St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-01-24
THE COMMERCIAL RECORD.
Bears Pound the Price of May Wheat
Two Points Below the Dollar
Mark.
A Little Bulge in Corn---0ats Quiet and
Featureless-.-Hog Products De-
Clining.
Financial Operations In the Monetary
Centers-.-The General Que
tati0ns.
Special to the Globe,

Special to the Globe.
CHICAGO, Jan. 23.-This was the biggest
day in wheat since Dec Is, when the price
of May wheat broke &c in this market. The
markes opened with the crowd nervous after
the break below ST., late yesterday. There
was, however, more good buying for awhile
among shorts that gave an appearance OF
strength. May opened 99a4c, the first sales
of that future under 99c since October. The
first few minutes found the price at 9Slsc.
There was pounding by the bears and hqui-
dation by the bulls all day long. The crowd
could not keep track of the big sellers, but
as prices glided down there was general sell
ing, helped on from time to time by stop loss
orders. The decline in May the first hour
was from 9S7sc to 97l2c Then there
was rally toward noon to 9e1sc. The
second raid occurred after II o'clock, and
sent the price of May off &c in less than
twenty minutes, the bottom being touched at
96lsc, or Sc under last night and 4aSc under
the best price of yesterday The weakness
continued to the end, with Sill h rally just
at the close, which caused May to sell at
96S4c, or &c under the opening prize. The
heaviest sellldg was said to be by Jones &
Kennett, followed by Walker & Co. and Nc
Cormick d Co. Lester was seller, but his
alleged large sales were denied, and put the
crowd at rest regarding Fairbanks wheat.
The clique wheat, so-called, represented i'll
the minds of the trade by Fairbank, is sup
posed to tie firmly held, and the claim is
made that it is margined to 90c. The bulge
following the morning break was partly at
tributed to the heavy buying through Poole
Sherman. Outside news or figures had little
effect in the excitement of selling. The
clearances at Atlantic ports were $4,000
bushels wheat and flour. Exporters were
both buyers and sellers at New York. Pri-
mary receipts were about $4,000 bushels.
Receipts here were but II cars, with car of
winter and 1 car of spring graded No. 2.
Oats were quiet and without material
change. Receipts were So cars. There was
a little bulge in corn at one time to-day, and
a little furry among the shorts. Prices were
advanced to 34s4@347sc for February and
37lsc for May. Closing prices were
trifle better than last night
Receipts, 124 ears, 1 car No. 2.
Shipments here, "a, 900 bushels. The same
tactics prevailed in provisions as on the pre-
vious days, with the same results-sharp de-
clines on the raiding and mild rallies on the
covering purchases. Receipts of hogs were
1000 below the estimate, and yet prices at
the yards openedlower for the best grades.
The opening prices of products in the pit
lard and ribs. Cudahy and others were
heavy sellers before the call, and the price of
May pork yielded zoe, while lard and ribs de-
clined from sc to l0c. After the call there
was slight rally, but second shaking after
IL O'Clock put prices to the bottom again.
Mess pork for May sold from $3.50 down
to $3.50, back to $12.45 and off to $3.50,
closing on slight rally at $12.3712012.4O.
May ribs sold at S645 and clio sed at $6.47la.
May lard sold at S7.O212 and closed at the
bottom. Liquidation was the order of the
day.
THE ROUTINE REPORT.
