St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-01-26
The Supply On Hand Next Month Likely
to Show Up Something
Amazing.
The Entire Provision List Under the
Weather, Closing Lower and
Far From Strong.
Wheat Bulled in a Lively Manner by
Hopeful Operators on
Drop in Consols.
Thee Visible supply Decrease--Corn
and Oats Active and
Doing Well.
Chicago Grain and Provision

Special TO the Globe.
CHICAGO, Jan. est is certain that
The party which, under the leadership OF
PIankinton, buIled pork from about 70 up
above Sl1 a barrel. has sold out 1t IS
hardly to ne expected that with the pro-
duction in the hands of outsiders after an
advance of over 81 barrel and on the eve
pf the publication Of another months adj
dtion to the supply of pork. the price Will
advance much further. The brokers III
cash produce agree that the demand for
meats has been very limited. The stock
last month was very large and the manu-
lacture this month has been very heavy.
One of the large packers says that pork
has been made this month at the rate or
1000 barrels a day at the yards. and that
half Of this has been made by the Chicago
Packing company. If this rate OF speed
has really been kept up it is likely that
there will be 200, 900 barrels of new pork
on Feb. !. and the largest stock Of the
speculative article, new and old, on record.
The stock of provision bulls have been
seriously wagging their heads and talking
about the scarcity Of hogs" The receipts
are ahead of last year and the killing rate
here and over the West generally larger up
TO date than for the same period year
ENTIRELY IN PORK
10 the detriment of lard and ribs, and the
result has been that pork is selling rela
lively above the other styles of product.
Cash wheat sold on Saturday at almost pre-
cIsely the figures OF the same day year
ago This would not be remarkable If
there had not been suffered between the
two dates great crop failure. With this
In mind il does not seem remarkable that
there should be no difference in price. There
has been enough fiuctuatiOn TO make the
trading in it pretty lively. The market,
however, has gotten in such a helpless sort
OF condition that the recital OF the transac-
tions of the wheat pit have become simply
a narrative of the operations Of one or two
great scalpers. If Ream sells now every
other local scalper sells, and If ne buys
they buy, too. From assuming to be phil
osophers watching the big and little market
influences, they don't pretend now TO be
ANYTHING better than undignfied sort of
''tailers" after bigger operator. Rean is
believed now to be ''short" on wheat again,
aaying executed a clever and profitable
scalp during last week. lie is supposed 10
nave covered and gone ''long' at about S21@
0S31zc. Cudahy is not having the intiu
3nce in wheat that he used TO have for the
'eason that he is simply sitting still on his
short sales. He predicts that there will
De
FURTHER DECLINE
IN wheat of Zoe q bushel. William Dunn,
iha best posted exporter, still declares that
.he price at Chicago is 5G6c above Liver
pool, counting on transportation and COM
missions and these, of course. have to be
counted in. The anomaly of the situation
IS further increased by the price of winter
wheat at Detroit and Toledo, and st. Louis
oeing kept either fully as high or else higher
.han the price iii New York. Nobody
ooks for decrease in the visible Of more
han !, $50, 600 bushels. and nobody con-
iid:rs decrease of less than that anything
put bear argument. On the other hand,
Mr.. AllertOn says of pork:
We have been packing pork all winter at
JOSS anu know that none of the houses have
been buying hogs any cheaper than we have
There are cortaln OF the houses there which
nave been making great deal of pork, but
they have been making it at a loss. 1 don't
see how they are going to win out. We have
held our pork and propose to bet it out.
SPEAKING OF WHEAT,
Mr. AlleItOn says;
If there has been any merit at any time in
buing wheat. there is merit in il now, for
more Of the surplus is eaten up now than six
months or three months ago. But L don't
even now.
Wheat opened stronger and 5S@%c
higher. The immediate cause was drop
Of 3-16 in conSolS, which was set down as
the result of war talk, the press dispatches
this morning supporting that theory. The
liyeliest buying at the beginning was by
Schwartz q Dupee, who took in the prop
erty they sold Saturday. Hutchinson was
a big seller at the opening, buying back this
grain on the subsequent depression. Norton
and WorthingtOn were also quoted as large
sellers on the initial bulge. Offerings in
creased as the market advanced, and S61Ic
proved to be the top. The prices dropped
10 8535c, with heavy trading on the decline.
A revival Of the war scare, dispatches from
New York that the stocks in store and afoat
at that point had decreased $50. 600 bushels
during the week. supplemented by the local
estimates by Lindbl0m and Others. that the
visible supply statement would show de-
crease Of l, $50, 900 bushels strengthened the
market, and speculative
VALUES PICKED UP
at rapid rate and before 1870 S61Sc was
reached. FirmneSs aud quiet were the
features Of the last hour and half of the
morning session Of the board so far as re-
lates to wheat. May climbed to S67S0S7c.
but the bulk of business was done at $500
SG54. The foreign markets were comfort
ing to bulls and bears. but on the whole the
former were able to extract more sunshine
from them, cargOes off coast being quoted
as ''tirmer." Wheat spurted on the after
noon board. May assembled the scale to
S774c, losing &c. recovering the lost ground
and closing at Us @S714c.
Corn opened $5c higher than it closed
Saturday, sold up Sc, fell back 3kc, and
advanced again to the point touching at the
opening. The feature of the morning was
large buying by A. NJ. Wright and L. Ever
ingham & Co. Business was larger in vol
ume than any day for several weeks. The
close was strong at a slight advance this
afternoon. Oats. too, shared in the general
improvement in cereals and sold &c better.
Trading was
NOT STARTLINGLY HEAVY,
but it was satisfactory to the slow-moving
and unexciting crowd. The provision
crowd was uncertain, but inclined to be
bearish.
Pork opened a shade higher than it
closed Saturday, but the pressure of lib
eral offerings broke the market 171lc, May
selling down to $11.021S. At S1L05@
11.O712 Cudahy bought about Is, 600 bar
rels to cover shorts. The market subse-
quently reacted, and at the top Hutchin-
son tried little bluffing. but the brokers
nearly tore him to pieces in their eagerness
to sell him what lie wanted. The old gen.
tleman took about 2. 600 barrels and retired.
The snap and sparkle is nearly out of the
pork deal. and the pit is no longer packed
with excited traders as it has been for the
past two or three weeks up to three DAYS
ago. The closing this afternoon was
nervelesS, at a small decline in all product.
PETER BERKEY. Pres. F. w. ANDERSON, Cashier.