St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-01-11
The Eleven Hundred Cars Started
from Duluth to Chicago Have
Depressing Effect.
Corn Weakens Somewhat, Oats Continue
in Good Demand, and Pork Takes
a Big Drop.
CHICAGO
Especial Telegram to the Globe. !

on 'change to-day the down coming last and
keeping up to the close. Wheat opened very
strong May selling at the highest figure OF
this bulge, SOC, but under free selling it
broke sharply and at the close was &c lower
than the opening and 1c lower than vester-
days close at SIC. February was 1c lower
at 8OAc. Corn was steady early, but weak
ened somewhat later and closed Il lc lower
for February at 374c, and 55c lower for May
at 4055c. Oats continue in good demand,
but closed - lower in sympathy with wheat
at 2G$lc February, and 304c May. Pro-
visions, after fairly steady opening were
heavy during most of the day, and closed at
the lowest point, pork showing a decline Of
4O045c at sll.80 for February, lard decline
Of 15c at So S215, and ribs a decline Of 20c
At S5.9715 for the option mentioned.
Just as everybody anticipated last night
May wheat opened this morning at the high
est point yet reached on this bulge, SOC.
There were host Of sellers, and prices took
q plunge, and almost before the traders knew
it, wheat, for same option was down to STHc
sgain. Cold chills ran up and down the
backs Of the sellers Of privileges. When S9c
was touched the traders who had put out
calls at S92[c thought their day was not far
off and when the plunge was taken and size
reached five minutes after the sellers Of puts
At 87Kc felt their flesh creeping. The close
was at SIC While the wheat market opened
nominaly at soc II was really opened at that
figure by persons who had designs on the
simple members of the crowd. There were
no sales of consequence until the market
got down to SSc.
''Puts, - said a broker, "were sold last
night on 1O0O, 900 bushels of stuff by the
Kent party al s7Kc. This same crowd had
calls sold for the week at SIC The marke
was manipulated so that wheat would be put
but calls not acteu on. D."
81 think there is good deal Of truth IN
this theory" said another trader, referring
10 the puts and story on Kent, ''but It Is also
fact that wheat was not put. I'd like to
see the man who would like to put 500, 900
OF 1000, 900 bushels Of wheat ut s75Gc to-
night over Sunday. The market is really
S73Sc now"
Adams was the principal seller.
"To-day's break, :" said W p Harvey, sis
due principally TO the fact that farmers de-
liveries In the northwest have suddenly in
creased largely. Eleven hundred cars
started from Duluth TO Chicago to-day The
Milwaukee crowd which is watching the
northwest closely. got onto this fact and sold
enormously here this morning. The receipts
here will be- very heavily increased next week
and the week after
There is undoubtedly firm and stronger
market abroad, but this does not make my
e.
York Liverpool was quoted strong and
Mark Lane stronger, with an advance OF 6
pence per quarter for California of coast or
passage and nearly due also for red winter
ofT coast. The coast Is still bare OF arrivals,
but this state OF things will not last long
Receipts to-day were Poi cars, against 2O9
yesterday.
1T seems curious" said c. s. Eyerug-
ham, "that our market should have declined
about &c when Liverpool was advancing and
New York, between the two Influences, only
reacted about &c. The explanation offered
is plausible one, that some OF the large
operators expected the reaction to continue
below Soc for May aud failed to get any
wheat before recovery. So now they are
trying 10y heavy selling 10 break the market
again"
"The course Of prices from the opening to
The close said a. NJ. Wright, indicated
that large hoor spectators we're PLAYING a
milking game. and while l would not be sur
prised 10 see prices settle further, l stlll look
for rather higher range than has vet been
reached. l think It safe to buy ON good
breaks"
Hamill X Brine IN Iheir circular tonight
say: We DO not think the situation war
rants any material advance from the present
range in the near future, and feel that
daily stimulus is required 70 maintain even
current prices. The advance In January was
70 be expected, Rs during the past twenty
years there has been no exception to this
rule. But there seems 10 be no reason lust
now Why such advance should be without
hmitlt may be well 20 bear Ia mind that our
stocks are very large. aud that their deple-
tou, which has hecu checked hy rapid ar-
probation, is an important factor in perma-
nently Improved values. We, therefore be
hcye that Investors will have more favor
able opportunity 10 get into stock than at
present offers.
The corn market to-day has been quiet but
firm considering the weakness IN other mar
kcJs. The opening was steady in all options
aud i higher in February, which vas. how
ever, The highest point Of the day. aud the
close was +. e lower than Yesterday at STt,c.
May opened az axe, went up Ae, then
down 10 a close 81 407sc. A decline Of &c
- Comparcd with Yesterday. Trailing 10
this option was quite liberal Liverpool was
Qu.c; aud steady on coru at unchanged fig
ures- Receipts to-day we're eel cars. against
gao Yesterday, and Of this quantity only -
graded NJ. -. The uniformity OF receipts in
corn is rather notable So FAR as quantity is
concerned, but the quality varies largely
With the weather. The coru market hoN-
ever. present Is considered only an adjuac,
o. wheat aud provisions
The weakness noted IN provisions yestcr-
day vas farther increased to-day. Pricrs
uudcrNeut sharp decline. Lsrsp floor
traders so,d freely, ana many roaud lots.
held bv outside spectators, were thrown
over. BUYERS were discouraged by the re-
ported arrival % 24& coo hogs Tor the week.
Hgaiust l6s,S0a Tor tie same week last year.
and an Increase IN paeking 50 far for the
season az iS0. 900 head. Ness pork was Of
fcFrd in largc lots aud deciaed soc frorn the