St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-01-08
Differing Opinions Among SpAcula-
tors as to Whether Wheat will
go to Seventy Cents
or Rally.
Corn Irregular, Some Options Being Higher
and Others Lower-PrOyisions Mani
fest Considerable Strength.
Itoel1s Unsettled and More or Less De
moraliZed by Vague Rumors OF
Impending Failures.
CHICAGO
[speeIal Telegram % the GIobe.I

;he weakness was not of that ''all gone type
which indicates that the bottom has fallen
out Of the market. The greatest weakness
was on the afternoon board, where the close
for February was At the lowest point Of the
day, 7Sl%c, decline Of 1@sc as compared
with Yesterday MAY closed &c lower, at
S41Zc, barely a point above the lowest price.
Corn followed the fluctuations Of wheat in
moderate way, but frmed up towards TIE
morning close and did not participate in the
afteruo Don break, the result being that the
last figures were u higher, at 30 / c OrJan-
uary and 40c for May, while February gained
11sc and closed at 3G4c Oats closed isc
frmer for February, at 2G35c, and unchanged
for the other options. Provisions manifested
considerable strength, and pork at the close
was 275sc higher, at Sll.95 for February,
lard PFC higher, at SG95, and ribs 20c
higher al sG.O75l.
The supporting features that have char
scterized the wheat trade for nearly fort
night were less pronounced, while those Of an
adverse character were more numerous. The
most prominent Of the latter were unfavora-
bic foreign cables, which reported the feeling
abroad weaker, but no change in prices. and
astroug desire on the part Of interior and
other outside holders 10 realize. In addition
there was increased hammering 10y strong
operators, who were dc,irous of further
break for the purpose Of shaking out the
tailers wL0wcre holding on slender margins,
and the chief support was the moderate
character Of the receipts here and at other
spring wheat ccnters. Il was not noticed
that any large quantities Of long wheat were
thrown overheard, the movement appearing
% be- principally ID sell short and 10 buy in at
10" lowest point. There was, Of course, the
CUSTOMARY amount of indccisjon as 10 what
poiu, was probably the lowest Of the day
aud the mistakes resulting through this in
ability to penetrate the future Of wheat.
which Is, all things considered. one
ol The darkest and most impcnctrablc
futures with which mortals have to deal
naturally made things unpleasant for poor
gucsscrs. Opening sales were a shade over
yesterdays close, and on fair buying los
shorts and scalpers, who thought small re-
celpls would cause a sharp up-turu, the hid
ding was followed by au advance of 1.rtafc,
but the demand was soon filed and prices
took the down grade and declined 1ltloll5c,
again rallied ale ON increased buying by
local scalprrs, but there was q lack of sus-
tanning influences, and prices settled back
aud closed on the morning board about 8
over the lowest figures In the afternoon
there was d fresh crop OF rumurs about fail
urcs IN New York and there was Il further
decline of .lo2ic G, and closing prices were
at about the inside of the day at 7S'sc for
February aud SIa.c for MAY. Fred Stanley
started In early ON the short side and is uu-
dcrstood to have bought ia at profit at tho
close and loaded in a comfortable lot In an
tclputon of an advance tomorrow W. Il.
Linn WAS seller most OF the day, and SO
were Rammcrcr, Brega aud StautTer Han
cock sold carly ana bought toward the close,
and Lester and DuPee were buyers near the
opening.
''Who have been the winners on this last
great bulge of whcatF WAS asked Of traders
up change this morning ''Tberc have been
lots of them In the first place. New York
has made lots OF money on the upturu. The
bulge was led by the advance in European
markets. Gotham followed Liverpool very
~
tue stock gamblers, poured u orders here To
bay wheat iu million bushel lots. Il is said
WorrishofTcr made a stake through J. A. El-
lis aud EIdrcdcc 81 Louis made money,
TOO. aud SO dld Baltimore, Rous, Of the latter
place, being one of the first and largest buy
e-s. Ed Cottrell began buying through
namiu very early In the advance. Az ST.
Louis. Francis has been the largest winner
+ is said that The general anticipating the
boom. bought all the cash stuff there was in
81 Louis and sold % FOR January to pay car
ryiuc charges. he kept on buying January,
and L.:t,e Nose Fralcy fell into
The trap Aud wen, short and
has been treated 20 the squeezing
process ever since. MyGcoch, the vlurrable
4iac, has made. &c Is said on good ethority,
sl0o coo out OF This recent l2c advance, Bill
Young aud Alex Mitchell have been right,
too, but Billy Murray and LITTLE Ira Holmes
have put the winnings Of everybody else 10
shame WAY, 81 conservative fellow, not a
naJ cap. Tells The writer tina, Ira Holmes be-
gan piib 100 600 bushels, and before bc got
through uai 1000, 900 bushels of long grain
60 his credit Billy Murray comes next on
The list after Holmcs. The latter has done
The bulk ~ his trading through Baxter. aud
Murray has done the bulk of his through
Schwartz. No-m Rcam. John Cudshv. aud
Jones have made big money. too. The eos-
sips say that gbry have been in the deal
t0cgthrr'
AS foreign markets are apt 20 come lower
sEalu tomorrow" said Charley Hamil. Il
dc uc; expect an Immediate rally from the
present decline, but see no reason 70 cx-
pest any serious break from current prices q"
Said A n Wright: "Whie there is an
arparyut determination % shake oct weak
bo.lcrs. aud a further brvsk IS confidently
predicted ere a further healthy advance IS es-
tablsAed. siill feel favorable 10 purchases
made on breaks aud thtok sach deals, IL we'll
nargiucd suJ handled with eoolurss, uiu
psy Proat
Mlmiue. Rodnan < CO. say; There
vii 90 Doubt bc a better class ot ouyrrs will
trr ic take bold nov ss tuyers, aDdf ~
grt kuotbrf advance eos, e vii be more
likely l. be held. We 10 uos taink wheat
viii ~ down 20 the old arures again, bat O,
viii require pretty stroac speculation 70 torce
and sustain 4 large advance st present as
r-,r!-.s. We thiuk. will begin % show arg :