Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1884-01-13
May Wheat in Chicago Falls Below a
DoIIaI Yesterday.
A GRAND PICNIC FOR THE BEARS.
Their Opponents Without Leader and
They Have Their Own Way.
PROVISIONS STEADY AVID HIGHER
An Uneasy Market on the New York
stock Exchange.
CHICAGO.
Especial Telegram to the Globe. !

CHICAGO, Jan. 1z.--Ane "boaI HHi ho
opened lower than it closed on the curt
yesterday. The hears we're IN full force
and the demora'ized bulls we're without &
leader or any ,vorable Indication from
any source. Thu Vices from Europe were
very discouragn. There were large
number Of stop orders to sell at 81 OF
thereabouts, and the FIRST object Of the
bears was TO put May wheat below 81
good many local holders were anxious
tosel, and a good many margins were ex-
hausted. The parties interested in the
January corn deal threw consider
able blocks of wheat upon
the msrk4:. Wheat had few
friends and The market socn became 2
tangled mass Of humanity, all of them for
the moment Offering wheat. Sales were
made at 81. 99Tc and $3.50 at the same
time in different parts Of the crowd. Some
large transactions took place at 991ac,
There was a pause, and the buyers stepped
forward and boosted the market up to
9978c and 81. Just as the bulls began TO
breathe little freer, there came kilograms
from New York announcing the
failures of q. W. Coleman Co.
apd j. W. Fulle- & Co. The market be-
came almost panicky, and prices went off
with rush to 9858c, with some sales at
9815e There were several transactions at
$500 and $3.50 almost together. Then
there was g slight rally, which was broken
by The reported failure of house on the
board. The market sold down to $3.50
but when it was learned that the failure
was y very small affair, that Frank John
son was tho only one in doubt, the bulls
moved the market up to $50 bid. where it
close6 On fhe curb some sales we're re-
ported at 98 Is, but were unable SO trace
them. TIE market was quoted at 98Bc
bid.
There ara various opinions in regard to
the market, but to many the only salvation
for wheat lies in the newly acquired
strength of the provision market, which
went alone to-day. The trade rather re-
fused to sympathize with the movement in
grain, and after short lived depression
early in the day, ruled strong, and in pork
and short ribs at least, with some
thing of an upward tendency.
Lard was also stronger and steady.
Trading was accompanied with
less excitement than yesterday, yet
very fair, the days business
aggregating a larger volume than
usual. Shippers took hold sparingIy.
Pork recovered good share of yesterdays
ha xuOa nnifo WAAk
but as the day advanced the weakness
stronger feeling, which was,
consequently, developed into an up
ward movement by a good
short and general demand.
February and May were the leading
futures. Prices closed 5@711ac higher than
on Change yesterday. Cash pork closed at
$1465@14.7O. OLD sold at $14.25@ 14,30.
P. D. Armour & Co., and Fowler Bro. d
Co. we're both large buyers of pork, lard
and ribs. When these two Titans and
their openly avowed rivals get up on the
same side it has great significance
to the speculators ana smaller houses.
It is an influence which disintegrates vari-
Gus alliances and sways the market beyond
any peradventure.
Corn was weaker and lower in sympathy
with wheat, and under the influence of lar
ger and increasing receipts.
Lindbioms 100000 bushels Of corn will
probably be il store here before the month
goes out, and get the manipulatcrs were
buying all The each corn offered to-day,
The market opened shade weaker than
it closed yesterday, declined q Gle
below the opening, rallied trife, and
finally closed about 124c lower for
January, e lower for February, and &c
lower for May than at ] P. IN. yesterday.
The state Of the market is described by
various parties, ana I select the following
confidential circulars as embodying the
general feeling tonight:
r. Lindblom s. Co.: wheat has ruled
weak. 1t has not beepa question of judg-
ment but one OF margin, and the bulls
have suffered as usual on this crop. In
times like these every thing is exaggerated,
and the merket is liable to go as much too
low as 1t went too high, and the lower
the market goes the bigger our
stocks appear. It is the overshadowing
influence of our 100000 in store here is
nightmare on every bull effort, and lkeia
glacier the market gains downward force
the lover it gets. Corn has ruled rela-
lively firm all day and the decline is only
Lalf a cent. The fact is that the whole
outside world believe in corn, and there is
not enough here to scare any body. Next
May or June it will find its level, whatever
it is. Provisions continue strong, and the
tendency is to higher prices If any reliance
can be placed on the sentiment of local op-
orators, We quote closing: May wheat
9828c; May corn $3.50 bid; May oats
37l4c; May pork $15l5; May lard $500.
The receipts of cattle we're light at the
stock yards to-day; hence there was 6
quiet market. However the week closes
firm at an advance of 15@25c on nearly
all grades of stock. The receipts of hogs
were light, and the general market showed
decline all around fully SC below yester
days average.
The was very quiet market for sheep
on account of light receipts. The weef
closes on one of the most active in the
history OF the trade, with prices ruling
strongIfrom first to last.
Chicago Financial