St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-04-10
The COMMERCIAL RECORD.
Transactions in the Pork Pit Brought
Out an Unpleasant Surprise for
the Bears.
Wheat Opened Strong and Corn Weak
A Large Decrease Shown by the
Visible Supply.
Transactions in the Financial Circles Of
Wall Street.-The General
Quotations.
Epecial to the Globe.

Special to the Globe.
CHICAGO, April 9.-The pork bears were
treated TO an unpleasant surprise this morn
Ing. Last Saturday they called the longs
heavily. and 100000 went into bank in re-
spouse to the invitation. The longs, VINO
were thus called for margins were the
Fowler-Swift combination, and the English
contingent or annex consisting OF Geudes,
Warren, Kirkwood, Wells, ct al. To say that
the parties enumerated were hot under the
collar would be putting it mildly. Ihey
were boiling mad, but they took their meul-
cine and gave no outward sign or their uls-
gruntlement The market opened at Sl3.4o,
and soon began to rise up in some mysterious
way until S14 was bid for May. Thereafter
until the close of the long session the price
fluctuated between $3.50 ana S13.97l2. IL
was common talk on change that the longs
who represented the concentrated interest III
pork had made arrangements with the
Bank of Montreal for 100000 the LIST
of May, and that they would take ana
pay for the property on May contracts. Ex-
ports OF wheat and flour from the Atanuc
ports last week were equivalent to 1,9oo,ooo
bu against 2, 100 900 blu for the correspond
ing week last year. The visible supply
showed a decrease of S06, 900 blu. The wheat
market opened strong, but good proportion
of the local traders were bearish, believing
that Saturdays advance had been caused
mainly by the report of Bismarck's reslgna-
ton, which was not confirmed and could
have no influence to-day. There appeared
TO be plenty of buying ORDERS however, ana
for an hour or more there was very little de-
cline. Heavy selling by Hutchinson S brok-
ers and Ream softened the market. and at
the lowest point May wheat had declined l2c
from the opening. Only l5c of this was re-
covered before the close. There was not
much of interest i'll the corn market. The
trading was light and much of, 1t seemed to
be changing over" Large receipts weak
ened it Ssc, but the large decrease OF ass, 600
bu in the visible supply, and the sharp adj
vance in pork, prevented any further decline.
At the afternoon session there was fair trad
ing, but very little change in price. Closing
2:30 p m: Wheat-April 72lsc; May, 76s8c;
June, 771sc. Corn-April, 4SAc; May, 52A
52sse; June, 5134c. Oats-May, 307sc; June,
BOs4c Pork-April, Sl3.S712; May, Sl3.99l2;
June, SI3.O5. Lard-April, $50; May,S7.55;
June, S7.57l2@7.60. Short Ribs-April,
S6.9712i May, S7.O2l2; June S7.lo.
TIE ROUTINE REPORT.
~.
had hard time of it i'll the provision pit for
some time, came to the front to-day in sur
prisingly good form for ones who have been
called so excessively for margins, and not
Dnty turned the tables upon the bears, but
drove them to cover at lively rate. Out
sders who have let pork severely alone for
long time also sent in numerous duying
orders Many new faces were also in the
pit 1t was said that the firm which is the
recognized head of the bull party was ready
TO take the cash pork on May contracts and
paw for it. and exchange 5000 barrels May
for an equal quantity of cash at $3.50 with
the Pacific company. 1t was also rumored
that local bank had offered to loan the firm
100000 if necessary to carry the deal
through. The officials of the bank, however,
are noted for their Observation-Disclosures, and
even if they were willing to loan any such
amount they would not be apt to tell of it.
