St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-01-19
The Opinion Prevalent Now That Armour
Is Keeping the Hog Product
to Advance.
How the Spectators at New York Have
Gone Broke Buying
Wheat.
Wheat Shows Another Heavy Break
Since Saturday, Closing Near
the Lowest Point.
Wall Street Excited over Sharp
Decline in Stocks Caused by
Heavy Selling.
Chicago.
Special to the Globe

CHICAGO, Jan. 17.-Although it was
confidently predicted the latter half OF last
week that the visible supply of wheat
would show decrease to-day of LOCO, 600
bushels. there was between Monday and
SATURDAY. a drop of cents. There wasn't
any crop disaster last week. The cold
wave swept over the country, but the
wheat. so far as anybody knows stood 1t.
While the disaster that might rescue prices
did not come, all the influences that have
existed to demOraliZe kept right on. The
foreign markets showed further decline.
Exporters who bought wheat at New York
early in the week sold in disgust at the
close. The Chicago market OH Saturday
was still at a figure that insured a
loss of cents on every bushel
of wheat exported. The bears, who have
all the money do not appear inclined yet to
change sides. Cudahy talks Csc for wheat
iii May, and Ream is just as radical. The
extremity to which the persistent bulls
have been reduced is illustrated by the con-
dition to which the New York grain bus
mess has fallen. Until this year the great
Chicago grain commission houses were
those which had private New York wires.
All the stock business which went East
from here was then drummed up and sent
East as part payment for the enormous
grain business out West. Bob Parks, who
was the first TO drum up the grain business
at New York, had two years ago the largest
and
MOST EXPENSIVE OFFICE
nj Gotham. When he failed his business
and dealings were considered such a feature
that Schwartz wired him on that day, Il
will reinstate you if you need help" Parks
is SAID to have wired back churliShly. MY
haf tNxn
ago. Parks went TO pieces so disastronsly
that people in The trade here do not know
now where he is. Quinlan, who took his
office, and who himself a few years ago
USED to send orders aggregating several
million bushels day, now sends along Oc-
casionally on good days an order for 100,-
600 bushel lot. The stock orders now sent
East are worth ten times more to the New
OrkerS than the grain business sent West
to Chicago men. All this is because New
York has been bullish on wheat; has bought
wheat and held it; has closed its eyes to the
situation, and stubbornly stuck to the bull
side. The New York grain business, that
used to pay millions in commissions, has
fallen off to nothing, because New York
has gone broke on the bull side of the mar
ket A very general fall of snow upon the
winter wheat country, which was pleasant
10 S6llldl utWS W Jlio lcollueS vi bllt DcdlS,
took the stiffening out of wheat to-day, and
before noon it sold for May delivery at
$3.50, decline from Saturday of 15sc.
Weak cables were
ANOTHER ENERVATING FACTOR
and disposition on the part of the scalp
ers, who had gone in for an up turn to re-
alize, assisted to blight the early manifesto
tions Of buOyancy. The market was steady
for the first hour or two at decline of 40
&c from Saturday, but it was observed
that Oh every hand spot offerings increased,
and the impression gained ground that
somebody was feeding" the crowd, and
local offerings multiplied. pushing down
prices. A large quantity of property held
on stop orders came out, and business be-
came exceedingly brisk. A renewal of
visible supply decrease talk hardened the
market about - O'clock, and purchasers,
chiefly by sorts, put the price up sc. but
the O'Clock closing was within sc of the
lowest point previously reached. Brega,
Lester and Jones were the largest sellers
during the morning. They began hammer
ing the market at the first signs of the
wavering, and kept it up to the end. On
the short afternoon board estimates on tine
visible supply were lowered, and the mar
ket closed easier at 78c January, rs 5Sc Feb
81
The heavy short selling of to-day will be
very likely to result in a reaction in prices,
as the wheat is covered, more surely if the
estimates on the decrease in the visible
supply are realized in fact.
PORK PROVED A BONANZA
to-day for the lucky ones who took on all
they could carry Saturday at anything
under S11 for May. The first sales were
on strong market at $11.10, loo over clos
ing prices. IL next jumped steadily to
S1l.1715, hung around $1l.l5 awhile, sold
freely up to S11.2715. probably 1000 TBS
changed hands at $11.50 and then weak
ened Off to S11.20. being largely dragged
down by wheat, which around noon was
very sick. The strength in hog products
is not easily accounted for, except on the
ground that everybody wants it." Ger.
tain ii is that buying orders are very plenty
and come in from pretty much all direc-
lions. The country probably just hav-
ing heard that pork is going up" is eS-
pecially free with its orders to buy, but as
IS usually the case they get in after the bulge
is fairly over with. In the afternoon the
market presented the very same phases of
lactive and excited interest as characterized
the early hours. A feature of the market
was the interest shown in lard. Outsiders
seem to think it cheap, especially after the
marked advance in pork.
\ TRADING IN LARD
was greater than for six months past. This
afternoon pork was shaded a point, but
there was no change in the other hog pro-
ducts. The close was $10.S7% January
and February, $10.921S March, $1I17X
May for pork; Sc. Is January and February,
3d. 217 March, $6.3 May for lard; S5.371S
February, $5.421l March, S5.571z May for
ribs. A leading operator has this to say of
the provision market: Full reports scat
tered throughout the West indicate that the
loss in hogs from the cholera is fully as
great as has been claimed by the bulls for
some time past, and will make the property
more valuable than present prices in the
near future. But the advance has been too
rapid to be healthy, and has made TOO many
bulls, and the result will probably be
sharp decline"
Corn exhibited no new life and remained
in the same dull, unsatisfactory condition
as previously noted. Arrivals were liberal,
276 cars. Shippers bought sparingly and
did not influence the market any. May
sold at 9&@3934c, February at $500
$500 and January at 36Hc.
PETER BERKEY, Pres. F. W. ANDERSON, Cashier.
= W. GRIGGs, V. Pres. A. c. ANDERSON, Asst c.
THE ST. PAUL NATIONAL BANK,