St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-01-03
THE COMMERCIAL RECORD.
Big Bulls Unload Their Holdings OF May
Wheat anu Prices Take A
Tumble.
A Bio Break in Provisions and Cor
responding Weakness in Corn
aud Oats.
Financial Matters in the Monetary
Centers---The General Quota
lions.
Snnninlin the Globe


noon was very much like that OF week ago.
and abont the same as the market OF January
. 1888, Liquidation was the order OF the
dav, and at IL O'Clock May wheat had SOLD
with a range of Sc. which was more than
&c under the closing prices on Monday.
More than this, the rally was so feeble pc
tween IL and l o'clock that the last half
hour of the session promised TO be as inter-
esting as it was exactly one week ago, when
the price broke &C. There was nothing new
In the situation to encourage the bulls or
their followers and there was much
TO discourage them. II was wired tnat
FIVE of the leading mills in st. Louis
had shut down TO remain idle until the pro-
duct on hand can be worked on. Ihere
were no expert clearances to speak OF. Inc
trade here was almost entirely local. On
Saturday and Monday the controlling spirit
in the wheat pit was buyer. To-day he
was not able to be on the floor, and his trad
ing was on the selling side. he was heavl-
ly loaded with wheat, and many houses
FASTENED TO realize when they saw how uli-
stable the bull side of the market was. Lead
Ing sellers here were Hutchinson, Jones,
Bennett. Mccormick & Co., Lindblom and
Sehwatz Dupee At clock May rested at
S1045s q second time. January sold from
S1.O2lS down TO 99S4c, and Feb
ruary from 99l2c to 95s4c. Receipts here
were 40 cars with 8 cars all told OF
No grade. The weakness i'll wheat caused
May to touch Sl.04l2 and close at 81 04as.
Corn was quiet and weak with prices at the
close l2c lower for January, lac lower for
February and May. Deliveries this morning
were estimated ct 25O.0GO bushels. Re
celpts were 245 cars, with 80 cars of No. 2
and 43 cars of No. 1. Export clearances at
Atlantic ports were over half million BUSH
els. Chicago shipped 349. 900 bushels. JAN
nary sold at 33$4G134lsc, closing Mt 33s4c;
February. 34A@3I5sc, closing at 34sSc; May.
36S4@37 4sc, closing at 367sc. Wadhams
and W. P. Harvey were again selling May
oats, and it appeared, on the surface at least,
that the Milwaukee crowd was getting out as
fast as it could. Receipts, JOY ears. There
was a big break in provisions, lard es-
pecally. Schwartz Dupee and brokers sup
posed to be acting for Fairbank were heavy
sellers. May pork, which sold at Sl3.43 dl-
rectly after the opening, broke down to
S13.15. The1e appeared to be no support TO
the market. Monthly deliveries of wheat
were very light. Linn-Dwight sent out nearly
all that went around. Receivers sent out
fair quantity of corn which was mainly taken
by carriers. Deliveries of pork were about
10000 barrels, most of which were sent out
by Cudahy, Armour and Schwartz-Dupee and
taken in by Robert Warren and the carriers.
No lard went around and the impression
prevails that Fairbank is holding on TO the
property. The Chicago Packing and Pro-
vision comr.sy sent out nearly all of the
100000 lbs. of Iibe that went around.
THE ROUTINE REPORT.
(srTTF aGn Tor - nj in
store for operators in wheat in this market,
and it came in the way Of sharp decline,
instead of the advance they had calculated
upon. The opening was strong, and l2@IS4c
higher than tie closing figures Of Monday,
influenced possibly by the light deliveries on
January contracts and a decrease of 800,
600 bu i'll The quantity on passage; but soon
after the opening the speculative offerings
became quite heavy, and a steady shrinkage
in prices followed, which continued until
decline of 27Sc was established, when the
market temporarily rallied 34c, again became
weak declining to the inside range of the
day, and closed about 2l2c lower than Mon
day. The receipts were light and export
clearances again small. In fact there was
nothing new from outside points to cause
any special change i'll the market and the
decline of to-day was credited principally to
the selling of Il prominent local trader
This party, for several days past, has been
large buyer al d therefore Il support to the
market. and his adverse action to day natur
ally had doubly depressing effect. At the
decline, or inside prices, there was good buy
ing, sufficiently to prevent further decline.
