St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-01-10
Rush TO SELL EARLY.
Heavy Realizing Sales Force
Pork Down at the Open
ing.
Then the Big Fellows Take a
Hand and 1t Closes at
$i9.07 1-2.
Wheat, Corn and Oats We're
Slow, Closing With a
Loss.
Wall Street Speculation Un-
usually Active, With
Stocks Strong.

CHICAGO, Jan. 9.-COntrary to pre-
dictions, May pork opened at SlS.45 this
morning, break of 25c barrel from
Saturdays closing price. This was due
to the heavy selling orders received and
The under-estimation of hog receipts.
About $4,000 hogs was the estimate for
today, but, according to the reports of
various houses, anywhere from $1,000 to
$4,000 were received. Spectators
wanted to realizes especially that por-
lion known as. 1.-The country" and
nearly every order was filled from S1s.45
TO $1S.42119, the low mark Of the day.
Then the "big fellows" started in,
and the product was run up to
S19.1215, closing strong at Sl9.0715. The
trade is yet undecided as to whether
there is a corner in pork or not. May is
long way ahead and it seems improb-
able that any syndicate IS at work on a
corner at present for that month. Still,
pork is scarce, and though at present
The clique is suspected of ''Scalping" on
the market, there is a general feeling
among the traders that there is danger
DT squeeze later on. CudahY and
Wright have Been absolvcd and Philip
ID. Armour is gwen credit for the rapid
advance. Armour ran deal III pork
several years ago, according to general
belief, in which number of prominent
traders were badly squeezed"
But for thenervouS and strong market
for pork and ribs it would have been a
day to remember on the board of trade
for its phenomenal dullnesS. Some of
the apathy shown by the traders was
RScribed to the election in progress for
president and directors. but there was
nothing in the news of stimulating
character, and that was probably the
pared with Saturdays closing prices
wheat is &c lower: corn is Off from sc
to nc; oats sc, and lard 10c. Pork is
B715c and ribs re higher.
Wheat was slow all through the SEES
sion and kept within &c range. The
Northwestern receipts were small for
Monday, but the local receipts were
nearly 115 cars above the estimate, and
trade was Inclined TO wait the an
nouncement of the visible supply,
which was late in coming in. The re-
ports showed a smaller increase than
generally expected and tended to keep
prices rather firm.
In corn initial transactions were at
about final quotations of Saturday and
Bagged off under moderate offerings re,
influenced by decline in the sur
rounding pits, but at 46c for
May there was quite an active
demand and the price soon rallied, re-
covering the early loss, but again eased
off OH selling by brokers supposed TO be
representing local elevator concerns
and by the local crowd in general on
the liberal estimates for tomorrow and
increase in the visible, the price react
ing 4@55c, ruled steady and closed Is
@4c less.
Oats were moderately active and
easier. Price changes were confined to
&c range.
The provision market was very I'M
settled. and for Il time it looked as if
the high prices were at an end. There
was large element in the regular trade
that sold early. Grain houses helped to
raid the pOrk market. Commission
houses had selling orders from the out
side. Mess pork started on sharp de-
cline, and at the low point the first few
minutes showed about SOC loss from
Saturday. Lard and ribs at the same
time showed zoe loss. The weakness
was very deceptive. An hour later
prices were up around the Saturday fig
ureS. After q pause there was a second
bulge, and May pork touched SO on bid
for 500 bbls at sc over the market. There
was another lull, when a third and later
bulge put prices still higher. Although
hog receipts were over the estimate at
$1,000 to $1,000, the market at the yards
kept strong. A few ventured to sell
short, but the most OF the selling at any
lime was by holders with profits. Ar
mour and Ream were said to be buyers.
Estimated receipts for tomorrow:
Wheat, 40 cars; corn, 405 cars; oats, 100
cars; hogs. $4,000
The leadlng INJURIES ranged as follows: