit for the past month,
and the situation does not change in this
particular The has never been time when
the opinion of the wise men of the corn pit
as to the course of the market were so widely
at variance as now The best informed men
in the trade entertain directly conflicting
views on the question of available country
supplies, At the afternoon session provis-
ions were little changed, with lard trifle
lower and pork sc higher. Wheat sold be-
low the lowest point of the day, but rallied
and closed Ac higher than at p. m. Corn
and oats closed about steady.
THE ROUTINE REPORT.
CHICAGO, April 24.-There was a general
feeling of weakness in all quarters on
'change to-day, and each pit. while sharing
the feeling of the others, had its own depress-
ing influence. Wheat suffered the influence
of corn, and suffered still more by the I'M
loacing by bears who took the stuff yester-
day, but became afraid of it at once. May
opened at S15sc, sold down to Sic, up to
to SO7sc and closed at S1l8c. In corn the
cause of the decline was evidently the large
receipts and the large per cent of No. 2 corn
coming in. May, after opening at 54Ac,
sold at 545Sc. or 14c better than last night.
and from this point there was decline of
lc to $3.50, the bottom for the day. After.
wards the reaction took May to to 54Ac, and
later sales were close around until
the close at 54Mc The taking
Buffalo helped strengthen the market at the
close. Oats sold between 3lSsc and 315sc
for all the leading futures, May closing at
3ll2c. May provisions were weaker and
prices averaged lower, but the volume of
trade was light and mostly between scalpers.
Receipts of hogs were fair and prices higher.
There was an absence of buying orders from
the outside. The general speculative crowd
have tired of bulling the product alone. and
it only required a dash and the sale of 1000
barrels of pork to break the market 27l2c,
NAV selling to S137 2l2. A rally of loo fol-
lowed the decline, and the market remained
quiet until the close. last sales being at
$I3.S7l2, drop of 17l2c from yesterday s
closing price. Lard declined 5@!Oc and
closed at SO. May short ribs closed 2l2c
lower. Sales ranged at S7.20@725 and
closed at $7.22l2@7.25.
THE QUOTATIONS.
The leading features ranged as follows:
Wheat-No. May opened at S15sc, closing
at Sllac: June, S275c. closing at S2Ac: July,
s37sc, closing at 83l4c; December, $500,
closing at $3.50. Corn-No. 2 May opened
at 54l2c closing. at 54ssc: June, '54c, clos
ing at 535sc; July, 544c closing at sd; Au-
gust, 54lsc,- closing at 54asc. Oats-No. 2
May opened at 315sc closing at 31l9c; June,
31i9c, closing at 31l2c; July, 31l2c, closing
at 3l3sc; August, 2Sl2c, closing at 2essc.
Mess Pork, per bbl-May opened at S14,OO,
closing at Sl3. 87l2: June, S14.07l3, closing
at S13.97l2; July, Sl4 Is closing at $14 90.
Lard, per 100 lbs-May opened at S.. O7I5,
closing at $500; June, $50 closing at
IS O5; July, $S.12l2, closing at SS.0112
August, S8.15, closing at $S.12l2. Short
Ribs per 100 lbs-May opened at S7.25,
closing at 81 22l2; JUNE S7.35, closing at
81. 32I2; July, S745, closing at $7.4212
August, $7.55, closing at $7;52l2.
Cash quotations were as follows: Flour
Quiet and neglected, prices steady and
unchanged. Wheat-No 2 spring, S0ssc;
No. 2 red, e3s4@e6e. Corn-No. 2, 53a4c.
Oats--No. 2, 3lA131l2c. Rye-No. 2, 6312c.
Barley-No. 2, 77l2@07Sc. Flax Seed-No. 1,
SI45 Timothy Seed-Prime. S2.55@2.57.
Mess Pork-Per Dbl, $I3.S0@13.80. Lard
Per 100 lbs, SS.00@S.G2l2. Short Rib Sides
0OoSa)--S7 02L0Gl7 Or Dry Sailed Shoulders