St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-01-15
THE COMMERCIAL RECORD.
Biz Bears Raid Wheat and Pound the
Price Below the Dollar
Mark.
Corn, Oats and ALI Manner Of Hog Prod
uCts Decline in Sympathy
With Wheat.
financial Transactions in the Monetary
Centers---The General Quota
tons.
Special 10 the Globe.

Special to the Globe.
CHICAGO, Jan. 14.-There was a nervous
feeling and hustle of excitement Oh change
this morning at the opening. This was con-
fined to the wheat pit. The bear raid ana
the break in prices Saturday left good
many operators scared over what might be
done today. The turmoil at the start was
such that the first sales were difficult to
each. The official quotation was SLUG
1.O15s the first few minutes. In some re-
spects this was the biggest day IN wheat
since the close of the September deal. The
81 mark in May has been the aim of the
bears. "Let it get back to 81 and there will
be some good in it." they have repeated over
and over again. The market started excited
and fraction over the close on Saturday.
There was some hasty covering by shorts Oh
the belief that a rally would surely follow
the raiding of Saturday. The first buying
put the price of May to 81 .0l5s, then the
bears sold it down TO S1.O07s, the closing
price Saturday. Then it went to SlOll2,
back TO S1.0114, up to S1.01s4 on the disap-
pointment i'll the decrease in the visible, the
figures being given at 425, 600 bushels de-
crease, when double that amount would not
have been surprising From this point the
big break of the day started. The price of
May went down to S1.01, as it had done
early without excitement. Having passed
SIOl, the market became wild, and
traders determined to sell. The price
went to 81 amid great excitement.
Everybody was crazy to sell. The price
touched9934c on stop orders, rallied to Sl.101s
fell back to $3.50. Hutchinson was seller
all the time. The big bears of Saturday,
Ream. Cudahy and Jones, were helping on
ha ~ +
997se and pounded the market with large
lots, and the price yielded to 99lsc. Be-
tween 1890 and the Close the price of May
varied from 998sc to 99s4c, but there was not
strength enough left to regain the 81 point.
There was little outside news Clearances
were almost nothing. Primary receipts
were light Receipts here. 81 cars, with
50 cars for Tuesday. Corn was dull. The
visible supply showed an increase of
100 bu. Cash corn was dull and lower, and
futures closed about lac under Saturday.
Export clearances were light, and shipments
here but 10000 blu. Receipts were 143 cars,
with cars No. 2. and 80 cars No. 4. Esti-
mate for Tuesday, 275 cars. Oats were easier
and ranged at lower prices; receipts, 100
cars. Lower prices for hogs and heavy re-
ceipts caused provisions to rule lower early,
and before the call there decline of 1u@15c
in the pit. About noon the bearish feeling,
which had grown intense in wheat was no.
ticeable in provisions There was consider
able realizing on purchases made last week,
and the crowd credited Armour & Co. with
helping the decline.
THE ROUTINE REPORT
CHICAGO. Jan. IA large business was
transacted in wheat to-day, and prices again
touched a lower point, and reached below
the dollar mark for May. The decline was
al, hn nj rpOlizinQ
wheat. The opening was a little stronger,
and prices early in the session were advanced
Csc above the closing figures of Saturday,
due to rather free covering of shorts, and
possibly the buying Of some long " h lat in
expectation of a reaction. But the specula-
tive offerings continued heavy, and when
the most urgent demands were supplied q
weak feeling set in. There evidently is
lack of confidence, influenced by the recently
developed weakness in the market, and oper-
ators are afraid of more long wheat COM
ing on the market. The result of the
heavy offering was a g decline OF OF
early in the morning. which decline was fol-
lowed by 58c advance and the closing was
quiet and Ice lower than Saturday. Corn
ruled quiet most of the session. The feeling
developed was weaker, and this was at
tributed largely to the large increase in the
visible supply. The opening was about the
same as the closing prices of Saturday and
the market ruled steady for time, but sot
Ii.
ruled steady. and closed lS@14c lower than
Saturday. Speculative trading i'll May oats
was fair, but in the near future, exceedingly
light. Shorts took advantage of liberal offer
ings, but prices declined AQssc-the market
closing quiet and easy. very brisk
trade was reported in mess pork, and
prices ruled Irregular. Opening sales were
made at Toe decline, and then slight rally
of 2l2@5c occurred. Later the market weak
ened and prices receded 30@3212c on the
whole range Near the close the feeling was
steadier, and prices advanced 2l2@5c, but
closed rather quiet. Quite an active specu-
lative business was transacted in lard, and
the feeling was generally unsettled. Prices
opened fully 5@7l2c lower, and a further re-
ducton of 15020c was submitted to. At the
close the market was steadier and prices
rallied slightly. More was doing in short
ribs, and The feeling was weak and unsettled;
prices opened 2la@5c lower, and a further
reduction of 12l2@l5c was acceded to.
Later the market was steadier, and prices
slightly advanced, the market closing quiet.
THE GENERAL QUOTATIONS.
The leading futures ranged as follows
Wheat-No. January opened at 964c, clos
ing at 945sc; February, 91Ssc, closing at
95lsc; May, S1.01, closing at 99l2c; July,
93c, closing at 9ll2c. Corn-No. 2, January,
closing at 347sc; May, 36a4c, closing at 3el2c
Oats--No. 2, January, closed at 2414c;
February opened at 24S4c, closing at 24s4c:
May, 27a4, closing at 278sc. Mess Pork, per
Dpl-JuDu;lTy clOseu at Sl ~: MdIC0 opened
at $3.50, closing at $1,000; May, 1882,
closing at S1325. Lard, per 100 lbs-Janu-
airy opened at $3.50, closing at S7.02I2 !;
March, $3.50, closing at 81. ! Dig; May, 81 40,
closing at 1925. Short Ribs per 100
lbs-January Opened at $6.77I2 closing
at 1913; March, S6.95, closing at
$3.50; May. sos, closing at $500.
Cash quotations were as follows: Flour
weaker, with some sales at l0c lower. Wheat
No. 2 spring, 94ls@945sc; No. 8 spring. so
@9Oc; No. 2 red. 94l8@945sc Corn-No .,
33I2@356sc. Oats-No. 2, 24SsGl24l2c. Rye
No. 9, 47@47l4c. Barley-No. 2 nominal.
Flax Seed-No. l, S1.63l2. Timothy Seed
Prime, 81. 30. Mess pork, per Dbl. S13.
Lard, per 100 lbs, $7.O21207. O5. Short
ribs Qoose), S6.75. Dry sailed shoulders
(boxed), Sc. 25@6. 37I2. Short clear sides,
(boxedl, 81 25@7.37I2. Whisky, distillers'
finished goods, per gal $l.O3. Sugars
Cut loaf, S@Ss8c; granulated, 7ssc; standard
A, 7lsc. Receipts-flour, 5000 bbls; wheat,
10000 bu; corn, 116, 900 bu; oats, $4,000
bu; rye, 5000 bu: barley, $4,000 Blu. Ship
ments-Flour 1000 bbls; wheat 1000 blu;
corn. 60, 900 bu; oats, 90, 600 bu rye, 5000
bu; barley, "a. ZOO blu. On the produce ex-
change today the butter market was neg
lected: fancy creamery, 22026c; choice to
fine, 20@D22c: good to choice dairy, 12l2@14c.
Eggs easier at 14l2015c.
r. M. NEWPORT & SON,
Investment Bankers,
152, Us, 154 Drake Block Loan Money
On TmnrOVed Real Estate Security