St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-12-09

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and cattle-ail these considerations make
spectators weary of bidding up the price OF
corn in the face Of such prospects, and so the
market keeps down and drags along. Liver
pool reported a moderate demand for corn at
unchanged prices. Our receipts were little
larger, 1876 cars, with thirteen OF the N
grading No. ,. To-day the market
was comparatively quiet, but ruled
weaker in sympathy with wheat The
which got J5c above that figure early, but
settled of to 3Gc aud finally closed at 3e9sc
against 362[c Saturday. The January option
was more active, the largest transaction be-
ing a sale of 100000 bushels by Jim Love.
The opening was at Saturdays yclose, 345Sc,
which was the highest point Of the day, the
close being at the lowest, 34i4c.
Oats were freely offered and the Decembe
option ranged at 1l@%c below Saturday,
closing at the lowest figure, 23c. May opened
Is of, went up &c, then down &c, closing
at 2714c.
Provisions were decidedly weak to-day,
and, under free offerings OF the whole line
of product, lower prices prevailed.
Don't buy anything" was the advice
young George Baldwin was rather fond Of
shouting at the top Of his lungs in the pro
vision pit this morning. Advice Of this kind
did not appear to be very much called for,
as persons eyinciDg even the most moderate
leaning in that direction were hard to find.
The market opened with January pork at
Sll.30 and February steady at SlL52N, but
as the Packing com panles were not on hand
TO buy anything, everybody commenced to
sell, and rapid decline Of values ensued.
January reached Sill and February S1I.20
before noon. About this time
Hutchinson commenced buying moderately,
not enough 10 induce reaction, but enough
to steady prices some what. The decline,
however, was not entirely checked and the
close was at the lowest point of the day, with
January at $11.05 and February at SII .17I$.
Lard and short ribs we're less active, but
participated in the decline and closed at the
lowest figures. January lard opened steady
at $3.50, and closed lOc lower at s6.7O,
while February opened 75[e lower than Sat-
urday's close, and fell off sc more TO close
of $6.6213. January ribs opened at $5.70,
and sold down TO a close OF S5.57L. Feb
ruary opened at $3.50 and sold down to
$5, 65.
at is little remarkable" says Dilliug-
ham, ''that the two veterans in the making
of the provision trade should be the ones TO
revolutioniZe the methods of the trade This
is just what Sid Kent and old Hutch tried 10
do. Old men usually cling to their old and
tried rules, and Sid Kent and old Hutch are
the Oldest local packers on the floor of the
board of trade. Kent began making pork
here at the time that be was buying mink skins
from the trappers in Iowa, and old Hutch
was trying out lard on a small scale even
before that. Now, here are these two old
gentlemen upsetting the younger men by
abandoning old and introducing new fash
ions. 1t is not possible TO describe 10
non-speculatiug reader the amazement Of
the crowd when it became known that old
Hutch, yes, and Sid Kent had been buling
products in November, and now everybody
is guessing why they did il. and whether or
not they'll make money out of it. Well,
ever since the purchases were made the
market has declined, so that at this moment
the purchasers are largely out of pocket.
Whether the speculation is a profitable or
Improbable one depends altogether upon
whether provisions are high or low. The
best part OF this market is of the opinion
that pork and lard and meats are too high
relatively to wheat and corn and oats. and
that they are all bound to decline.
Last week receipts Of hogs were enormous,
aggregating 276, 435, and averaging over 45,-
600 head per day. That there are a vast
number of hogs in the country is shown from
the fact that the largest single days receipts
OF live hogs came in last week, beating all
previous records by over 1000 head. Wheat.
it is beginning to be pretty generally con-
ceded, is bent for Csc bushel, aud corn
for 3Oc. With cereals at such figures clever
commission men-will not believe that pork
can be kept above 50, or lard above Sc, or
meats above So. The action of Hutchin-
son and Kent, if persisted in.
bars out Armour d Co.. and
this will greatly weaken the market. With
vast holding in the hands of another pack
ing house, Armour d Co., of course. will not
load up with speculative option with the
intention of bulling the market by clever
manipulation. They would simply enable
Kent and Hutchinson TO unload The efforts
of other big houses will now probably be d.
rected solely to breaking the live hog mar
ket and TO the manufacture of product at the
very lowest possible figure. They will then
await, with warehouses filled with meats and
lard made on low basis, the efforts of Kent
and his elderly partner TO get out of their
high-priced holdings. The feeling. in brief.
is that that the purchases last week will need
to be sold out at a loss"
AT the stock yards business in the cattle
line was rather slow. The advance TO 4Oc
per 100 on cattle and zoe per 100 on dressed
beef from Chicago to the seaboard, has for
the time being rather interfered with trade.
This is an advance of zoe on cattle and Bike
on beef over old rates.
The hog market was active and prices
higher, the best packing grades selling up TO
81 440@4.50. The fresh receipts were esti
mated at 10000 and there were 90. 600 to
So, 600 on sale.