Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1884-02-06
Owing Chiefly to Heavy Holdings by
Large Operators
HOGS THE FEATURE OF THE DAY,
And in Demand at an AdVance-Large
Trades in Lard.
THE MANIPULATION OF STOCKS
Causes 2ise ihBurlingtOn, Northern
Pac &c & Oregon Trans
continental
CHICAGO.
Special Telegram to the Globe

Especial Telegram TO the Globe.
CHICAGO, Feb. 5-"l account fJr the little
strength in gran," said an operator today al
together to the fact that strong men have been
induced by the cheapness of money to invest in
it. For instance, believe that Hutchinson has
p good deal in corn, and that Kent has good
deal in wheat I should not wonder if there
was some truth in the story that Phil Armour
was interested somewhat with Kent, not in
deal, but in an investment. Ordinarily it is
axiom that packers, even the biggest of them,
must attend strictly to business in the packing
season, and have money to spare outside
pursuits. This year, however, is an exception
There are nearly $4,000 barrels less of pork in
stock now than year ago, and $4,000 barrels
less than two years ago. If pork be reduced to
meats there is actually a shortage of 100000 900
pounds from stock here last year in this market,
and shortage of 100000 pounds compared
with this month two years ago.
Money is cheap because third of the small
packing houses are closed and all others are
running with reduced forces, and this winter
season receipts of hogs have been 100000 less
than receipts in the same time in 1888 bare
and short season too. 1t is fact that all large
banks have men Shining about on 'charge to
get borrowers. ,Allerton says SIN packing
house warehouses through which it is usually
difficult to walk, you can now drive in and turn
around with coach and FOUR Of 185,CG0
barrels of pork in store here, Armour is believed
to hold nearly two thirds and Hutchinson nearly
third.
Word was received from the yards today BEFORE
trading began that there were few hogs, and
those we're to be had only at fancy prices. The
provision pit was not the scene of any such ex-
citelAent occurred yesterday There was in
pork obig trading. Prices, however. opened
higher and advaucedvery rapidly. 1t was, how
ever, because there were no sellers rather than
because there were many or anxious buyers.
The situation is like this If the market Was
$1759 for May and trader wanted $50 barrels,
he found no sellers in the market. He got no
pork until he had bid SIT SIS, with compara-
lively small transactions. The market conse-
queDtly advanced vigorously until May was sell
ing at S1.77, 277ac in advance of the
close last night, The feeling was
good, and was strengthened by some very
large trades in lard. Henry Warner was big
buyer for account of somebo y, taking single
block OF 5000 tierces for May at S9.85. The
price of this option, which had opened at
SO 82H, advanced under the influence of this
kind of trading until it sold at $40. When this
was IouCnSu buyers, whoever tHey "eIe3 dp-
peared satisfied. Ten cent lard was an accom-
plished fact. Tho market then weakened off
Armour became seller or pork and traders
gave up the name of Cudahy & Stevens. May
pork dropped from ST. 20 to SIT. AK; May
lard from $40 to S9.85; May ribs, which had
sold up to So 2776, dropped to S9.L5. The
feeling became weaker and trading duler.
The grain pits were dull all the morning. They
orr md oHv
under the influence of the provision pit.
Weather fine, trading light and receipts of corn
large There were only 73 cars of wheat re-
ceived and but 70J of corn, and of these 267
graded No. 2. May wheat which had mounted
slowly to SO declined slowly to 9814c. May
corn which sold at 5836c sold down to 5814c At
O'Clock May wheat closed at 981sc, May corn
at 581zc, May pork at S17.52H, May lard at
$3.50. Trading OF call was email and without
interest. May oats closed at 81 80, May wheat
983s@99c May corn at 583sc@5315c, May pork
at Sl7 .4716@gt7 50, May lard at S9.85@9. .S71a.
John Ramsey was selling May pork at SIT 473S
and Armour at $3.50 Robert Warner was
seller of corn and George Eldredge & Co. buyers.
The receipts Of cattle at the stock yards were
1900 less than for the first two days of last
week. The market oponed aslow, and during
the rly morning hours business dragged. Buy
ers and sellers were considerably apart, the for
mer wanting shade stronger prices, and the
latter declaring they would not pay any more
than yesterday, and that their orders were to
buy lower or leave the market. The general
mark ct lacked the vim and activity of last week,
and hould the receipts exceed those of last
week, the chances are that values will sell lower
Export demand has dwirdled down to few
from day to day. A couple Of firms and ship
rers tn the eastern market seemed to have little
confidence In the future.
The receipts OF hogs only half the num-
Der of last Tuesday for the first two days Of
this week are 1000 less than for the CORES
ponding period last week. Under this aud the
other circumstances of smart advance in hog
products it is not to be wondered at that there
was SO sharp a scramble for all hogs for sale.
Under such competition it is no wonder that all
grades advanced from 10 to 25c, the best
heavy making 81 per 100. About all were sold
at an early hour.
Sheep receipts we're 2,OO0 less than last Tues
day, and 5000 short. for the week SO far. Re
ceipts this morning were largely composed of
poor and common that ale not wanted unless as
low figures. The only change to note is, per
haps, the market is steadier than yesterday,
with prices zoo sc lower than last week.
Among the sales were 256 common averaging74
pounds at S2.50; 1O7 averaging 81 pounds at
$3.50; l92 mediRm, averaging SO, at 81. so; 96,
averaging il6, at $500; choice South-downs,
averaging e6, at $3.50 and 26l fine wooled, low
grades, South-downs, Cotswold cross averaging
ll8, S5 20.
The dry goods trade is improving and better
feeling prevails.
Chicago Financial.