This buying was supposed TO be mainly
against sales made early in the day. Corn
ruled rather quiet most of the session, though
at times exhibited moderate activity. The
feeling, considering the reaction in wheat,
was comparatively steady and after the east
ness displayed around the opening, the mar
ket ruled paratively firm. Initial trades
were 14@SSc higher than Mondays closing
prices, after which the market sold off $50
Ice, became steady, and closed ls0Ac lower
than Monday. There was considerable
changing of January into the more deferred
months. chiefly May. Oats were fairly active
but weaker and lower. Offerings during the
greater part of the session. were espec-
tally from longs. Buyers appeared rather
Indifferent about taking hold. as other grains
were weaker and lower, hence The market
had little support and prices declined SS6112c
on the May delivery and lsc on the deliveries.
and the market closed quiet at about inside
prices. Speculative trading was quite active
in mess pork and prices were irregular.
Early prices were advanced DC, but the mar
ket soon weakened and prices gradually de-
clined 25@30c. Later the market ruled
steadier, and prices advanced 507l2c and
closed steady. Offerings were liberal ana
principally the May delivery. Quite an &C.
tive business was reported in lard and prices
were down. Prices declined 7l2@l0c, but
rallied and closed rather steady. Consider
dDlc Interest WAS ll;lnlIPStSu III snort rlDS
and trading was quite active. Prices were
weak early iii the day. and declined 15@20c,
but rallied 2l2@5c later, AMI the market
closed steady.
THE GENERAL QUOTATIONS..
The leading futures ranged as follows:
Wheat-No. 2 JANUARY opened at 81. O2.
closing at 99l2c; February, $1.04, closing at
S1.0034; May $1.07i4. closing at ST. O45s
July, 97lsc, closing at S955sc. Corn-No 2,
January opened at 34lsc closing at 33s4c
n ali Sy,Nor of II
closing at $3.50. Oats--No. ., January,
opened at 25l4c- closing at 25lsc; February
closed at 25l2c; May, 2Sl3c, closing at 2sssc.
Mess pork, per Dbl, January opened at
SI2 97i2. closing at S12 92l2; May. SIS 40,
closing at $l3.22l2 Lard, per 100 lbs,
January opened at 81. 62ls, closing at 81. 40;
February, closed at $40; May. 81 80, clos
ing at S7.52G2. Short ribs, per 100 lbs, Janu-
airy opened at $3.50, closing at S6;62!2;
May. S702l2, closing at S6.s7ls
Cash quotations were as follows: Flour
nominally unchanged. Wheat-No. 2 spring,
994@99lse; No. s spring. s5@92c; No. 2
Oats-No. 2, 23lsc. Rye-No 2, soc Bar
sIe2@i75. Timothy se ts PfHnS si5 l.
Mess pork. per Dbl, $12.s0@12.S5. Lard,
loose, S6.70@6,75: dry sailed shoulders,
boxed, So. 75Gl6. SLY; short clear sides
boxed. S7@7.12l2. Whiskev-Distillers' tin
ished goods. per gal, $1.O3 Sugars IN
changed. Receipts-Flour $1,000 bbls;
wheat, 10000 bu; corn, 1856 bu; oats,
100000 blu; rye, 1900 bu; barley, 81, 900
blu. Shipments-Flour. 5000 bbls; wheat,
10000 blu; corn, 149,c,0 bu: oats 100000
bu: barley. 10000 bu. On the produce ex-
change to-day the butter market was dull
fancy creamery, Csc: good to choice, 23@
24c: fine dairics, 2C@22; good to choice,
17@19c Eggs dull at SC.
r. M. NEWPORT & SON,
Investment Bankers,