Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-12-28
PROVISIONS AGAIN THE FUTURE.
The Fluctuations Wide and Final Sales
Somewhat Weak.
An EFFORT TO DEPREss WHEAT.
Granger Stocks the Only Incident Of
Wall Street Trading.
CHICAGO.
Especial Telegram to the Globe. /

OHiCAGo, Lee. zI.-lnteress largely con-
Tered to day in the provision side of the
board of trade and, though entirely local
In It's character, the volume of trade was
large and some new moves were initiated.
Ihe packers who have been the 'under-
dogs" in the lht so far this season, until
the last few o.vs, rallied en- masse and
made very heery offerings through the
whole list, but particularly sttem pied to
depress pork. January opened at $1405
and closed nominally at S14.20. Febru-
ary opened ct $14.20, went up
to S14. 2212, then declined to S14.05.
May sympathized and acted in g similar
way, and was run down to S14 60. At this
point mcHenry ana Charley Singer ap-
peared as heavy buyers, aud lot of local
shorts tailed in with them. February ad-
vanced steadily to $1440@ 1442, and May
to $1t.909 1892, at which prices they we're
also firm on the curb.
Since nightfall your correspondent
learns that this large buying, which was
the only thing that frmsd the market and
prevented the packers from complete
victory was really engineered by Mr..
B. P. Hutchinson, or "Old Hutch" as
the boys call him very irreverently. It is
reported that he had formed bigiposl not
only on pork, bat on the whole line of
speculative products, and hence the move
ment had nothing of permanence n it, be-
ing intended for a ''good holiday scalp"
This i5 not the first time that Hutch has
backcapped the united packing interest,
and SINCE, is thoroughly well-known
guerilla among the fraternity.
A prominent operator said this morning
when the market was weakening: "Out-
side holders are but little interested in
the present break in pork. It is
safe to attribute the whole of it to home
talent. don't believe there has been a
time this year when packers have not sold
pork at less loss than 25@5Oc barrel
They have laid seige to the entire market
of hog products, which they have tried to
maintain with the determination, if posi-
BILE, to reduce the price of hogs and get
the whole market into their own hands.
This they have been defeated in, and now
they are trying to shake out small dealers,
and by buying as few hogs as possible
are hoping to make a panic among
the dealers in live hogs. Everyone almost
is believer in higher prices in pork, but
many think the packers will make lower
prices from now on to the end of the
packing season unless the speculators get
the whip hand again.
This morning the bears were made
jubilant in the wheat pit by the publication
in morning paper of dispatch from
st. Paul which stated that only 25 per cent
of the spring wheat in the section
tributary to that city had been marketed
This, added to the report of a
visible supply of 35,531,25 bushels, gave
the parties of lower prices chance to set
up howl of ''90c for May wheat" They
commenced to pound the market in hopes
of repetition of yesterdays general rush
to sell. The market was opened go off,
was forced down with liberal offerings Ia
58c. 1t then rallied 24@Bc, and closed
strong at &c lower than on yesterday. 1t
was very exciting day for holiday
market, and the belief that the bears have
nearly spent their whole strength was
general.
Crittenden and Harvey say: "We ere
inclined to think that We have seen
the low point for turn,
as our local operatori appear to have sold
about as much as they care to without
covering portion.''
Shepard Il Peacock says: 80 Us the
market has much the appearance of hav-
. ing touched bottom for the time being"
Lindblom says: "Wheat has ruled
steady to-day, breaking sc and recover
ing soma under liberal buying by parties
who think we ought to have rally of a
cent or two"
Minor, Richards s Co., says: "wheat
opened weak and lower under large offer.
ings for long aud short account, declined
&c, from which it recovered 1sc with free
buying from shorts. The close
was steady. Receipts were Unexpectedly
: large. Demand very light. The visible
showed en- increase for the week of 4I3.-
900, giving US in sight 100000. The
decline has been sufficient to expect a
sharp reaction, but heavy operators who
recently bought have largely sold out their
holdings, and II several instances stand
short in the market. leaving it, in our
Judgment, in much weaker position than
it has been for several months past. Until
the situation changes, either by increased
demand for shipment or heavy buying
takes the surplus off the market, We are
inclined to believe sale on
fair advances the safe side.
At the stock yards butlittle business was
done until near noon. Buyers held of
under the belief that the receipts would bs
much larger than at first expected. which
finally proved true. The trains on all th,
roads we're late, arriving slowly uEtil mid
day. The sales made during the morning
showed little or no change, especially OF
good lat cattle, but it was generally ad
mltted that should the receipts be 1000 o.
thereapouts values would go down. Th,
hog market ruled dull from frat tt
last. Packers are holding off ant
spectators are so heavily loade,
they can take no more unless at very Low
prices, so they can even up. Prices wer