St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-09-27
The COMMERCIAL RECORD.
Free Speculative Offerings Cause a
Heavy Slump in the Price
of Wheat.
Corn and Oats Follow Suit, Hog Prod
ucts Also Closing Away
Off.
Financial Operations in Wall Street,
The General Quota
lions.
EpecIal TO the Globe.


CHICAGO. Ill. Sept. 26.-There was a reac-
ton in wheat to-day. Although the situa-
ton continues strong, the advance OF DC
on Monday and Tuesday called for turn.
The longs dumped a large quantity, some OF
itat a loss. and decline of 1l2c in Decem-
Der found the bottom for the present. De-
cemper started out at 9S14c, dropped TO
D7kc. rallied to CSC, went down to 96Ac,
and rallied again to 977sc, but acted heavy
above 97Isc. May sold down to 99ssc, rally
ing to SI.O1H al noon. Receipts, 100
cars. The corn crowd got another
surprise early to-day. There was
collapse of prices as sudden as
the 2l2c advance of yesterday. Hutchinson
turned seller and the market was without
support. October, after touching 43lsc,
went down to 4IIsc, and did not rally over
I2c the rest of the day. Receipts, 5S7 cars
Oats were quiet and Is0Ac lower. Receipts,
234 cars. There were $4,000 hogs at the
yards, and values were lower, with the mar
Ret weak, which had bearish effect on pro-
visions. Opening prices were about the
same as last figures of yesterday, but they
soon took downward movement. Pork de-
clined 7l2027I2c, lard 1o@12l2c and RIBS
7I2@15c.
THE ROUTINE REPORT.
T Chicago. Sept 26.-The wheat market to-
day was susceptible to rapid huctauons.
prices declining and advancing easily. On
the whole The feeling was easier, Influenced
no doubt, by rather free speculative onerlng,
but the market was In snch condition that
when the pressure to sell relaxed, prices
quickly responded to the demand lnIu-
ences governing the market were prlnclpalIy
local to-day. The opening was shade weaker
than closing figures yesterday, ana aIler nu,
merous small fluctuations became weak ana
prices declined 10 point nearly 1lsc below
early outside range; then with some nuctua-
tiors recovered 19sc Of this decline, became
easier again and closed about l29lsc lower
than yesterday. Foreign markets were quoted
firm, with prices tending up, but domesuc
markets were all lower. Local traders, no
doubt sold freely during the morning on the
supposition that reaction would set IN, out
when the lower prices We're reached, ana an
effort made to cover the market rallied
quite easily. An active trade was aga1a wit
messed in corn, the fesling developed being
quite the reverse of yesterday, lower range
of prices being established. The heavy
trading occurred early in the session, after
which transactions were on moderate
scale, the market being less active. The
market was firm early; first sales were the
same to q Ac advance over the close OF yes
terday, and sold up l5c, when futures be-
came heavy, it being quite apparent
that q large local operator, who was
credited with purchasing freely yesterday,
had turned seller to-day, and the market
broke. declining PC, reacted Sc, and closed
with October 1lsG1Ac lower, and May ssc
lower than yesterday. The sharp advance OF
yesterday had brought in good many shorts,
and when they had covered 1t left the mar
ket without any support, there being but 1T
tie outside demand. Oats were influenced TO
some extent by the decline in corn. In the
speculative market the attendance OF opera
tors was small, and as compared with yes
terday trading was less active. Besides
there being more or less deliveries, there was
Is0Ac shrinkage in values all along the
line of future deliveries. In pork
fair business was transacted at an IT.
regular range of prices October, November
and January received the most attention.
The last two named futures closed at 7l2c
apart yesterday, weakened and at one time
to-day sold at the same price. Offerings
were quite free, and early in the day met
fair demand, but later the inquiry fell off.
Opening sales were at about the same fig
ures as yesterday on October and January,
but 12I2c lower on November; declined 12l2
0l5c, rallied 7I2MI0c, weakened and de-
clined 17I2020c and closed easy. In lard
the trading was moderate but market steady
on the year. but weaker and lower on the
more deferred futures. Offerings of the lat
ter were liberal and demand light. The OPEN
ing was steady, declined l0612I2c on the
long futures, reacted 2I2@7I2c, receded and
closed weak. Short rib sides met moderate
call but q weak and unsettled feeling eX-
listed. Offerings were liberal and prices de-
clined 50lOc, rallied 212@5c, later weak
ened and closed quiet.
THE QUOTATIONS.
The leading quotations ranged as follows
Wheat-No. 2 September opened at S1.O3,
closing at 81. Oh; October, 97$sc, closing at
csc; December, 9SAc, closing at 97S4c;
September opened at 43c, closing at 41I2c;
October, 43c, closing at 41l2c: December,
3Slsc, closing at 31s4c; May, 39c, closing
at 3SSSc. Oats-No. 2 September opened at
23s4c, closing at 2Slac; October, 24c, clos
Ing at 23s4c; November 24ssc closing at
24I2; May. 2SSsc. clOsingat 2S14c. Mess Pork,
per bbl-OctOber, Sl4.65, closing at Sl4.57l2;
November, S13.S5, closing at S13.7 20; Jan
uary, $3.50, closing at S13.67. Lard, per
100 lbs.-October. $40 so, closing at$l0.50;
November, S9;37l2, closing at IS; %;
January, SS.12l2, closing at $50. Short
Ribs, per 100 lbs-October, $3.50, closing at
$3.50; January, sos, closing at S697I2.
Cash quotations were as follows: Flour
firm and unchanged. Wheat--No. 2 spring,
S1.O3@L04; No. spring, 96l29S8c; No. 2
2, 23I20235sc. Rye-No. 2, 5lc. Barley
No. 2, nominal. Flax Seed-No. /, SI.31.
Timothy Seed-Prime, SI.5501 So. Pork
Mess, per Dbl. S14.G0014.65. Lard-Per 100
lbs, SI0.50@1O.52l2. Short Ribs - Sides
Qoose), S8.52I2@s .57la. Shoulders Dry
sides Cboxed). S9.25@95O. Whisky-Dis-
tillers' finished goods, per gal, 81. 20 Sugar
Cut loaf, Sh@S5Sc; granulated, 77s0Sc;
standard A, 75sc. Receipts-Flour, $4,000
bbls; wheat, $4,000 bu: corn, $4,000 bu;
oats, $4,000 bu; rye, 22O30 bu; barley,
10000 bu. Shipments-Flour, 10000 bu ;
wheat, 81, 600 bu; corn, 27S, 900 bu; oats,
247,000 bu; rye. Il, 900 bu; barley, $4,000
blu. On the produce exchange to-day the
butter market was dull and easy; Elgin
creamery, 23@24c; choice Western, 2l@22c;
c2oice TO fancy diaries, 15@16c; good. $50
1SI2e Eggs scarce and higher at l7IaN Sc