St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-01-23
The Chicago Markets, After Slight
Fluctuations. Close Almost as
on Wednesday.
Wheat Quarter Higher, Corn an Eighth
and Oats aud Hog Products
Almost Unchanged.
Jay Gould Bolstering Stocks, but the Rail
way Rate War Likely to
Beat HiLa.
CHICAGO
rspecial Te,egram % the Globe.f

steady and eastern markets were without en-
couragement to buyers, light re-
ceipts and small increase in
shipping demand for higher grades
being the only sustaining features.
Opening sales were a shade over yesterdays
close, and the bears, seeing that further i'm
provement would subject them to deliver on
calls sold last evening at near the market,
commenced hammering prices and secured
decline Of 13c, hopiug thereby to increase
the selling by longs, but the latter were not
disposed to offer any considerable amount
and, finding the market sharply resisted
their efforts to depress values, many of the
shorts commenced buying on the long side,
causing rally of 1I9&c, which, however.
was not sustained, prices closing 35Q%c
under the highest figures Of the dag and "a
&c higher than yesterday. iIay wheat
opened with firm feeling at s6;[c, advanc-
Ing TO S65sc aud closing at s61z. Corn was
in good shipping demand, opening at 411lc
ior May and closing & higher than yester-
days closing. Hay products were quiet dur
Ing the day at prices practically unchanged,
closing quotations for the May options being
mess pork S11971l, lard s6.70, short ribs
$6.075I.
There was an unusual lack of interesting
features in the days markets. Wheat opened
Ac higher for February and May. The bulls,
conscious Of strong support from the coun
try al large, were confident, and the con-
tinued cold weather and light receipts helped
out their side Of the market considerable.
Early in the day adyices from the northwest
stated that the Northwestern Milling assocla-
tiou had advanced buying prices &c, which
added extra strength 10 the market here, 5lc
being added to the May option. The express
sion, "Somebody is under this wheat" was
frequently heard, and apparently the bulls
had the best Of the fight. Butthe bears were
not idle, making determined efforts to force
down prices, although the resistance Of the
market offered to repeated efforts to main
tain a severe depreciation, and the fact that
prices were well sustained without the as
sistanee Of factors of an unusual char
acter, was rather regarded as
proof Of increased strength based on iutrin-
sic values. Local operators seemed about
equally divided as TO opinions Of the future,
but neither side stayed long when the market
turned contrary - their expectations, the
short sellers covering their sales quickly when
prices showed an increase, and buyers drop
ping their holdings when the market de-
clined. Public cables were lower and steady
with bearish tendency and the export de-
mand was but light, but there were no new
bear arguments. Prices at the opening
showed improvement at S69sc, MAY being
&c above yesterdays closing and a good
business was transacted with sales ranging
from S5Z0S6J5c. The advance induced
some local snort selling and also brought in
some outside orders to realize profits, which
resulted in sending the market down to
s5JSc. At this price there were good buy
ing orders, and the market quickly recovered,
advancing lc from the lowest price. The whole
advance, however, was not sustained, the
market closing at soc forFeuruary, sO2.c for
NJ .rch and Sj}5 for My. McGeoch was a
large seller, putting out wheat from the be-
ginning 10 the end, but not in large lots.
Walker & Co., Eldredgc * Co. and Kan
mcrer were sellers, too. Jones was on the
same side all along. Counselman and Hobbs
we're both large buyers, HOBBS taking good
deal Of grain on tue very top. Other heavy
buyers Of the day were Cottrell, OF N,w York.
and Driver, OF CuicIgo. Tnc former Is said
70 have taken /. $40, OJJ bushels here and as
much more in Naw York, but this was only
gossip aud no more trustworthy than the
talk OF the other side which was that Cot
troll and Rous. of Baltimore, were bulling
New York to plump 10 sales here. All sorts
of predictions are made as 10 the future
- fh. rch rrat n y
that prices will be lowered tomorrow or
within lew days, but on the other hand
great many people have a tirm aud abiding
faith In the cereal aud buy under any aud
all eircu IN stances, even on breaks; and this
keeps the market from going down much at
present
{. d. uamlll said last evening: The tone
OF the market here for the most part favors
the bull side, but as offerings on all frn
spots materially increase, | still think some
stimulus other than local buying OF general
character must come lu to reuder a perma-
nent advance possible"
c. s. Evernguam, in speaking Of the pres
ept condition OF the market, said 1T looks
TO me as II the local bulls, who are tempo
rar,ly short Of the market are trying hard 10
shake out the present holders aud again get
control OF the property, but outside traders
seem too strong Tor them aud instead Of
selling out buy more on every break. I be-
lcve all surprises this year will be as much
on the bull side as they were last year 90 the
bear"
Corn vas steady with fair business doing,
and a shade drmcr, but dill not exhibit much
change. fluctuations bring confined to a mar
row range. Speculative trading was light
aud almost exclusively confined to Nav,
which opened at yesterdays closing 6gures,
lQe, advancing al 15c aud closing al Al sc,
&c above Wednesdays latest quotation.
The January and February options remained
unchanged With only light trading. mostly al
inside figures
Oats continue firm aud manifest disposi-
ton TO 40 higher at suy opportunity. All
options were steady, May advaneiuE &c,
closing steady.
Provisions opened easier With some free
selling al about the closing figures OF yesJer-
day. weakening during the afternoon aud
prices dla not recover al the closing. Mess
pork vas only modera,ely active, with trad
iur mainly confined 10 March and May.
The shipping demand was hgh; aud prices
irregular within a small range, closing al
Sls. 10 Tor March and sIs.S5 for Nay, shade
under the opening figures. Lard was quiet
snd prices lowvr. With free offerings, aud
was relatively weaker all day than other pro-
ducts. closing lower than the opening at
6.Ssis tor March aud s6.ssH fos Nay.
Rlbs were 20; materially lower, elOsiHg quis;
81 s6.s5S Tor Nav.