St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-03-22
The COMMERCIAL RECORD.
Board of Trade Markets We're Active
ALI Around at the Start
Yesterday,
But Later Everything Went to Pie ce
and Sold Way Below the Pre-
vious Day.
Transactions in the Financial Circles OF
Wall Street.-The General
Quotations.
Special to the Globe.

CHICAGO. March 2l.-1ne DOaIu Vi uauo
markets boiled this morning. wheat, corn
and provisions were active, and everything
on the list developed an unconquerable pro-
pensty to go to pieces. Within an hour
wheat was down to 771sc for May, corn
down to 49l2c and pork down to 72l2,
with lard and ribs sympathizing. The enor'
nous buying of Jones, Mccormick q
Kenneth and others yesterday was supposed
10 be for account of Cudahy, Ream ct al,
but this morning the "plungers were jump
ing on the market harder than ever; they
were pounding everything in sight and
showing no mercy. Ben Staufer ana
George Baldwin, two brokers whose services
are called in when hard struggling is needed,
were in corn. They raided that market
down pearly lie in less than no time and it
didn't recover. The break brought out big
lot Of long stuff stubpornly held for country
account Transactions were on large scale.
In wheat the scene was quieter,
but the bears were still clearly in command
and no evidences were visible of DISPOSE
ton TO relinquish the advantage already Sc
cured.
Singer, Charley Wright and Cudahy were
hammering provisions, with signal success,
breaking pork 35 cents and lard and ribs
7l2@10 cents within forty minutes OF the
opening. The several markets were violently
agitated. The raiders smashed pork down to
Sl3,72I2 and it looked as though it were go
ing still lower when A. M. Wright came i'll
with supporting order. swift will put in
peg now" said the scalpers, and they fastened
TO cover The peg was inserted at the $3.50
mark, at which figure his broker expressed a
readiness to take as much as the crowd felt
disposed to SELL Bidding by shorts subse-
quently run the prices up to $13.97l2
and June from S13.85 to Ia.
Lard and ribs recovered more of the ground
lost, and for the last couple of hours of the
long session the market was dull and steady.
The tempest was of short duration. Wheat
rallied from the first assault, but toward
noon it was again jammed down; this time
10 7G7sc for May and 77Ssc for June, de-
cline of SEC from Yesterdays closing range.
May wheat has not sold lower in March for
twenty years. Fresh receipts of cash wheat
bring 756l75l2c. Cash wheat sold 7c cheaper
last June. But the speculative price of May is
phenomenally low, as before stated. From
7GI2c the market had rally of 14c followed
by third reaction, which brought it within
14c of the low water mark, and the close
was far from strong at the de-
cline. There is now good reason
for believing that the market is oversold 1t
has been pounded by the big fellows unmer-
cifully, and though they may have covered
and taken advantage of the terrible depres-
sion to cover extensively, they are probably
still considerably short. The general crowd
of "tailers'' are short to their eyes, and liqui-
dation must be about over Chicago is rela-
lively the cheapest market in the world to-
day, and in shape to feel the influences of le-
Ultimate trade conditions as soon as the at
mosphere clears little. 1t is in the power
of the bears to force prices still lower how
ever. and they may not be ready to retire.
They "are playing on velvet" and the bulls
are disheartened and whipped. Cudahy,
one Of the bear leaders, is said to have
cleared 100000 to 100000 on the break in
wheat alone from Soc not a bad
winters work He said he would not
buy in pound of wheat above
75c, but he may have reconsidered
Indeed, he is generally credited with having
bought 3, 900, 900 or 100000 blu yesterday
through Kennett and other brokers. Such
times as these statistics do not count for
much but it may be remarked that the re-
ceipts of corn to-day were AS ears and est
mates for tomorrow are 40 cars.
Speculative offerings broke the market to-
day TO 1890 for May, and on the decline
fresh lots of May property were brought out
on stop-loss ORDERS thus giving the shreWd
scalpers and raiders q chance to cover with
out running the price up on themselves.
The market rallied sS@12c, but weakened
later and closed weak and practically at the
inside range of the day, or about lie lower
than yesterday. Corn was as large market
as wheat to-day, if not larger. Transac
tons were very heavy in the aggregate
At the afternoon session the market was
again weak. Wheat was without material
change Corn 14@3sc lower. oats 1Sc lower
Pork, lard and ribs, 2l2@5c lower. The general
disposition seemed to be to sell.
CLOSING PRICES.
Wheat-March, 72Ac; April 727sc; May
7?Ac; June, 775sc. Corn-March, 455sc
April, 457sc; May, 49Ac; June, 1850. Oats
May, 30l6c; June, 30lsc. Pork-March
S13. so; May, S13.9212; June, S13.97l2
lard-March, $7.45; April, $7;47la: May
$70 o7Is; May wv S7'15; s june $7.25. 'SA"i'n
THE ROUTINE REPORT.
CHICAGO, March 2l.-When the boar(
opened for business there was every indica
ton that concerted raids would be made il
nearly all of the speculative articles. IL
corn the raiders had a good basis TO worl
from The crowd were very nervous on &C
count of the large receipts which are expected
during the next fifteen or twenty days, an(
the unusually good inspection. An add
tional cause of weakness was large numbe
of limited selling orders which came in Owe
night. May corn opened at 5O3SG950l2c
against last nights close at 5Ol2c bid. In thu
first ten minutes it sold off to soc straie hit
The excitement in the corn pit was tire
mendous throughout the session, and al
enormous quantity of long corn came GU
the board opened with a big flood of stol
orders, which were held by receiving an(
other firms, and May was crowded down K
dolce during the first hour. Then followed
slight rally to 49S4e, but persistent pound
ing by prominent operator soon pounded
down to 1880. Again a reaction to 1896
occurred, followed by another drop, May
touching 49lsc and finally closing at 49Ac
There was also wild excitement i'll wheat
Everybody, both big and little, had all the!
selling. There was a sale of 100000
blu of wheat in lump by an operator
early i'll the session, which was followed by
the execution of a large number of stop or
ders, which broke prices VIDE open. Ma!
opened at 77l2c, improved to 776sc, an(
dropped to 77@l711sc during the first hour
Wheat continued to go down until Ma!
touched 76bc, by that time it appeared Al
though all the long wheat had been sold on
and May frmed up to 77as@77l2c and closec
at 7712c Oats shared in the weakness of thu
other grain. There was some realizing OF
futures and May sold off from 505S@50a4c t
3018c. There was great deal Of noise mad
in the provision pit, but there were no very
heavy individual transactions. The greater
part of the stuff marketed came from the
longs. Shippers had fair orders for small
lots and their purchases created the impress
sion that the consuming public are beginning
to stock up. Prices of hogs were SOLO
higher, but the decentralization in grain ove1
shadowed all other influences and induced
free offerings. Pork received the most atten
ton and was sold with increased freedom b!
scalpers, bears and tired longs. May opened
a shade better at SI4.10, but started down
ward, and after S13.S5 was touched stol
order holdings came out with such freedom
that a drop to S13.72l2 was recorded. Their
were few sales. however, below $3.50
Shorts came in OIL the decline and coyere
good sized lines, and rally to $l3.95 wa
secured, the closing figure being $I3.92N
Lard remained comparatively steady at S7.5
@7.52l2 for May and closed at 81, 52la. Shor
ribs dropped Zoe, but rallied and gained sc
Sales for May were at S.. 12l2@7. 22l2, an