St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-01-10
LIGHTWEIGHT CENTS.
That Was the Closing Price
Of May Wheat in Chi
cago Yesterday,
And Many Sales Readily Made on
the Curb Half q Cent
Higher.
Spectators Seeming to Take Their
Cue From Foreign Markets and
Moving Up and Down with
Them.
A Good Deal of Uneasiness Manifested in the
East Over the Unfavorable Weather
for Winter Wheat.
Corn Trihe Higher, Provisions Some
what Off and Shares Weak,
Unsettled and Lower.
A Good Deal of Uneasiness Manifested in the
East Over the Unfavorable Weather
for Winter Wheat.
Corn Trife Higher, Provisions Some
what Of, and Shares Weak,
Unsettled and Lower.
CHICAGO.
Especial Telegram to the Globe. /


more favorable, and wheat responded with
an advance Of &c. Later cables were
weak and wheat responded with drop of
ll5c, closing on the morning board at about
the lowest. On the afternoon board cables
were very strong and took jump to within
II of the highest figures of the day and u
ale above yesterdays close, May closing at
SSc, and February at Size. Ofcourse there
were other contributory factors, among
which may be mentioned as a
cause of the sharp advance in
the afternoon the wholesome fear most spec.
ulators seem to have of going short over
night. Corn followed wheat in a moderate
fashion, without, however, quite so sharp a
| recovery, and at the close February was &c
higher than yesterday at 371Ec and May &c
higher at Al &c. Oats were firm, the volume
of trade being quite large and prices about
the same as yesterday, February closing at
264c aud May at 30$5c. Provisions were
unsettled aud nervous, and had quite a sci
back in price, which was partially recovered
late in the day. Pork dropped 45c, but closed
30c under yesterday at sl2.25 for February.
Lard, for the same IN ,nth closed l0c lower
at $6.97, and ribs l5c lower at So t71<.
Wheat opened very strong this morning
and 1S c higher for May at sSc. The strong
cables were the chief cause of the strength,
and inside of five minutes the price was up
10 SS14c. Soon after there came change in
the tone OF adviees from across the water,
and by 10 O'Clock wheat had declined to 77c,
4 fhau eaIl la.f h,,
Jones and ]. A. Ellis, and, whether there is
a warrant or not, the crowd credits them
with doing business for Woerishoffer, the
jolly and successful raider Of
New York stocks. He was, so the
gossips say, a large holder on the advance,
but has recently been large seller on the
top. A. NJ. Wright and Jack Cudahsy re-
allied at about the top, and Armour, Hutch.
Kent and Liun are credited with dispnsing
of good sized lots. Gyp. Adams figured
prominently as buyer. 1t is regarded as
somewhat surprising that such a marked and
general disposition to realize did not result
! in something like panic. The best expla-
nation Of the matter probably is that the
market POSSESSES too many strong features 10
decline scored from the highest point was
| 115c, the closing point at l o'clock being
s69Ic, and the quantity OF wheat sold will
reach into the millions. The sales of Nat
Jones alone will amount to over a million
In the afternoon wheat was excited under
better private cables and increased buyiny
for export in New York, twenty-seven boat
loads having been taken for export The
shorts were anxious TO cover, and the result
was u sharp upturn of about nc, February
closing at 81 - and May at SSc, an advance
over Yesterdays close of &c. On the curb
SS1{c was paid for May and the feeling was
very strong. a strong feature Is the condi-
ton OF the weather and its effect or the win
ter crop SO much freezing and thawlng as
the present season has already
produced could not but result
in great injury. Reports are
being received that the last thaw, accom-
panied by frosty nights, has done no little
damage throughout the middle states. II is
enough to say that in spite Of the sharp de-
cline to-day, there is very little talk of lower
prices, aud It is notable that the short sellers
are all scalpers.
Bacon & Shepherd say: "W'e look for
continued active markets with sharp luctua-
/ tions, such as We have experienced to-day,
| but think the tendency IS toward still higher
| prices, and as long as stocks abroad continue
so tight we think exporters will be free buy
ers on every decline, which will tend to
eounteract the effect OF any temporary in
crease in receipts" "
/ MGmiue. Bodman & Co. say: ''The uu-
dcrrurrrnt Is mauifrstly very bulish, and
We think the market will now recover quickly
| from all severe breaks. Hence We conclude
/ the proper thing TO do is to bag it on weak
/ spots, as speculation will rule the roos,
now for a while, regardless Of outside in.
/ huences.n
Trading in corn Is getting TO be quite
! lively. The opening was very steady al
4lSSc for May, or &c above yesterdays
close, and it went up in few jumps 20 42c
I but at that point parties who had bought
duriug the las. few days began realizing, and
this, with the sympathy for the down turn in
wheat, caused reaction to 40Jsc, with q
subsequent recovery to 4lLc at th,
close. February opened &c higher
at 31jSc. got up to 3si4c
aud then down on reaction, to 96J5e, but
closed at 3555c. The buying Of corn is o.
| such character as shows faith in an I'D
vance. and on the breaks it ought TO be a
| purchase Liverpool was strong aud IL
/ pence per GENITAL higher Receipts to-day
werv 24O cars against POS yesterday. and out
Of this namber only forty went into tie con-
tract grades. The soft, warm weather is nc
doubt responsible for this decrease in quality
An excited crowd occupied the provision
pit this morning Pork came very near be.
I ing as interesting as wheat The openins
was steady al sl2.95 for Nav. This va:
very comfortingto those Who bought thai
option few days ago al sl2. 10, and they
wondered II they hadn't better take theii
prOdj- While they were wondering Armour
and Kent quietly unloadeG lot through one
set Of brokers, while another SET vas bidding
for more The price began 70 90 down anc
the general crowd ot longs stopped wonder
ing, because convinced, and sold pork ior
dear life. Besides the packers and pors
men. a number of men, whose faces Ars
familiar In the wheat pIt. we're discovered &
De owners Of pork. They al sod II. and
most OF them rsSiized prOa: varying from
lod5oe barrel. Tie lowest posnt reached
w4s sI2-4SL. The elOse vas sOc higher
showing decline as compared with yesisr
6ay OF 27Sc. February opened az sI2. 20
ven. down to sIa.07x and sIOssd q: si2. IS