St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-01-29
Stories Of Disasters, Domestic and
Foreign, Haye a Depressing
Effect on the Markets.
The Bears Have Joyful Day in the
Wheat Pit, and Force May Below
Eighty Four Cents.
Corn and Oats Both Close Somewhat Lower
Provisions Open Strong, but Fail
to Hold the Advance.
Stocks More or Less Demoralized-A Serious
Drop in Central Pacific and Oregon
Navigation.
CHICAGO.


Especial Telegram to the Globe.
CHICAGO, Jan. 2s.-The markets were all
off to-day, wheat being weak and prices
dropping 14c. No. 2 for May sold at be-
tween S311S@S5c, closing at the lowest figures.
Corn was firm early and shade higher,
May selling at 419sc, closing dull at 401Sc.
Oats were quiet but firm early, May at 81 &c,
but in sympathy with the decline in wheat,
and closed Ic lower than yesterday at 31c.
Provisions were moderately active, opening
strong with prices somewhat unsettled, and
closing weaker at the lowest figures of the
day. The closing prices for May were: pork
s12.52]5, lard $40, short ribs S6.45.
The wheat trade was of little importance at
the opening hour on 'change, May being
quoted at S42lc, the same as last nights
closing price. When the price of the May
option dropped to Sac, there was no end of
noise in the pit. This was at :l5 O'Clock
Almost from the opening there was con-
tnuous decline. The first quotation of the
day was S4s4c. Once Soc was scored for 8
small lot, then the course was downward to
S4asc. where the decline hung fire for nearly
half an hour, the price fuctuating between
S41Ac and S414c. 1t was alleged that the
weakness of the market was largely due to
reports of the complete humiliation of Gen.
Stewards army in Egypt, and the death of
the commander. Other old yarns were
warmed over. 1t was declared from one
source, for instance, that Huntington had
gone up in speculative explosion, and from
another that Queen Victoria had at last met
the Fenian enemy and had been blown up
with dynamite. About the time that the
newspapers were printing the news that
Stewart was all right, gossip mongers on the
floor were retailing story TO the effect that
he had been done up and massacred by toe
Pagans in the desert. Several private
transmitting this information, and while
nobody had time to explain why such state
of affairs should weaken the wheat market,
all seemed to take the fact for granted. The
crowd, already bearish, grew more so, few
manipulators celebrated the occasion by SELL
ing more of the article they didn't possess
and numerous small holders concluded it was
time and changed their politics. The trade
in wheat as well as in wheat futures was dull,
shippers having received another setback in
the increased rate Of 221lc, which took effect
yesterday. The sluggish outward movement
of wheat produced an undeniable bearish
feeling. This feeling was intensified by the
effect Of the war news on the stock market
and the receipt of stop orders from
country holders of wheat, whose margins
were on the point Of running out. OF local
sellers Geddes appeared to take the lead,
though Hobbs bought quite heavily, most of
his purchases being made under SAGE.
When SIC had been scored for the May op-
tions, the bears were given another lift by
reports of the failure OF large New York
capitalist. On this inform alton May wheat
sold down to S3Hc, closing later &c lower at
S35<c with free offerings and few buyers.
There was but little trading in February op-
tons, values luctuating severely and closing
l5Sc under Tuesdays latest prices at rs.
Predictions for the morrow are plentiful and
varying in tone.
G. S. Everingham says 4: 81 think the
continued decline will draw out further sell
ing orders and also give Us lower cables to-
morrow, which, although like waiting to hear
the echo Of our own markets, yet will no
doubt have a further weakening influence
and will probably result in rather lower
prices, but can't help thinking that we are
nearing the turning point, and that speedy
reaction will set in, giving higher and more
permanent orders.''
Said another operator and prominent
bear: "The late rises in prices brought 50
much wheat TO the front that foreign and
home markets for the time being are over
stocked. and of course, under such circum-
stances, values have declined. This is the
whole philosophy of the present situation.
The excessive supply has cut off the eager
ness Of the current demand. The stock Of
Of consumers and eheapness naturally fol-
lows. Those enthusiastic country spectators
who bought wheat at the top OF the bulge will
have 70 carry II for a time before they can
get out even"
"While the present temper Of floor opera
tors is bearish, and the prospects favor fur
tber slight decline ere an upward reaction
think wheat has intrinsic value that will
cause sharp and healthy advance"
''The country" said Mr.. Arthur Orr, Of
Orr, Crittenden & Cowes. 'is still long on
wheat, and this fact mensces the market
Until this load Is sold out and better traders
load up, believe prices ssll decline"
Corn wanted TO 90 up this morning under
light receips, but the heaviness In wheat kept
it back. February opened l4c higher, and
May about the same as last nights closing,
but there was no trading Of any consequence
in the near options, prices falling oil &c in
sym pathy with the decline in wheat, closing
at 37a5c, decline Of &c from yesterday.
May. after advancing nc early, went back
to the opening price, and later In the day,
as easiness developed in other markets, the
decline was steady and marked, touching
4ojse, and closing at that figure. Foreign
markets we're reported slow and easier. There
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