Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1884-02-01
WHEAT COMES sD0YN Z FULL CENT.
An Active Trade and Higher Values
fOl Provisions.
EFFORT TO BREAK PRIZES.
CHICAGO
Tsa9oiol Telegram to the Globe. !

non oisaypol+ =. Buyers OF grain al last
nights fgll are all cu5 Of
pocket, Receipts OF wheat we're small
but cables we're lower and New York was
veal. Worse than all, all day there were
apparently p good many moro sellers then
buyers. Perhaps the January thaw which
had begun to cut figure along with the
other bull arguments had blown away over
night, and that nothing appeared this
morning from the Ohio rivers which were
to overflow their banks, had something to
do, too, with the decline. At any rate
wheat was dull and lower. There was very
little life about the pit, and one did
not have to go upon the -four
to find this out. The figures sent over
the tape Indicated it. The May option
started at SO &c, last nights close, and after
whole forenoon's wrangliLg, bid and Of
fering, buying and selling, dropped 1c.
The decline even over this little ground
was not steady either. The one-eighths
were added and subtracted with provoking
irregularify. At one moment May stood
at 9811ac, at the next at 9838c, perhaps at
the very next at $500. 1t
was slow, uninteresting market
devoid utterly of incident worthy of mon
ton.
Corn was no more interesting. Receipts
were larEe-335 cars for tho middle of the
weelz-and the inspection was splendid;
143 graded No. 2. Suppose" says q
trader, "that we will it that all corn which
is arriving now was started to catch the
January advance, and that cars started
six weeks ago are only arriving now.
This does not explain the magnificent
quality of the corn. Last year there
were received in the month Of January
1923 cars OF corn. Of this whole
number only 1922, or less
than 20 per cont, graded No. 3. Last
January Hardy ran the price of corn up
to about 70 cents. This year the clique
ran it up only to 64c, and only kept it
there day. There was greater incent-
i've last year for careful inspection of
corn than there has been this; but of corn
now arriving nearly so per cent. has the
whole month gone No. 3. don't under
stand it at ell except upon the story that
great blunder had been made by those who
figured this small and bad
corn crop. It is to my mind
100 per cent. better than that of year
ago.
Just at tho close there were larger sell
ing orders from New York, and Kershaw
sold large blocks. John Lester & 20. sold
half million bushels. Later it became
known that Thomas, London broker,
had failed for 91,OO0,0O0, and every one
wanted to sell grain.
They say wheat is getting scarce
throughout the northwest. Mr.. Bigelow
of Wall & Bigelow, exhibited letter on
'ohange to-day from his st. Paul house,
who say the managers of the
Sterrett Elevator company, heavy
purchasers of wheat in the
country, say that at thirty-one stations on
the ST. Paul, Minneapolis & Manitoba road
where they buy wheat, the receipts have
fallen off to 500 bushels per day, whereas
in November and December these thirty
one stations furnished 10000 80 10000 per
day. It is expected that there will be
large deliveries of both wheat and corn on
tomorrow. Several large houses were
makiug them up to-day. The feeling
seems to be that after the LIST prox., if the
financial aspect does not become more
troubled than at present, speculation in
grain will be more active.
The feature Of the provision pit was
enormous sales of pork and lard by Nat
Jones, presumably for himself and Reom.
When the market opened at $166O he Of
fered Is, 900 barrels and sold it in all kinds
of lots to the crowd. Prices went higher
despite this big load. At $16.65 he is said
to have sold 10000 barrels more in very
large jags to Robert Warren, Armour,
Singer and others, at S16 6715, to which
the market moved; re sps3 enough pork to
make his sales for 5br f-renoon $4,000
barrels. He also IS seid to
have sold IN the neighborhood of
10000 tierces Of lard. When he was
through the market was almost as low as
it was last night. His tremendous offering
broke prices. On call he continued his
raiding. selling a single lot of 10000 bar
rels to Warren at $16.50 for June and 1O,-
600 barrels were offered at $16.60 for July.
May closed at $16.4515; May lard closed at
$3.50; May wheat 97%@98c, and May
corn at 5728c BID.
The flour market remains Gull and the
feeling weak. There is an almost total
absence Of demand. Local iobbers bought
few lots to supply their necessary wants,
but are not inclined to increase their
stocks. Shippers are not receiving any
orders, and exporters claim it would re-
quire lower prices to induce trading. WIN
ter wheat -four is quotsbls at $4.75@5 60
for good to choice; soft spring wheat at
S4@4. so and Minnesota Bakers at 81 80
@5.25. Patents ranged at $3.50
@625, and some brands we're held
higher. Low grades were $2@3.25. Rye
-four $3@375. Buukwheat -four SIS 50@6
Receipts of cattle were 1000 less than
the corresponding day last week Now
the increase of the first days of the week
has been reduced, and tie prospects are
that the numbers will run below those ol
last week. Trade ruled quiet, and prices