St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-01-19
The COMMERCIAL RECORD
On the Chicago Board of Trade There
Was Lively Time In the Pro-
vision Pit.
There Seemed to Be a Regular Frenzy
Among Spectators to Get Rid
of Pork.
Transactions in the Financial Circles
of Wall Street.-The General
Quotations.
Special 10 the Globe.

Special TO the Globe.
CHICAGO, Jan. lS.-There was an awful
slaughter af the innocents this morning.
May pork went down 10 Sl4.1o. No quota
ton on country velvet was obtainable.
The provision pit was packed with excited
brokers and spectators. The wires yester-
day afternoon were made red hot with mar
gin calls Where the cash was not forth
coming property was thrown this morning as
soon as trading began. Hundreds OF 80
and 500 Dbl '.jags' were flung into the pit.
Ii was not question of price, IL was merely
frenzy TO get rid of the stuff and close up
trades. Yesterday morning pork was selling
at $500. The break of 81. 10 in twenty-four
hours wiped ont hundreds of thousands of
dollars in paper profits for countrymen and
for the rich Hebrew bulls in Chicago, New
York and Louisville. The country is not yet
out Of the deal by long sight, but it is get
ting out. Yesterday afternoon the New
York wires brought perfect flood of selling
orders. The messenger boys made another
path from the same wires to the pork pit
this morning. The packers were yelling
themselves hoarse around the opening, but
they did not sell much stuff. Neither did
the big bears On the contrary, they were
quietly picking up property through brokers
and covered large aggregate lines on the
slump. 1t was
THE SHORTS GOLDEN DAY.
Pork reacted to Sl4.35, but did not show
an undertone of strength. The bears are
discourslng glibly about SIP pork to-day, but
they are taking profits just the same They
have heard the fable about the value of the
bird in the hand as compared with the flock
in the bush. Wheat and corn were fairly
active and lower, but not especially weak.
Corn sold down 10 53I4c and wheat to soc,
rallying, however under good general sup
port. The market quieted down, and within
a couple of hours the nervousness had
measureably subsidized. During the forenoon
pork flucuated within the limits of Sl4.10@
1875. May lard ranged S7.41@7 .52I2, and
May ribs $40 7.72l2. In all the trading there
was very little short selling. Ninety-tive
per cent of those who sold had the stuff TO
deliver. 1t was a general shaking out of the
long property. The shorts were the princi-
pal buyers, although the scalpers and quick
turner's bought considerable for a reaction.
Pork at its cheapest quotation to-day was
Sl.S5 lower than the best figure touched on
the BOOM Lard and ribs had suffered a cor
responding depreciation. Packers are still
talking lower prices for product, but they are
not as rampant as they were few days ago.
world OF ii was wanted at 53c.
MILLIONS OF BUSHELS
could have been sold at that figure. which
was bottom. There was no effort made to
bull the market and buying was done with
the greatest possible quietness. as though
not TO attract attention. May oats went off
10 33Ssc, but recovered and closed quite
steady. The oats market has not been so
active for weeks. There was only a moder-
ate trade in wheat, which was rather weak,
May selling down to S2ssc, snrinkage from
yesterday of s4c. The market reacted rather
sharply and there was a good demand at
S3c and above. The market was without
special features of news. AT the afternoon
session pork was strong and advanced to
Sl4.40. There was good buying by the COM
mission houses and the packers. Grain was
steady. 2:30 pm. prices: Wheat, Jan, 76I2c
Feb. 76s4@767s; March, 77l2@77ss; May,
S3ls; Corn, January and February, Asa
March, 4sl2c; May, 45s4c; Oats. May, 33a4c.
Pork, January and February, Sl3 95; Nav.
S14.4O. Lard, January, and February,
$3.50; March, S7.37la; May, S7.52l2; Short
Ribs, January and February, $7.45; March,
S7.57I2; May, S7.75.
THE ROUTINE REPORT
CHICAGO, Jan. 1S.-The hands on the dial
of the indicator which registers the price of
opening of the board. The market which
closed panicky yesterday after a decline of
60c sold off Toe on the curb after the board
closed. This left May at Sl.37l2. The Off
cial opening price this morning was S14.25,
and few minutes later it sold to Sl4 TO-
decline from yesterdays opening price of 81
a barrel. After the first flood of stop orders
had come on the market and had been exc
cuted, there was some buying and the panic
was stayed. The big shorts who engineered
the raid on the market on the afternoon ses-
sion of yesterday were the buyers to-day. For
the first half hour OF the session. prices made
avery lively see-saw. From 81. 10 there was
an advance to S14.32l2@14.35, another de-
cline TO Sl4.20, and finally the market So
bered down somewhat around $14 27I2@
Sl4.30 The people who have been shaken
out are country holders. large block of
City people. 1t is believed that
stuff dumped overheard on stop orders
has gone to fill up the shorts, and the posi-
ton of the latter is thereby materially
strengthened. Pork claimed the greater part
of the attention of traders all day. The
heaviest marketing Of pork was done in the
first hour but trade was big all through the
session. One of the curious features which
developed as the day advanced. was the can
ceiling of buying orders which were held by
steady at S14.40. Lard and ribs opened 5 to
1Oc under yesterday close, but good buying
soon caused a reaction to Tuesdays figures
May lard closed at S7.52l2, and May
ed but little attention, but later in the session
raid was started by q prominent house.
when carried May down from the opening
o3ls to S2s4c. The decline brought out a
pile of long wheat. The scalping element
aided the decline, but they were bullish in
sentiment and bought freely later around
S3c for May, to which price it shortly reacted
and closed at S3lsc Corn opened dull and
depressed, with May at 534c AS the session
progressed large amount of selling orders
were executed on account of the feeling of
uneasiness inspired by the pork market May
broke to 53c, reacting to 53Ac on liberal
buying, and closed at the latter figure. Oats
were freely realized in by May longs on ac-
count of the weak tendency of other markets:
May sold at $3.50 33s4c, closing at the latter
figure.
THE QUOTATIONS..
The leading futures ranged as follows:
Wheat-No. January, closed at 76L2c;
7s9sc, closing at 77l2c; May. s3lsc. closing
at S3c. Corn-No. January, 4Sc, closing at
4sAc; February, 4sc, closing at 4s4c;
March 4sA s;. closing at 4sl2e; May 5SAe,
ruary, closed at 3.95; May, S1425, clos
airy, S7:25, closing at $3.50; March, $3.50,
RtS7.52I2. Short Ribs, per 100 lbs-Janc,
uary, closed at S745, February, $40.
closing at S7.45; March, STATE, clos.
ing at s7.57l2; May, s7.62l2, closing at s7.75
quiet and prices unchanged Wheat-No 2
spring, ?6l2@77&c; No. 3 spring, CSC :;
No. red, nominal. Corn-No. 2, 4sISc. Oats
No. 2, 30l203lc. Rye-No. 2, 63c Barley
No. 2 75@S5c. Flax Seed-No. i, 81. Al.
Timothy Seed-Prime, 81. Pork-Mess per
Dbl, I3.s7I2@13.9O. Lard-Per 100 lbs,
$3.50: Short Ribs-Sides Qoose), S7.45
dry sailed shoulders (boxed), s.. 90@6 short
clear sides (boxed), S7.s5@79O. Whisky
Distillers' finished goods, per gal, ST. TO-
Sugars-Cut loaf. s@sl2c; granulated, 7l2c;
standard a, &c. Receipts-Flour, 1900
bbls; wheat IA, 900 bu; corn, los. 900 blu {;
pats, 10000 blu; rye, 6,OOO bu; barley. 4s !.