The story, however, had the effect of soaring
The bears into covering with unusual
rapidity. There was little offered, and
the price for May advanced from
figure for time, then suddenly started up
wards. A good many stop orders were in the
market at $3.50 and above, but brokers
were unable to cover at the limit, as the
market was decidedly one-sided one, and
advanced to S14 with hardly q reaction of
importance. A recession to $13.S7l2 fol-
lowed, but prices again touched S14, and The
market closed firm after slight fluctuations
Rt S14. an advance of soc over Saturdays
plose. The large bears traded freely and
bought and sold in the way up, but bought
more than they sold. Short ribs were active,
and closed l0c higher May sold at $6.95@
7.0zI2, and closed at the top. Lard quiet at
S750@75 and closed at S7.52l2@7.55 for
May. The gram pits were fairly active, with
firm feeling and steadier prices at the open
ing, followed by slight declines in all direc-
tons before noon. Receipts were about as
estimated, and the visible supply figures
showed the expected decrease all
round. For May sales during the
morning ranged: May, T6SS@167Sc;
Corn, 5214Gl5238c; oats, 3O7503ll6c. There
were many skeptics on the subject of dam
aged crops, although authentic reports from
Indiana and Illinois points said that % per
rent of the winter wheat acreage was being
plowed under for oats and corn. The de-
feTed features showed more weakness than
May, which closed but A@Ssc lower than on
Saturday. while June and July closed at
about Sac lower May sold at 76SSc to open,
then 767sc and lower to T614c. July sold be
tween 71Ssc and 7SlSc
1t was day of scalping in corn. There
was no special prominent Interest at work
10 either bulge or depress the market. The
prospects of the opening of navigation make
short sellers cautious. May opened at 525sc,
the best point of the day. sold down to 52Ac
then up TO 52l2c and later in the session
touched 52ls052Ac, closing at 52l4c. Oats
solu US lIleA A1tNe 4oT uays' cloSe tuOulu Ole
for May. The opening was Sic, the lowest
point 30S4G3076c, the highest 3llSc and the
closing 3O7Sc.
THE QUOTATIONS.
The leading futures ranged as follows:
Wheat-No. May, opened at 76S4c, closing
at 76SSc; June, 7734c. closing at 77l8c: July,
78c, closing at 77Ssc; December, soc, closing
at 1850. Corn-No. . opened at 525sc, clos
ing at 5214c: June, 52c, closing at 5134c:
July, 52lSc, closing at 517Sc. Oats-No. 2
May opened at Sic, closing at 3075c June
Bose, closing at 30S4c; July, 305Sc, closing
at 305Sc; August. 2T1sc. Mess Pork per Dbl
May opened at $3.50, closing at .97l2;
per 100 lbs-April, closing at $3.50; May
opened at S7.52l2, closing at S7.55: June,
S7.5712 closing at S7.57l2; July, $7.62I2,
closing at 81 5. Short Ribs, per 100 lbs
May, $6.97I2, closing at S7.02l2; June,
BIOS, closing at $40; July, 81. l2l2, closing
at 81, l1l2; august 81 22l2, closing at $7.25.
Cash quotations were as follows: Flour
Steady and unchanged. Wheat--No. 2spring,
72186575c; No. spring, 73@75l9c; No. 9
red, Sic. Corn-No. 2, 5158c. Oats-No. 2,
27A@30c; Rye-No. 2, 59l2c. Barley-No.
2, 77@S0c. Flax Seed-No. l, $1.45. limo
thy Seed-Prime, $2.64. Mess Pork-Per Dbl,
s13.95@14 Lard--Per 100 lbs, $7.52l2@
dry sailed shoulders (boxed), So. 1906: short
clear sides (boXed), $7.45@7.50 Whisky
Distiilers' finished goods, per gal, 81 10.
Sugars-Cut loaf. 75S0S14c; standard "A"
65Sc. Receipts-Flour, %, 900 bbls; wheat,
$4,000 bu; corn, III, 900 bu; oats, 124. 600
21,000 bbls; wheat, $4,000 bu; corn, 49, 900
bu; OATS 10000 bu; rye, 2,400 bu; barley,
II 900 blu. On the produce exchange to-day
The butter market was quiet; creamery, $50
29c; dairy, 1S12@26c. Eggs buoyant at TO
l7I2c for fresh.