St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-01-05
THE COMMERCIAL WORLD.
Large Stocks of Provisions Thrown on
the Market and Cause
Break.
Ream Appears in the Pit and Offers
Large Blocks of Wheat---Fhe
Petroleum Boom.
Transactions in the Financial Circles
of Wall Street.-The General
Quotations.
Sneeial 10 the Globe.

CHICAGO, Jan. 4.-Cnexpeetedly large
stocks of provisions, nearly 100000 barrels
of pork (old and newt, 10000 tierces of lard,
100000 600 lbs of ribs, 30,00o,0OO lbs OF
hams, and other meats i'll proportion, made
the market weak this morning, and TO add TO
the bearish tendency $1,000 hogs were re-
ceived at the yards, and lower prices ruled
out there May pork held down to Sl5.45
the first half hour, a loss of soc from yester-
day: May lard sold off 17l2c, or down TO
S. 97Iec and in ribs in which there was less
doing, the decline was 1I2c. Wheat and corn
also opened lower, with the local crowd right
on top of the market. Ream appeared per
sonally in the pit and offered large blocks OF
wheat The market declined to S44c, and
in corn bottom was touched at 54Ssc on the
early decline.
THE BLUE CHIPS,
as the brokers call the local heavy weights,
made concerted drive at provisions this
forenoon, but on the break, as on all previous
forced depressions, a wall of country buying
orders was met. This obstruction, which rises
in their path on every onslaught, the bears
have thus far been unable to over run, climb
over or beat down. The argument used to-
day by the bears was the large stocks, but
analysis and comparisons show stocks are not
excessive. They are about the same, in gross,
as last year. This shows that the consump-
ton trade has been interfered with by the
advance in prices, but not TO the extent
claimed. The market holds with astonishing
tirmneSs considering the weight upon il.
From the time of greatest depression to-day
there was & partial recovery i'll all lines of
produce except lard, which displayed weak
ness to the end. One big scalper was forcing
his luck by selling wheat to-day, adding about
100000 bushels 10 his already large bin.
OTHER LOCAL PLUNGERs
went the same way, but there was a fine
investment demand at a decline that toll
lowed, and from S4Le May advanced to
S77sc. reacting slightly from the top. The
tone of the market was steady, and even
strong, however. Cash wheat was kicking
around in New York, and cables were quiet
with fair tendency TO weaken. The bear
news is all from the East. The news from
the Northwest and the West is bullish. Re-
ceipts are falling off from the already low
level of the past week. Duluth reports the
arrival of only sixteen cars. The Western
winter wheat markets are not weak and the
milling demand continues to be most excel
lent. Instead of being larger than expected
by the best-posted statisticians, stacks of
grain in the United kingdom are smaller.
The markets were stronger on the afternoon
board and pork and wheat doomed. At 80
p. m. the prices of wheat were: January,
Use; February, 7SI2c; March. 79lsc: May,
S5Is@ S54c. Corn-January, 1850; Febru-
ary, 49I4c; March, 4924c; May, 547sc. Oats
January, 31l2c: February, 31lac; May, 35c'
Pork-January, $3.50; May. $500 Lard
January S7.72l2; February, 1915;
March, S7.S5; May, Se@S.O2l2. Short Ribs
January, S7.S5: February, $3.50; March,
S797l2 May, Ss.17l2.
THE ROUTINE REPORT.
CHICAGO. Jan. 4.-There was general de-
sire to sell at the opening of the board of
trade to-day, and all the markets were lower.
In provisions the market was weak on big
local stock of lard as per the official monthly
statement and large receipts of hogs at the
yards May wheat opened ls@I4c lower than
54ssc, and May pork 15c off, at $3.50. In
the first hour S business May wheat declined
TO s44c, and reacted to S4asc. May corn
went down to 54Ssc, and reacted to 54as@
reacted TO $3.50. Around these last
named figures all of the markets
were quiet and steady. In the corn
pit the heavy deliveries of yesterday
afternoon had a rather weakening effect.
There was free selling also at the start, and
these influences. combined with the weak
ness i'll wheat, caused the early decline.
Some outside buying and the reaction in
wheat, caused the reaction to opening prices.
Heavy sales of pork broke May down to
$3.50 when some stop orders were brought
out which carried 1t to SIS As. There was
plenty of demand, however, around $3.50
for all of the stuff offered. AS the day adj
vanced. there was good demand for wheat
around S4l2c or anything below that, and
there was also good buying around 1880
later on. When the heavy buying began the
price was run up to S47sc. Around 1890
the market was quiet and steady at S4s4c for
May. May corn, Influenced by wheat, firmed
up to 547sc. Its rallying price was 54s4c,
around which figure it held quite steadily.
1886.
THE QUOTATIONS.
The leading futures ranged as follows:
Wheat-No. ?, January, 77Ac, closing at
March, 7s5se, closing at 791sc; May, S4l2c,
closing at S5lac. Corn-No. 2, January
4Sa4c, closing at 4sIsc; February. 49Ac,
closing at 49l4c; March, 49s4c, closing at
49s4c; May, 547sc, closing at 547sc. Oats
No. ?, January, 3lsSc, closing at 31l2c; Feb
ruary, 1880, closing at 31l2c; May, 3475c,,
closing at 35c., Mess Pork: per bbl-Jan-
ggaEyi SI5;o5; closing at S15;lo; February,
Lard, per 100 lbs-January, $772I2,
closing at S7.77l2; February, $3.50,
closing at S7:75;0 March $50. closing
s. Short RIBS AP Psr S ioo SGsnE At s.
closing at S7.S5; February, S7.S2l2, closing
al $3.50; March, $3.50. closing at $7.9712.
May, $50, closing at Ss.17l2.
prices firm and unchanged. No. 2 spring
wheat 77sBc bid; No. 2 corn, 40; No. 2
oats 3ll2e; No. Frye, 6ll2G62c; No. bar
timothy seed, 81. 40@2.41; mess pork. per
Dbl, S15@15.O5; lard. per 100 lbs, S7.7O@
7.72l2;. short ribs sides Qoosel, 81. so; dry
sailed shoulders (boxedl, S6.1O@6. Is: short
clear sides (boxed), So. 1C@S.1 IS; whisky,
distillers' finished goods per gal, 81 10;
sugars, cut loaf, 7s4GSAc; granulated, Use;
standard "a, &c. Receipts-Flour, 81, 600
bbls; wheat $4,000 bu; corn, $4,000 bu;
600 bu. Shipments-Flour, 10000 bbls;
wheat, $4,000 bu; corn. 463, 900 bu: oats.
$40, 900 bu; rye, 5000 bu; barley, 100000
bu. On the produce exchange to-day the but
fer market was very dull; fancy creamery,