Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1884-01-12
CaEeAGo.
[gpaeial Telea..ra o De GIobe.

freight betyee ere ard New York. The
joint execujve qmIaittee Of the train
lines agreed yes y that on January IA
east bound rates e. aid DO restored as fol
lows Chicago to New York, seventh class
35 cts; eishch class 80 a.-.; ninth class 4C
cts. per 100 lbs, and live hogs to New
YOIk and Bosom. % ces, per 100 lbs
These infGsace5 caused the market to open
&c. below steraay's ciose. Foreign ad-
vices are depre sing, and the bears started
to hammer the market Trey offered stuff
very freely, hut The market did not
respond with al4cri5y. Schwartz & Du pee
carne TO the aid Of the bears, and COM
menced Offering sheir hoIaings right and
left. Away went prices without any rally
worthy of notice down to 81 00M for May
wheat. but sonlo strong parties took it il. .
At this point there was a halt, and prices
went up to ST 00% Again Schwartz &
Dupee threw some large blocks upon the
market. and prices weat dOwn to $L00L
There were numerous buying orders for
May wheat at $I.00pec busheI, when prices
shortly afsernoan began to decline,
and near that figure the
wheat pit became crowded with
operators anxiously waiting for the price
to reach that limit Prices declined to
$1,000 and at his sane time few sales
were made at 81 O018, when one operator
offered 100000 bushsls at 81 which was
ouickly taken, operators at the same time
bidding $1005G and $10o4, and some
orders at even these latter figures remain
ed unexecuted. For a while there was
great excitement, but the attsmPS of Les
ter to break the market under q dollar
having failed, prices advanced little
and May closed at $1O058 at I D.
The contest was renewed on the call
and the bears scored another point or two.
The trading footed mp about 100000
bushels. Of this 1. 1.665.000 bushels were
May at 81 O0@LO038c. Most of the sales
were at $1001s@LC04. On the curb the
feeling WAS easy with 81 .001sc bid.
The following are the opinions express
ed tonight: Mccormick, Kenneth & Day:
"Wheat was excited and lower. Cablee
were dull and depressed, the weather fine,
and shorts having covered large lines yes
terday, the market was in shape for
break. A great deal of long
wheat was dumped, and the
bears are jubilant tonight, but
the evening up of yesterday has given
place again to an oversold market, and we
advocate buying for turn. Wheat may
go little lower, but those who buy May
about 81 and have little patience and
money, will find many opportunities to
sell at profit. Last year when May was
81 the bears talked SOC and it went to
$1.15. This year We are bearish on the
outcome, but look for an advance first on
crop scores, improved demand, ETC."
Shepard Peacoch: ga complete reaction
took place in wheat to-day to the
surprise of the trade Yesterdays market
was strong enoogh 20 encourage US, to
look for substantial reaction, but the
bears got possession early and never
ceased to press it to the close. May touched
81 ard closed at I O'Clock with $1.oO 4
bid. To-day's experience has rudely
shaken the faith of the bulls, and good
many lines of loug stuff nave been closed
out. At ST plenty Of stop orders would
cause the unloading of lines Of wheat for
country accouab, and once under 81 the
props under wheat would have been taken
away"
R. Lindblom: wheat opened firm, but
in the absence OF outside orders 1t sagged
down until yesterdays buyers became dis
couraged ard became sellers. There is
nothing new in the situation. Everything
was favorable to an uptuln except outside
support, which staid away, as usua al, on the
crop. With any determined buying the
shorts would scare, but now they are COM
plete masters OF tbs situation, and any
attempt to bull it naturally results in loss.
We we're almost inclined to be bullish
yesterday, but to-day's action of
the market has completely cured
us. There Is some talk of drouth in Cali
fornia. We need something of this kind
to bull it on"
Crittenden Harvey: "Wheet opened
about Ac lower than yesterdays closing
prices, and under vigorous selling raid
by local parties, helped aiong By the sell
ing cut of weak hol6ers, prices were forced
down p lc, reacEing a few points under
covering by shorts, and closing Easy at
quotations. To-day's decline made bears
more confident than heretofore, and while
we do not like to advise sales,
can see nothing to advise buying on.
Buyers appear demoralized and may stand
out and let the market GO down if it will.W
think, however, at 100 for May wheat there
will be a great deal of good buying for in
vestment."
''The worst is over," said large dealer,
sand now look ont for another upturn. 1t
may not come for several days, but come
it Will before he close of the month
Schwartz & Dupee gave the st. Louis
boys lesson in wheat, which they can put
alongside of the lessons they have been
taking in the corn business
Another man said" The wheat
market surpassed me. I thought
that when Bangs offered
100000 bushels at 81, that the bottom
would fall out of every thing, and that
there would be panic. That the market
was stopped at dollar shows graat