St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-01-25
A Panic in the Wheat Pit Owing to
Heavy Selling by
Shorts.
Corn Dull, Oats the Same aud Pro-
visions Go Still
Lower.
Financial Operations in the Monetary
Centers---The General Quo
tati0ns.

yesterday, this was very active day in
wheat. Up to p. m. the range for May was
from 957s@97ssc. The opening was at &c,
with bulge to 97lsc and drop to 957S
the first few minutes. In half an hour the
price had rallied to 965sc, and for another
hour there was hard fighting in the pit with
the price close around a6A@95ss. Then
Jones-Kennett. Schwartz-Dupee, Mitchell
and others turned quick buyers. The shorts
took alarm, and every house on the floor
tried to get wheat from 96asc up to 97Ssc.
The reaction might have been much stronger.
but Hutchinson was a persistent open seller,
credited afterward with buying considerable
under cover. W. T. Baker, it was said, sold
quite line. He was one of the last bulls to
weaken. After May reached 97ssc it fell off
to 967sc, and again to 97lS on a little furry
just before p. m. Those who really believe
that wheat will land above 81 when the
storm of liquidation is over breathed easier
and said the worst was past. Liverpool
cables quoted spot wheat I'd lower. Ex-
porters were both buying and selling.
Primary receipts were $4,000 bu and exports,
mostly flour, were 1000 bu After o'clock
there was a little additional bulge
in wheat The price of May touched
97s4c with the close at 97lac or 97Ac
over last night and 15sc over the bottom
price this morning. Wheat taken for ex-
port was IL boat-loads at Baltimore and 4
loads at New York. The corn pit was quite
dull most of the session. with many of the
regular traders attracted to the wheat pit.
Nevertheless there was firm feeling and
slight advance in prices. The short interest
in corn and the relatively low prices makes
the market sensitive to little unusual bid
ding. The receipts were 1913 cars, with only
3 cars No. 2 grade. Shipments here were
$4,000 bushels. Export clearances were
about 200, 900 bushels, mostly from Balti-
more. Oats were unusually dull, with little
or no change in prices for futures Receipts.
50 cars Another day of lower prices was
experienced in the provision pit Prices for
mess pork went Off quite as sharply as on
previous days, but there was less evidence of
raiding. Prices app erred to go lower this
morning through lack Of any active support.
When there was little aggressive buying it
was shown by rally in the pit. Receipts Of
hogs were 1880, and prices for all except
light lots &c lower. Receipts at six packing
points were $4,000 against $4,000 one year
ago. February pork opened 15c lower at
S11.s5; May opened Zoe lower at $3.50.
sold down to S1205 before the call and later
became steady around $l2.15@l2.17l2. May
ribs so Id down to $6.35, and May lard to
$6.92l2, with slight rallies before the close.
THE ROUTINE REPORT.
CHICAGO Jan. 24.-Quite a large business
was transacted in wheat to-day, and the
feeling was unsettled and feverish. The
opening was about the same to lsc higher
than yesterdays closing, but declined lac
under large offerings, and apparently nobody
to take them. Later it ruled stronger, and
advanced Use, then became easier and
closed about s4c higher than yesterday. The
early decline, it is claimed, again brought
out considerable long wheat, some of which
was forced on the market tor lack of mar
firm also contributed to the weakness,
though this was subsequently denied. The
later reaction and improvement was attri-
buted to active covering by shorts and posi-
bly, some buying on long account In expecta-
ton of a reaction. Trading on out
side account was fairly large. 1t was
rumored that a prominent local operator had
margined his trade down to 85c. and ru-
mored export buying at the seabOard assisted
the recovery from inside. figures. Corn
of yesterday, was steady for time, then adj
vanced A@5sc. and near futures showing the
greater strength, reacted some, and closed ~
@5sc higher than yesterday. Oats were quiet
and steady with slight fluctuations The
trade i'll mess pork was moderately active,
but prices ruled with considerable irregu-
larity. Offerings were rather free early in
the day and a reduction of 3O@35c on the
losing figures of yesterday was sui mitted 10.
Later the market developed little more
strength and prices gradually improved LOO
12lac and closed comparatively steady. Lard
was moderatively active and somewhat un
settled prices ruled 7la@1Uc lower early in
the day but rallied again 5@7l2c, and closed
steady. Short ribs were less active and
weaker Prices ruled 1O@12lac lower early,
but rallied 2I2G15C later and closed steady.
THE GENERAL QUOTATIONS..
The leading futures were as follows:
Wheat--No. 2 January closing at 93Ac; Feb
ruary, 93c, closing at 0392c; May, 97c, clos
ing at 97l2c; July, SOC, closing at S9Ssc.
Corn-NO. 9 January, 344c. closing at Sac;
March, 35l2c. closing at 355sc; May, 367sc,
closing at 367Sc. Oats-No. 2 January
closed at 24c; February. 24a4c, closing at
Pork (per bbD-January opened at SLIGO,
closed at S117O; March opened at Sll75,
closing at $l1.95: May. $3.50, closing at
$12.1O. Lard (per 100 lbs)-January closed
ing at S6s712; May, $6.97, closing at Sc. 95.
Short Ribs (per 100 lbs)-January clos
ing at Sc 20; March, $6.42I2, closing
at S6.35: May, S6.47l2. closing at $64O.
Cash quotations We're as follows: Flour
93@9314c: No. 2 red. 93@93Ac. Corn-No.
2, 34Ac bid. Oats-No. 2. 24la@244c. Rye
No. 9, 4Sc. Flax Seed-No. 1, $1.6n.
Timothy Seed-Prime, S1.57. Mess pork, per
Dbl. Sill SO@11.s5. Lard, per 100 lbs,
Sc S2l2@6s5. Short ribs. SIDES Qoose),
So 80. Dry sailed shoulders (boxed), 500
625. Short clear sides (boxed), S6.62l2@
CTS Whisky-Distllers finished goods, per
gal, S1O3. Sugar-Cut loaf. 7s4@Slac; gran
n1ated, 7lse; standard A, 67sc. Receipts
Flour, 1000 bbls; wheat, 10000 bu; corn,
$4,000 bu; OATS $4,000 hu; rye, 5000 bu;
barley. ct, 900 bu. Shipments-Fiour, 10000
bu; wheat, 17,oOO Blu; corn, $4,000 blu; oats
10000 blu; rye, 1000 bu; barley, AZ, 900 bu
On the produce exchange to-day the butter
market was dull and unchanged. Eggs steady
at l5@15I2c.
R. M. NEWPORT & SON,