St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-01-21
Caused Mainly By the Surprising
Showing Made in the Wis
ible Supply.
The Bears Jubilant, but There APP
pears to be no Indication OF
Serious Break Soon.
Corn, Oats and Provisions Run Down the
Anale Trihe in Sympathy
With Wheat.
Wall Street in an Unsettled Condition
The Northwestern Stocks Generally
Fairly Steady.
CHICAGO.
Especial Telegram to the Globe.l

CAIcAGo, Jan. 20.-The markets were de-
were unsettled, the volume Of business
small and speculative incidents few and un-
important The chief factor in the weaken
ing process was the visible supply announce
ment, which, much to everybody's surprise,
shows an increase for the week Of nearly
200,0 bushels of wheat and over
10000 bushels of corn, contrary result
having been expected. These figures
had the result Of lowering the advance Of
yesterday, caused by war rumors, and
kuocaed all the bullishness out OF every
body. May wheat dropped 2Ic TO S559, and
everybody was predicting s5c before the
close. Both bulls and bears were timid, and
slow to back up their talk with traders, and
the result was that fluctuations were CON
fined within a range of &c. Lindblom was
almost as vehement in his bearishness as he
was last week IN his bullishness. Nat Jones
and Scott and Billy Linn stood in the wheat
pit when the market opened and sold sew
eral hundred thousand bushels Of wheat per-
haps between them they sold 500, 900 bushels,
vet these sales and the visible
supply figures were all the gos-
sips had to talk Of. That there
was no more and better material Is one Of the
proofs Of the dullness Of the days speculs-
ton. Cables were lower, and there was an
absence of war news, which had been ex-
pected to assist in strengthening prices.
Liverpool markets were reportedinactive and
lower for all kinds Of wheat, while Mark Lane
was weaker. Corn displayed considerable
weakness in sympathy with wheat, closing at
379sc for February and Al ]5c for May. Oats
we're merely nominal, with light trading, at
27lSc for January and February and 315sc
Tor May. Provisions were dull and lower,
pork closing about 15c oil Yesterdays
1gures, lard 10c of and short ribs several
points below the opening, May closing at
t642J(.
Wheat opened weak at about 1Ic decline
from the closing OF yesterday. Tnere vas a
fair volume of business transacted, although
the market varied In strength aud an unset
tied feeling existed. There was free selling
from the start, the causes of former strength
having been removed. The reported failure
Of the Calumet Oil company at Pittsburg eI-
erted q weakening influence, which was
counteracted towards the close by deuial
aud q frmer feeling in New York markets.
February opened 5Ec lower and May &c
under yesterdays closlngs at $3.50, aud
both declined lGQo5Gc more In a short time.
Later May advanced &c on heavy buy
ing Of short wheat by prominent
local trader, but the advance was
lost In sympathy with weaker
eastern advices. Sales ranged at s5;%0s6}%c,
only sparingly at the outside figures, and al
the buying orders at s59Ic could not be ex-
eeuted. The heaviest trading was at S531c,
the lowest point of the day, prices gradually
stitfening until the close, when sales were
reported at S55Sc. II may be said, however,
despite the decline. the market showed CON
siderable strength, though there is now a
weaker undertone and a tendency toward
lower prices. The bears are feeling rather
iubilant over the prospects. though a marked
decline Is not expected There are rumors
that crowd Of bulls are cndeavoriugto to push
the May option out Of sight from the present
prices, but the feeling on 'ehangr
is that the Job Il too large for them TO ac-
complish. There are too many determined
bears 10 fight against them, aud it will take a
pile Of sold muscle to make success Of the
movement. The war news, on which thC
clique largely depended yesterday, reads
rather too tame TO enhance values aud fur
q ends Of bull speculators to-day. G. s.
FSeEiugham is a broker who takes brighter
view OF things He says:
There seems to be- a strong under current
20 the market and 1t looks hard work TO get
or hold It much lower, aud when We con-
slider that well known bulls both are aud
have been sellers OF wheat simply on the ex-
pectatiou Of getting 1t back little cheaper.
As soon as they begin TO cover It looks tc
me as II they would give an impetus to the
market that will rrsul, in higher prices"
Corn opened fairly steady at a decline OF
Nc. but displayed con onsiderable weakness in
sympathy with wheat during the day. Iu-
creased receipts aud lower markets abroad
were not without depressing influence, and
offerings were somewhat more liberal than
yesterday, all having tendency TO lover
prices. Indeed outside prices were realized
ouly by early traders. the decline being Quit,
steady from the opening aud most seriously
affecting the Nav option. There was. how
ever, some strong buying owing to unsettled
differences between the railroads running
from here to the east and the prevalent be
lief that there will be further cut In rates
February opened at SSSc, ranged at $3.50
SS%e, closing dull al S7slc fsir bust
ness was done in the Nav option, price.
ranging from 4lG49ke, with the bulk o
trading at 4lA@4iisC, closing at 4ISe.
Oats were without essential change, rang
Ing a few points lower than yesterday aut
quiet al the decline, trading being almost
entirely confined to the MAY option at sos.
u Slllc. closing on the afternoon board 81
s0s.c. offerings were fair aud in light de-
mand. Should receipts increase from thi.
time on the lais advance will probably b,
checked for the Gme being.
Provisions we're loser, ranging easlet
through ali the speculative list. the highes
point reached being only equal 70 yesterdsv'
closing fs-ure. The ''os' feeling was In.
duced hy an easier feeling in wheat. and ths
prospectlve increase Of receipts, nov tha; tbs
embargo on railroads eaased by the recent
storms Is raised. All fluctuations we're eou
hnea 10 aarrow limits, however. and tier
Sxrr no apparent features IN the market
Which was about wholly in TIE hands Q; IA
scalperS. Mess pork sold OF Is
elosing at $Is Tor February, sl9.l.
for March and SI34o Cor Msy
Lard suffered relatively great shrinkage