The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1893-01-11
PORK OPENS LOWER
Contrary to the Expectations of
Brokers.

CHICAGO. Jan. 9.-Contrary to predic-
tions May pork opened at SIS 45 this
morning break OF 25c a barrel from Sat
urday's closing price. This was due to the
heavy selling oriers received and the
under estimation OF hog receipts. About
10000 hogs was the estimate for today,
but according to the report OF various
houses anywhere from $1,000 TO $1,000
were received. Specu ators wanted to re-
alize and especially that portion known as
tine country" and nearly every order
was filed from SIS 10 to SlS42l, tina low
mark of the day Then the "big feI ows"
started in and the product was run up to
Slal24, closing strong al Sl9.074.
The trade is vet undecided as TO whether
there Is corner in pork or not Nav is a
long way ahead aud it seems improbable
that any syndicate is at work oil a corner
for that month Still pork is scarce, aud
though at present the clique suspected is
'scalping" on the market, there is gem
erai feeling among the traders that there
is danger OF squeeze" later on. Cudahv
and Wright have been absolved and
Philip ID. Armour Is given credit for the
rapid advance. Armour ran a deal in
pork several years ago, according to gen
eral belief, IN which a number OF prom
inent traders were badly ''sqeezed."
But for the nervous and strong market
for pork and ribs il would have been a
day to remember Oh the board of trade
for its phenomenal dullness. Some of the
apathy shown by the traders was as
cribed TO the election in progress for
president and directors, but there WAS
nothing in the news of a stimulating char
md hot Ill -,
cause of the DAVIS dul ness. Compared
with Saturdays closing prices wheat Is 1c
lower, corn is off from &c to 4c, oats &c
and lard l0c. Pork il 37lc and ribs &c
| higher. Wheat was slow al through the
| Sc sion and kept within &c ran e. The
| northwestern receipts were small for
| Monday. but the local receipts were
nearv l75 cars above the estimate, and
the trade was inclined to wait the an
nouncement of the visible supply, which
was late in coming in. The reports showed
a smaller increase than generally ex-
pected and tended to keep prices rather
| firm.
The provision market was very unset
| tied, and for time IL 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 outside. Mess
! pOrd started on a sharp decline and at the
| low point the first few minutes showed
about SIC loss from Saturday. Lard and
ribs at the same time showed 20c loss The
weakness was very deceptive An hour
later prices were up and around the Satur-
| day figures. After pause there was a
second bulge, aud Nav pork touched $40
| on bid fer 500 barrels at &c over the
market There was another lu when a
third and later bulge put prices still
] higher. Although hog receipts were over
the estimate at 81 600 to 5000, the mar.
ket at the yards kept strong. A few ven
tured to cell short. but tie most of the
! Sc ling at any tine was by holders with
profits. Armour and Ream were said TO
be buyers.
Estima ed receipts for tomorrow
| Wheat. 40 cars corn, 405 cars; oats, 100
cars; hogs, 25.000.
In corn initial transactions were at
about final quotations OF Saturday. and
I sarged oil under moderate offerings &c,
influenced by decline in the surround
ing pits. but at 46c for May there was
| quite an active demand and the price
/ soon rallied, recovering the early loss, but
| again eased off on Sc ling by brokers sup
! posed TO be represented by local e evator
concerns and by the local crowd In gen
eral on the liberal estimates for tomor-
row and increase in the visible supply.
the price Teac ing "a &C, ruled steady and
closed with la lc loss.
Oats " ere moderately active and easier
Price changes we're confined TO ic range.
The leading futures ranged as follows