CHICAGO, Jan. 23.-Weakness was the pre-
dominating feature in all the wheat markets
to-day. From all points were received weak
and discouraging advices for holders, and a
heavy feeling prevailed. The opening was
la0034c lower than yesterdays closing, and
with some fluctuations prices declined 15sc
more, then rallied S4c, but again ruled weak,
declining L 4c more, or to point 27Sc below
the closing figures of yesterday and closed
25sc lower. The decline was partially a con-
tinuation of Yesterdays weakness, and as
sisted by the declining tendency of other
markets. The speculative offerings were
heavy, and large lines of long wheat came
pouring in on the market, much of it being
on margin limit and stop loss orders. The
decline indnced some very heavy covering of
short wheat which caused temporary re-
action, but buyers were soon filled up, and
then a second decline set in. The bad
weather had weakening effect upon the
market. Besides the covering of shorts,
there was some buying on the report that
fourteen boat loads OF wheat had been taken
at New York and three at Baltimore also
Philadelphia for export. Later reports from
new York said that most of the ocean
freight room was being taken for corn, and
that there would probably not be any fur
Their done in wheat. Corn ruled quiet and
| inactive early i'll the day but as the session
advanced the market became fairly active
and frmer feeling prevailed. May re-
ceived the most attention. The market
opened at yesterdays closing price. and was
steady for time then advanced l2c, reacted
s4c, and closed 1S@Mc higher than yesterday.
In oats the feeling was easy with Ssc decline
| in sympathy with wheat. Later frmer
! feeling developed and prices for May adj
vanced A@Ssc, due to the appreciation in
| corn. The break in wheat the last hour
| of the session again produced heavy feel
| ing, ana all the advance was lost. Consider
| able interest was manifested in mess pork,
and trading was moderately brisk. Prices
| very irregular. Opening sales were made a,
| 2I2M5c decline, but a rally of 507l2c was
| quickly gained. Later a weaker feeling was
| developed and prices gradually receded 25@
| 27l2c. With little more inquiry from shorts,
| the market rallied 12l2@15c. Towards the
| close the market again ruled easier and
| quiet. Lard was steadier than the other hog
! products. Prices at the opening were about
| 2l2c lower, and an advance of 2l2@5c was
! gained later. Near the close the prices re-
| ceded again, and the market closed steady
| A fair ade was reported in short rib sides
| Prices ruled 5@7l2c lower, and the market
| closed steady.
THE GENERAL QUOTATIONS.
Wheat--No; January opened at 94c
92ssc; May, 9ss4c, closing at 9s24c; July
| 9US4c closing at SS34c Corn-No. 2 Jan
uary closed at 81 sc; March. 35lsc. closing
| at 355sc; May, 27Ac, closing at 36s4c
| Oats-No. January closed at 24l2c: Feb
ruary, 24a4c. closing at 24s4c, May, 27Ac
| closing at 27Ac. Mess Pork (per bbD-Jan
uary opened at S12.15, closed at ST.; Feb
ruary opened at S12.12l2, closing at $l2
May, $3.50, closing at $12 37l2l2: Lard
{per 100 lbs)--7January opened at Sc. 92l2
closing at $3.50: May, S7.O2l2, closing a
| S7.O2l2. Short Ribs per 100 lbs)-Jan
uary closing at 80; March, $6.32l2, clos
ing $6.35; May, S6.52l2. closing at S6.45
qmet; unchanged. Wheat-No. 2 soring
92A@92l2c; No. spring, s2@9Oc: No. {
red. 9214@92l2c. Gorn-No. 2. 34lsc
Oats-No. ., 24l2@2484c. Rye-No., 3. 4ee
| $161. Timothy Seed-Prime, S1.57. Mess
pork. per Dbl, S12. Lard, per 100 lbs
So. %. Short ribs, SIDES Qoose), Sc 80
| Dry sailed shoulders (boxed), $6@6. %
Short clear sides (boxed), $662i2@6.75
| Whsky-Distillers' finished goods, per gal
S1O3. Receipts-Flour, 5000 bbls; wheat
$4,000 bu; corn, al 900 bu; oats, 77,OO(
hu; rye, 5000 bu; barley, 10000 Blu. Ship
ments-Fiour. IL 900 bu; wheat 5000 bu
| corn, 40, 900 bu; oats, 50, 900 blu; rye, 5, DOC
bu; barley, Be, 900 blu. On the produce ex
change to-day tie butter market was dull
and unchanged. Eggs steady and I'M
| changed.
| r. M. NEWPORT & SON,
| Investment Bankers,