St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-01-20
CHICAGO.
Especial Telegram to the Globe. |

lnterferes considerably with business on
change, and there is somewhat Of falling
of in the volume of transactions. Wheat
to-day was naturally inclined to be quiet,
and during the early part of the session fell
OF sharply, but recovered quite as sharply
later and closed at 909sc for February and
s6}zc for May, a gain over Saturdays close
of &c. Corn was quite firm, and though it
suffered a slight decline early, rallied again
and closed &c higher than on Saturday, at
Bs1lc for February and &c higher for May
al 4255c. The feeling in oats was stronger.
and May closed &c higher at 31$sc. Pro-
visions were rather quiet but fairly strong,
pork closing sc higher for May at $l2.5715,
lard nc lower at $T12H aud ribs 214c
higher at $6.42]I.
The local sentiment in wheat was bearish
this morning, and, as there we're few buying
orders in the market, the opening was at u
shade lower for prices than on Saturday, SOS c
for May, and ruled steady for some time.
Eastern aud foreign markets were easier and
receipts were very light on account Of snow
blockades. The offerings, however, exceeded
the demand The markets easei of slightly,
aud about noon there was a more pronounced
drop May getting down to S5Ec. Trade was
quite liberal at the decline, when general
buying 10 cover shorts caused q rally Of &c,
which was maintained to the close Of the
morning session. The cold weather was
used as an argument against the increase Of
receipts in the near future and the local de-
mand at the close Of the regular session
ILL
shorts. In the afternoon this side had
another scare in the way Of war rumors,
which, though without confirmation, had
the desired effect, and, aided by reports Of
the taking Of forty boat loads at New York
for export, caused further buying, which
forced prices still higher, May closing at
5000, &c above the lowest point Of the
day and &c above Saturdays close. Ellis
and Lester were large sellers in the decline.
The feeling among brokers is nervous, and
Il looks as though the market might move
sharply either way, as temporary factors
might force II. The situation is too strong
10 invite bear manipulation, and yet there
seems To be no large interest who have any
object in sustaining the market.
Dillingham;, 'fOr a new advance in the price
Of whcati Are there any great bulls. do
not know Of any. Does anybody elsei There
are some great owners Of wheat, but they
are not long on the market aud not inter
osted in manwuyering an advance. They
have their holding sold for May or for some
other month. In other words, while there
are big men holders Of wheat, these big men
are not biz bulls. Billy Murray, who was
cutting figure on the bull side has Ger
taiuly sold out, so has Billy Linn, so has
Roche and Lindblom. Kent has not been
on the long side at all Jones is said 20 be
long, but, as everybody knows, is not clever
Is a bull, and never made much money In
that role In this market. Neither Jack
Cudahy nor y. b. Ream nor Hutchinson nor
any other operator, big in the proper sense
Of the word, i, playing the part Of a
bull Just now. Ira Holmes has
wheat New York is believed to be
bulli,hly inclined The country is loaded mp.
So much for the purely speculative situatiou.
Now for the situation aside from the attitude
Of local grain traders. Wheat for May aud
for Chicago Is going at SEC. II an exporter
had faith In wheat as an investment he could
buy cash at less than sic. put It into the
holds Of vessels aud have it out 81 here as
soon As navigation opens, say Nav, at about
Sic, vet there are only two or three vessels in
this harbor loaded up In this way. In other
words while the spectators, the simon pure
grain gamblers, have got May wheat up 10
Sac, the sjmou pure grain handlers, the ex-
portcrs have not got faith enough in wheat
10 pay Sic for May. They are afraid 20 take
the property at 5c per bushel under the rul-
ing price
The foreign shipment OF wheat" said an
old and esteemed exporter, lis becoming
p.cyed out. Traders who don't look into the
subject believe ;here is something auoma-
lOus ia the falling OF Of American wheat ex-
Z ports The truth is that these exports have
fallen OF for good. Grain will never be
shipped To the United Kingdom as it used 10
be Tor the same reason that live cattle will
never be shipped east as they used 10 bc--a
more economical way has been found for
making both these food products. The Amer
lean wheat is going to Europe in the shape
OF Hour. aud live cattle In the shape OF
dressed beef The live cattle men are kick
Ing aeaius, the inevitable and 50 are the old
time slippers OF wheat, when they try TO
keep mp their dropping industries. l Tor one
have abandoned the idea
why. continued the speaker, "not long
ago vas 30 London and started FROM there
over tbr circuit once made through Flu
Ciaud. scotland and Ireland to sell grala.
Half The traders 1 used 20 sell 20 found out
OF business They told me that the little
mills they once bad As customers bad closed
up or reduced their CAPACITY. T6c miller In
France who was first 20 introduce The roller
system 10 the manufacture Of fine aour, aud
whose Sour used - bring TIE highest price in
ali Europe, has been ruined, l fOaud. By The
American ro'lcr-madc patent four. Tsc
export % American wheat as great bust
mess has been superseded. Perhaps the eX-
port u nour NAV increase 50 as to eonPeu-
safe Tor the loss"
The sQcakcr talked deicctedly. The group
in vbica This speaker sat was an in hearish
mood
said one; "Tbe average crop q American
wheat is nov 5oO. 0ol, OcG. Why, in 1873
Peter AcGcoch, Who Vas RAINING a great
corner. was burstcd because TIE announce
= ueut was made That the crop would sxgre-
gate S5a Oo0 lo0 bushels. The improved
sachinerv has rrigccd The average price q
Auicricau wheat X ger cent, 81 that, while
o used 20 BE- reasonable 20 ssy that 81 sas
;hcap Tor wheat, 60 Is ouiy now reasonable %
ssy ,hst Sc. uuder ordinary circumstances,
a fair price Win the visible supply A.
no eco bushels, with tins decreasing as
slowly a. {, i, with TIE stocks a. Chicsgo
aud an northwestern points 50 large a. they
ar. believe that dscIiue T. inevitable