St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-02-12
A Strong Upward Turn in the
Grain and Provision
Market.
" May Wheat Goes Up with Boom to
S1.02 1-2, and a Belief that it
viii go Still Higher.
Pork Keeps Pace With it Reaching $685.
Lard in Full Sympathy.
A Great Opening in Wall Street, Followed
by a Lively Rise and
Lower Close.
CHICAGO.
Especial Telegram to the Globe. !

INQUIRY for winter wheat iours on local ac-
count and prices for these were shade nrIner,
but not generally higher. Other grades re-
main quiet and unchanged. There is no
shipping demand Winter wheat -four is
quotable at 81. 75@5.6O for good to choice
soft spring at $4.00@4.50, and Mime
sofa bakers at 81. 5O@5.25; patents ranged at
$5.50@6.25, and some brands were held
higher; low grades, S2.00@3.25; rye flour,
$3.O0@3. 95; buckwheat -four, s5.50@6.o0.
The receipts Of cattle at the stock yards
were shade higher on all descriptions OF
shipping and dressed beef cattle, but choice
stock, and stockers and feeders were steady
and unchanged. There did not seem to be
much Of a demand for export grades, and
but limited demand for heavy cattle. There
were some lots of this description on sale,
for which there had been no fair offers made,
and lot that has been held here since Fri
day was yet in the hands of the seller. Most
of the statesmen were OF the opinion that
really fine and finished cattle would sell for
$797.25, but there was no particular demand
for such to-day.
Receipts of sheep were 1000 less than on
1dSt nOlOdJ, duQ InC1C hG1o q N~AAASAAN
for good sorts, the best making shade bet
ter prices than on Saturday. Receipts OF
hogs were 1000 less than on last Monday
Trade opened active and prices advanced
strong 5(010c on all sorts, the best heavy
selling at $7(07.2 25, with one small lot OF
fancy at 81 40, the highest price for the sea-
son. At noon about all tie hogs had been
sold, and the market closed steady.
This morning the much and long talked of
new departure on the part of packers in buy
ing hogs was put on its trial at the stock
yards. In early days OF the packing busi-
ness in Chicago the custom was for the
packer OF his buyer to buy hogs straight,
that is TAX ng al their was i'll a lot big, little
good, bad and Indifferent, the lot selling on
its merits on the combined judgment of
buyers and sellers. Gradually another sys-
tenn grew up. The foreign market
demanded lighter description
of products and then came the
practice of sorting out the light from the
heavy, and selling one for home and the
other for foreign trade. With this grew up
system quite innocent as first viewed, but
which has proven one Of the most pernicious
that ever infested the trade--that known as
''shrinlzing.n The practice was to hire
keen-eyed active boy to follow the animals to
the scale aftea the price had been made, and
then, after the stock has been weighed to in
sist on a dockage of from forty to eighty
pounds on every animal that did not come
up to the exacting standard set up for him
by his principals. AS matter
has al IuroJJc
been good deal of irritation and pickering
over this practice. The commission man
was placed at a disadvantage. His stock was
weighed and driven out of the pens and he
either had to submit to all that was demand
ed by shrinkers or take his stock back to the
pens which, say on steady or falling mar
ket was risk but few would assume. The
more active and exacting was the shrinker,
the better were his chances of promotion and
advancement and it was generally expected
of the shrinker to make enough to pay his
own and the wages of men over
him from day to day. In course
of time there also grew up
a change in way.of doing business by pack
ers on change. Instead of buying their stock
for the days work early in the morning as
they did at the beginning of their career they
waited until after the market opened and
they could sell in advance ofbuying, making
a sure thing on the profit. Thus while buy
ers for packers sat around stoves, in scale
houses or on fences, according to the state of
the weather, awaiting their orders, the active
and venturesome scalper speculator or mid
die man had the hogs all bought or options
on them, so that when the buyer for the
packer came on the market he was com
PEELED to buy of the scalper or
of the commission man who is
often the scalper's partner. Right here is
where the packer felt the pinch, as his profit
that he had on his sale on change disappear
ed when he was compelled to buy of the
scalper, who claimed his division of the trade
made. 1t should be borne in mind that IL e
great body of these scalpers graduated under
the teachings of the packers, and that they
thoroughly understood their tactics and Sc
cret movements.
The system has opened up all manner of
lollusion between commission men, scalp
srs and buyers, for packers. The
commission man who is not
above temptation can weigh up
his hogs to scalper early in the morning,
and at a later hour they may have been sold
at an advance, the commission men and the
scalper dividing the sum stolen from the
countryman. Then again, buyer for a
packer, should he be not without temptation,
can be in partnership with scalper, give
him the straight tip'' as to his principals
intentions, and finally buy hogs and then
divide spoils. Of course where everybody is
strictly honest nothing Of the sort is likely to
happen; but there is evidently something
wrong.
Mr.. Armour has probably discovered the
legs of the old man Of the sea dangling from
his shoulders and is making an effort to
throw them off. VIII he succeed2 This is
the first instance in the history of trade in
Chicago where packer was both buyer an d
seller. Mr.. Armour's orders to his buyers
are, to sort out what they want and sell the
rest to anyone who will purchase.
The winter wheat offerings were meagre
and the market quiet and firm. No. red is
quotable at 81. O1@S1. O3, depending on To-
cation; No. 3 red is quoatable
at 92@92lc for south side
receipts; rejected red, by sample, sold at soc,
No. 3 red at 75c, and choice at S1.02. Spring
wheat was in good demand, with the market
firm. No. 2 car lots dated Feb. and since,
sold at 941S@95c, and last sales of car lots al
95c Receipts dated prior to Feb. quotably
A@5Sc less. Round lots closed at about
s5aSc; No. 8 nominally 78@s2c, depending
on location. By sample rejected sold at 4
@s2c, and No. at S5@92c, with the demand