St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-01-03

further advance in values, which will not
shock the demand, as the reserves will all be
needed. The best foreign statisticians fig
ured in the crop season that the worlds
wants nearly equaled its supplies for the crop
year, but the theory Of over production has
been SO pounded into the minds of the trade
by the newspapers that it had come to be
widespread belief that wheat was worthless
comm odity, and it would be necessary 10 give
il away TO get rid Of it. In improved meth
DDS of gathering statistics one OF the results
has been TO place larger proportion OF the
crop in sight, new places being added to this
statement every year, which, with the in
creasing elevator facilities, has kept the visi-
bic supply increasing constantly in ratio to
the invisible supply, thus influencing an un-
due depression in values and giving rise to
the theory Of over production which we think
will be found to be an erroneous one. Sup
PLY and demand in food products are sure TO
adjust them selves, and.We think the process
OF adjustment will now be felt in perma-
nently higher values"
The speculative spirit for the new year..has
started in strong with stocks and wheat. 1t
great extent. That last September corner in
this grain hurt the trade and the traders i'm
mensely, and it will take some little time to
recover from it. 1t will be remembered that
after the McGeoch deal in lard, the stuff was
almost abandoned for a long time, and in
fact the trading in both pork and lard is not
yet what it was before the manipulation took
y,Io md in, To-day
January opened a shade lower, then advanced
10 35c, but declined again and closed sc
higher than on yesterday at 34S4c. May
opened i better and advanced 14c, losing
part OF it later in the session, the close being
at 35c, &c above yesterday. Liverpool was
weaker and l penny per GENITAL lower. Re-
ports to-day were 334 cars against 263 We'd
nesday, and out of this number, ia graded
No. ..
at is TO be noted,'' said G.. s. Evering-
ham, "that, while cash has declined and the
nearer options have been nearly stationary,
May has advanced about 11lc, which, in my
opinion, shows the direction of the under
currentin the market, and 1 should not be
surprised to see corn behave in somewhat
the same manner as wheat when the latter
ceases TO monopolize attention"
Provisions opened strong in sympathy with
wheat, and, under light receipts of hogs,
the speculative demand was active and
forced pork from S1l .25 on the opening for
February up to SLIGO, but when the top was
reached packers became sellers and prices
reacted, February going down TO S1l.40 and
January from S1L47Jl down to 51l.30, clos
ing 22lIc above yesterday. Under the same
influences lard got 10c higher for February
and 15c for January, as impaired with yes
terday's close, and then settled down to a
close Of 21EGl5c above at 50 .675l for Jan
uary and $6.75 for February. Ribs opened a
shade stronger and got about l5c above yes
terday, but declined again sc for January,
closing at IS .s21l, and 7]lc for February,
closing at S5. 821l.
At the stock yards the aggregated receipts
for yesterday and to-day OF both cattle and
hogs were rather light. On Thursday the
fresh receipts Of cattle were easily disposed
OF at strong prices as com pared with the pre-
vious days Of the week. To-day there was a
more plentiful supply and values we're rather
easier on nearly ali sorts. On Thursday the
hog market ruled active and frmer and to-
day, under the light receipts and an up turn
in mess pork, prices advanced 5(6lOc, the
best assorted heavy making 81 509460, and
the best mixed S4.35G445, with common at
about 81. 4.15@+25.
The daily Necs tomorrow win say: The
committee investigating the charges against
James y. Milne, chairman Of the board Of
trade committee on market reports, was in
session last evening until a late hour. II Is
understood the charge of doing business with
bucket shops would not be sustained. The
expectation is that the report will be sub
mitted to-day.