St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-01-04
1t Was Delivery Day and About One
Million Bushels Went
Around.
Lacking any Element of Strength, Wheat
and Minor Grains Show Marked
Decline.
Provisions Also Seek Lower Level,
the Market Closing Dull, Weak
and Lower.
Deacon White and His Special Pet,
Lackawanna, Again to the Front
in Wall Street.
Chicago
Special to the Globe.

Special to the Globe.
CHICAGO. Jan. 2.-As compared with
the same time last week prices on both
January and May wheat closed about I'M
changed. Although the conditions on
Thursday were favorable for higher prices
all around, the advance from the close OF
the day before was only &c. That the SIT
uation in wheat is not all that 1t should be
is shown from the effect, or want OF elect,
that the last visible had on the prices, For
the first time in several months this state
ment showed decreases i'll grain in sight.
Though both bulls and bears agree that IL
will not again show an increase during the
present season, the bulls are still afraid TO
organize any pronounced movement in the
direction of higher prices in the face OF
this huge mountain of grain (5S.OOO 600
bushelsl now in sight. The fact must not
be lost sight of that the Minneapolis
mills are and have been grinding
large quantities of wheat, the product OF
which is not being taken for actual con-
sumption. The attitude of this interest
toward the market is pretty good evidence
that anything that can be done by them in
the way of bolstering up prices will be
done and their ruse of short time ago OF
using grain from store for grinding pur-
poses when the tracks were crowded with
loaded cars for the purpose of decreasing
the visible goes still further in confirmation
of it. The necessity has ceased with them
of boosting the price of wheat for the pur
pose of freezing out competition from st.
Louis and other milling interests. The
mills which have heretofore been depend
ent ON the winter wheat crop for
THEIR GRINDING SUPPLY
have long since given up trying TO compete
with Northwestern mills. The immense
quantity OF wheat and flour in the country
to-day is too great a load for the people
who would like to see it higher to lift and
keep up for any length of time. That the
millers of the Northwest are conscious of
this is evidenced by their actions in getting
on the right side of it before each drop.
Nothing is so potent factor in the market
to-day as the news of an increased foreign
demand for -four and wheat, and the last
business day of 1885 was All illustration.
With no trading going on at New York
until IL and none here until 1 O'Clock,
the brokers about the board early this
morning had plenty of time to watch
and comment on the deliveries of produce
They were light considering the vast
amount of property in store in the city.
Hardly one-twentieth of the wheat and not
One-hundredth of the local stock of hog
product changed hands. 1t was estimated
that about ], 900, 900 bushels OF wheat and
about 500, 900 bushels of corn went around.
The wheat went almost altogether to Ar
mour. although George G. Walker e. Co.
took some. The corn went to Milmine,
BOdman 81 Co. OF hog products there
were no receipts going around. There is
no particular significance in these
transactions. Mr.. Armour is now the
largest carrier of wheat here, and
has simply increased his line. He is a be-
lever in the grain and bull on it in theory
but the impression is general that he has
almost all of his property sold for May de-
livery and is simply earning
LARGE RATE OF INTEREST
on several millions of money without run
ming any risk at all. The corn went to a
firm which is about the most active shipper
of it in the market. Ii it were the practice
of the provision operators to deliver out
their product, as the operators in grain,
there would have been surprise that no pro-
duct went around. But it will be no
surprise to anybody if the stuff comes out
Monday, or IN the middle of the month.
The packers are not set down as provision
bulls. Tom Balding bought considerable
amount of pork in the pit this morning,
giving the market temporary strength.
Wheat opened at 911Sc for May and
touched 91M mainly because of the little
uneasiness on the part of. shorts on seeing
wheat go to such strong hands. This I'M
easineSS wore off, however, and for the rest
of the day the feeling was tearish. There
followed drop of cent bushel. The
stock at Liverpool was reported to show a
large increase, and the markets abroad were
pronounced weak and dull. The pit besides
was lifeleSS.
1.-The weather." said W. r. Harvey, '.sis
pronounced bad for the wheat, but the fact
is that it could not be better than it is, unless
cold weather comes very suddenly and freezes
the growing crops. There was a great deal
of comment on the decrease in the visible
last week of 10000 bushels. The figures
ought to be decreasing 100000 bushels
week, to give bulls any show. There is an
impression here that tho Northwestern
millers are long great deal of wheat. / don't
see how that is any help to the market. It
ought to be menace, for If the price was ad-
vanced by the crowd all that long gain
would be likely to come on top of the mar
ket."
THE CLOSING FIGURES
were weak and lower at S4Lc for January,
S494c for February, $3.50 for March and
9O79c for May. Corn was moderately act
i've and easier, but most of the business was
in changing from January to February and
May. Offerings were ample, receipts
D ttlll anu buc weather uelTln6DJdl 10 q
high grading. Deliveries were fair but the
small amount that has been floating around
for several days had no effect. A good
shipping demand existed and the market
was stronger. January sold at 36A@
$3.50, February at 361S@36%c and May
at 8. X@40Hc All closed at inside fig
ures and &c lower for near and &c for
long f lures.
Provisions opened tolerably active and
firm, owing to small deliveries, but later
became less active and weaker, and closed
quiet. The advance on mess pork was lost
while lrrd and short ribs closed trife
lower than or Thursday. Trading was
mainly on local speculative account. Mess
pork for February opened at $40, and sales
were at SO. 05@10. 1919. closing at $40. OK.
March closed at $10.1716. May closed at
5000. Lard closed at Sc. OK for Febru-
airy, So. 10 for March and $3.50 for May.
Short ribs closed at SIS for February and
$685. for March.
PETER BERKEY, Pres. F. w. ANDERSON, Cashier.
&. w. GRIGGs, V. Pres. A. c. ANDERSON, Asst. @.