St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-01-16
WHEAT CLIMBING.
A Sharp Advance in the
Leading Cereal All
Along the Line.
The May Option Scoring a Rise
to Eighty-Eight and a
Quarter Cents.
Spectators Given to Predictions
Prophesy Ninety Cents for May
Before Saturday Night.
Corn Gains Trife, Likewise Oats, and All
hog Products sympathetieally
Followed Suit.
Decentralization on Every Side in Wall
Street, and the General Tendency
of Stocks Downward.
CHICAGO
rspecial Telegram o the Globe. /

Especial Telegram TO the Globe.
CHICAGO, Jan. 15.-The markets on
change to-day were generally stronger and
higher, the close showing an improvement
On yesterdays prices all around. Wheat
opened weaker and &c lower, but frned up
lnder large local buying and at the close was
5sc higher for February at size and 1c
higher for May at sS14c. Corn ruled stronger
all day, closing 15e higher at 3Sc for Feb
ruary aud &c higher at Al &c for May, and
oats closed a5@jlc higher at 27c for Feb
ruary and 3O5Ic for May. Provisions ruled
higher. though the feeling was not proper
tiouately as strong as in grains. Pork closed
7llc higher for February at s121715 and
3Izc higher for May at SI2.50. Lard closed
30 higher at So .92ll for February and $3.50
May. Ribs closed . J&c higher at S6.15 for
February and S6.4O for May.
After the afternoon board had closed there
came Gn announcement of s.. 600, 900 fail
ure in Pittsburg, and the feeling on the curb
was very weak in consequence, but the offer
ings were all absorbed By strong buyers, who
have too much faith in grain 10 believe that
failure or two is going 10 affect prices
terialy. Wheat opened this morning with
the feeling rather bearish. The Liverpool
cables quoted stronger British markets with
fair demand for the continent, but the
snow storm had a tendency TO allsY previous
fears as to the winter wheat plant, and the
market opened weak and sake lower, with
an increased disposition among heavy opcr-
ators to hammer prices with a view to secur-
Ing good break on which to buy, but there
strong absorbing demand, including
large buying by local traders and
heavier outside orders, and prices
soon turned upward, the advance
being stimulated b. reported sleet
and rain in Indiana, Ohio, Missouri and
Kansas, aud an advance Of I5sc was re-
corded, when the bears, thinking the sp-
probation too rapid to last, again commenced
selling, and being aided By the heavy early
buyers who we're anxious to take profits in
their trades, decline Of $lc was secured,
but there Was a continuous and strong ab
sorptou by heavy dealers, who seemed TO in
crease their purchases as prices receded and
au upward movement set in. Some OF the
heavy sellers seeing the advancing tendency
OF prices, commenced buying back their
shorts, and the closing sales on the morning
board were at the highest quotations OF the
session, and the feeling was strong. In the
afternoon there was an increased feeling Of
strength, prices going up - and closing at
nearly the outside figures February opened
at SOa[c, got up TO s2c and closed at Size.
May opened at So C., went up TO sS3sc and
closed at SStc. Nat Jones Was large
buyer this morning and so was Billy Ne
Henry. Both are supposed to have been
short on the market, aud the fact that they
were very heavy buyers alarmed others on
the same side with them. Roche bought, at
the opening, at about S1asc and kept on
buying until The figures had touched nearly
ssc. Linn, Hobbs * Carr were also among
the buyers. AIlmine X Bodman and Clifford
were sellers early, but the former bought
later quite as industriously as they had sold.
Cyrus II. Adams said: Il believe that
wheat viii sell higher that the most sanguIne
bull has any idea OF. I'm a believerin S1.25
for wheat before spring.
Abe Poole said: Il believe that this bulge
Is caused by purchasers Of shorts, who be-
came unduly alarmed. ! think theren be Il
reaction"
sumner Everinghain stuck 10 his prophecy
OF yesterday that MAY would sell at 9Oc be-
fore Saturday night. Geo. d. Rumsey said
be had advised his customers to buy on all
breaks
Corn was active and higher. the speeula-
tive demand being materially simulated by a
heavy call from shippers. Receipts to-day
we're 35l cars against 297 yesterday, and
from this number only 26 graded No. >.
This small percentage OF contract corn keeps
the January ami February options complra-
tiycly firm. rs the amount Of No. in store
is stiu quite small. The strength Of wheat
also helped the minor cereal. aud when the
former went up shorts in corn covered quite
quite freely. May opened at 4liGc, sold
down to ale, then up to 4lsse, aud closed at
4lS.c.
Provisions opened higher, an advance Of
Toe Al the stock yards having = stimulating
effect Pork opened lOc higher at sI2.55h
for May aud sold mp to SIC 65 At the ad-
vance large traders who have been mauip-
ulaiing the market. sold freely, fOllowed by
the scalping fraternity. and prices settled 10
Sl2.50. Atthe decline there was good buy
Ing aud therc was a rally to Sl9.55i<Gla 60
on the morning boarl. In the afternoon
part og the advance was lost, aud the dnsl
close vas at $3.50. Lard was quiet
sud firm AZ an advance Of 5GTisc,
the closing being &c higher than that
OF yesterday at SG.9ak for February aud
S595 Tor Nav Ribs we're moderately active
aud closed . higher.
A. the stock yards the receipts % hogs
were moderate and prices a strcng i0c
h.SAer. the best assorted heavy making 81 65
S455 and choice pscsing sorts St.+OG4 80.
The receipts Of cattle were heavy. They
wcrc In fair demand and prices unchanged.
Receipts have averaged about 5000 per day
Tor the week SO lar aud prices are I5,esoc
lower than las. week On the best bSef sorts