St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-01-27
Wheat Continues to Puzzle Operators
on Both Sides, and is Handled
With Due Delicacy.
Corn Expected to Create Some Fun and Make
Somebody Some Money Before
Many Days.
Wall Street Waiting for Something to
Turn Up in the Railroad War
and the Coal Trade.
CHICAGO.
Especial TELEGRAM to the Globe.

/ SATURDAY, lunutnced oy easier public cables
and under liberal offerings sold of nc. May
sold down to S515c, &c under the opening,
but only few lots changed hands at that
figure. Hundreds of orders to buy at s51Sc
were untitled. With liberal showing of out
side orders the situation would have been
one of strength. The country kept out, and
local operators did not enter very heavily.
was made, but not sustained,
May closing at s55Sc, the opening
figure. Corn was moderately active, open
Ing at Saturdays official closing, which was
well sustained. Subsequent fluctuations car
ried May up to 415sc, closing weak later, at
4le. Oats showed but moderate strength,
with but little activity, the favorite option
fuctuating within Ne. May opened at Sic,
advanced to 3l%c, closing at 3li4c, the
same as Saturday. Heavy receipts are antici
patel Tomorrow. Provisions were gener-
ally steady and strong, but only fairly active.
Improved conditions at the stock yards
helped the local market. The bulk of atten-
tiou was given to, pork for May delivery,
which opened re higher than on Saturday,
and recorded 4 further advance of l2Hc.
May Lard and ribs each opened &c above
Saturdays closings, and the advance was in
each case maintained at the close.
The month Of January is going out and
with It apparently the little boom that sent
May wheat to $50. Since that figure was
touched the MAY option has sold down to s5c,
and rallied to little above SIC, and is nov
down to S55sc. Since the top was reached,
each Saturday night has found the price
either the same or tr.fe under the figure OF
the Saturday night before. The close of a
week has never come in the time to show an
advance, but the pits are becoming very dull.
Traders are standing on their purchases or
sales and making no new ones. For this
reason no one was surprised to-day when
May wheat opened 4c below Saturdays
close. The bears exuItingly declared the
market would 60 lower yet, and the bulls
shivered apprehensively, but made
a stubborn fight to force up values.
Wheat was quoted easier in foreign
and eastern markets, and opening sales were
H@}sc off. The DECLINE induced bears,
who we're short, to take their profits. There
was also fair buying by brokers, who, in the
absence OF orders from customers, were anx-
ious to make commission by scalping, and
prices soon rallied &c, but the general
feeling was bearish, and, outside support be-
ing small, the attempts to realize by early
BUYERS, who were anxious to secure profit
ON their purchases, were followed By Sec
ond attack Of weakeenss, and, Influenced BY
persistent hammering By the bear crowd,
who were anxious for further decline on
which TO buy, values settled to In
side figures, but showed a stubborn
resistance TO pounding, aud when the
bears, who had sold short on the early ad-
vance, attempted to cover, rally Of &c fol-
lowed. There Vas, however, an absence Of
energy, and closing sales were only L@1c
over the inside quotations Of the session.
March closing at 1899 and May at s55Ec. 1t
is marvellous how suddenly dull speculation
has become. Orders have ceased coming in.
The country men are losers. They are una
ble to buy more and reduce their averages
for, unlike the clever speculators, the
granger usually stakes all his money upon
one bet. They will not sell out and pocket
their loss, for the countryman will never
concede he is wrong, and never
knows enough 10 save rem
nant and sacrifice part. The
consequence Is that commission houses are
loaded up With grain for outsiders. Margins
are becoming exhausted, while the market is
going against the holders. No orders are re-
ceived. When the margins are gone the
trade is gone, aud this is the saddest thought
10 the commission men. In month mem
berships have advanced from SO, 600 TO SO, =
100. There has been no sales Of late that the
writer has heard Of, but with no i'm provement
in the next fortnight memberships will begin
to tumble again.
Corn was fairly active, with no new features
noticeable. but did not show much weakness.
although receipts were larger to-day aud arc
expected to be quite liberal Tomorrow. The
market vas governed to a great extent by
puts aud calls sold on Saturday, prices touch
ing within fraction Of each. Several times
exports from New York were quite large this
week, aud some promiut ut wheat men there
are going over into corn, thinking there may
i be both fun aud profit In connection with
the alleged January corner. Il would not be
al all strange II there should be some music
in both corn and oats before the Nav option
msiures. It all depends on the current
receipts, however. The dav opened quiet.
with prices &c under Saturdays figures, but
euickly rallied, selling up to 4; &c for MAY,
bat. with later weakness ia wheat, sold down
TO Ale, closing al that price. Iu fact It
seemed a shuttleeock market all day between
Ale and 4l%e, neither side seeming to have
any advantage. February vas quiet, selling
OF sc below Saturdays Closing, with the
latest sales made al S7} sc.
Provisions were sciive and strong, under
good speculative Inquiry, induced By con-
tinusd light receipts Of hogs, owing TO uufa-
vOrsbls shipping weather. May pork opened
iu active demand at $12.47L bid, 40 ad-
vance Of slI{e over SATURDAY. selling I'D to
sI26O under reported light receipts.
closing at S1251I<. The laid
market was active, advancing ajSa5c, clos
Ing with the advance maint4ined a. So. e2 &
FOR Nareh sud ST.l0 FOR Nav. Ribs we're
steady. with the inquiry chiefly for March aud
Msy deliveries. May opened Sc better al
$40, advancing 70 s6.4TiS and closing at
S5.45.
At the stick yards the receiots OF cattle
were Hbrrzl for the first mars e aav Of the
} week Trade vas dull aud prices in geu-
eral Eay rather easier, and. ID special cases
; Substantially lo~er- R.>eip:s os ho-s were
/. ru0ier1.e, demand active and prices s,roa 2
3 per 100 pounds higher. fa1cy keaTy sell
inG up 10 81 S5G4.e0 aud the best packers
aro1ad about 81 65.s4s