St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-01-19
NECESSARILY QUIET.
A Tame Opening Results
from Crippled Means Of
Communication.
Spectators in Wheat Spend Most
Of their Time Evening
Up Deals.
The Close Half a Cent Lower on all
Options Than the Quotations
of Friday.
Corn Stronger Than the Leader, Oats
Steady, and Provisions Little
Higher.
Wall Street Weak at the Finish, Wit
Fair Prospects of Further
Depression.
Wall Street Weak at the Finish, Wi
Fair Prospects of Further
Depression.
CHICAGO,
Especial telegram to tn. Globe.I


CHICAGO, Jan. 17.-Business ON 'change
at the opening this morning was necessarily
very fiat and dull. The absence Of commu-
nication with New York and other principal
points, owing to disabled lines Of every COM
pany represented here, had 4 paralyzing
effect on all markets. 1t was not until after
10 O'Clock tibet the first message was received.
That came over the wires of the Bankers e.
Merchants company. A little later the West
ern Union had got wire in order, and bust
ness began to revive somewhat. The stock
tickers were mute until 1O;45, when they
started up and furnished quotations until
l2:l5, when they became dumb
again. No freight was moving,
and It being Saturday, traders
didn't put themselves out of their way much
TO give local trade an appearance Of activity
which it consequently lacked. The trading
in wheat was mostly Of an evening character.
The close was &c lower than on yesterday at
S0Tc February, and S6}lc May. Corn was
more active than wheat and ruled higher, the
market showing good deal Of strength.
February closed &c higher at 3s1Ic and May
&c higher at 4155c. Oats were steady at
about yesterdays figures.
Provisions were rather dull, but ruled
steady and showed considerable strength,
pork closing sc higher at Sl2.52Jz May; lard
219c higher at 81. Is Nav, and ribs sc higher
for the same month at S6.40.
Wheat showed a smaller volume Of sales
and there were few factors calculated to in
fiuence prices in either direction. Liverpool
dispatches quoted quieter British markets,
and there was little news from American
points, communication being interrupted
by last nights storm, which deranged the
telegraph wires. The market opened weak
and 4@95c lower, advanced &c on fair buy
ing by shorts who were disposed to even up
their weeks trades, rather than take the risk
Of carrying them over, but the absence Of
rapid communication with other places cut
off orders, and local bulls not being In a
mood to increase their holdings, while there
is still an uneasy feeling in bust
ness circles, early buyers were
soon filed and prices sagged. The
weakness during the closing hours of the
session being increased By reports that next
Tuesdays exhibit of the visible supply will
show an increase Of SOC, 900 bushels, and de-
spite the decreased receipts and the certainty
that next weeks arrivals here aud at other
spring wheat points, will exhibit further
shrinkage in volume, prices gradually set
tied sc and closed at the lowest figures Of
the session, and the feeling among profess
sional traders bearsh. Yet the meager sup
plies on the other side of Atlantic, and the
almost positive certainty that the United
Kingdom and continent must be large buersy
on this side during the coming eight months,
does not favor decline here The situation
of trade is also strengthened by the continu
Gus demand for -four from exporters, which
.akes the products Of mills making such
grades fast as turned out.
Ilamill * Brine in their circular say: ''we
still feel that no serious improvement in
prices is PROBABLE, but on the contrary that
some decline viii attend the pillng up of
stocks In western markets unless foreign
values should show continued strength, and
this we think is unlikely, In view OF the in
creased supplies attracted by the recent rapid
advance in all markets Of the United King
dom. We feel that purchases on weak spots
may prove remunerative II opportunities TO
realize profits are taken advantage Of, but do
not regard tendency of values to be at
present towards higher range. The
recent failures In New York and Plttsburg,
although II is 70 be hoped not foreshadowing
any extensive financial disturbance, 6ave
bad somewhat depressing influence. and
for the time being at least, will deter invest
ors at current advanced prices. Later on,
when the weather contingencies will be an
important speculative element, we may,
should these take an unfsvorable turn, see
much higher range Of values, but without
his or some other important stimulus, now
unforeseen, we believe that a material deple-
ton OF our stocks must prreede any advance.
To effect this our prices must be on n par
with those OF the importing countries Of
Europe and at present this Is only true Of
seaboard cities, whose stocks OF winter wheat
are quite heavy enough TO meet the present
demand"
The corn market displayed good deal Of
strength to-day. and trading In 1t was quite
positive aud active. Liverpool was strong
on corn and 4 penney per GENITAL higher.
Receipts were s62 cars. against 914 yester-
day, and out Of this number - graded No.
= II begins 10 be seen aud realized that
before their crop Of corn viii begin to come
TO market freely prices must De sdvaneed,
and accordingly traders are more willing to
buy now, even at higher prices than they
have been hitherto at lower figures More
than this, both corn and oats begin TO have
some independent strength Of their own. as
the visible supply Of both is very small when
compared with the vast volume Of wheat In
sight To-day February corn opened &c
higher and May e, and aftervsrd February
advanced sc more and MAY NC. but both
lost little ueSr the close % the session.
The last figures being 81. c for February and
l%c for Nav.
Nulmiue, Bodnan & Co. say: ave think
ihe receipts next week viii show much
lighter In consequence OF the snow blockade.
We are stu strong believers in higher prices
on this corn. believing the legitimate con-
sRnptive and export demand viii continue
good toSthe next sixty DAYS, and the pros
pective moderate receipts a; THIS point With
amaFSct considerably oversold for failure de-
livery in the option liue.~
G. :. EveHnghan SAYS: 'I regard the
eorn situation stronger than whea. hus
should wheat decline corn would sympsthire
slixatly L Is reported that twrntv-six
STEAMERS have been chartered az Baltimore
the past few DAYS foz corn. and that the Wa
hash railroad Slone Is loading 1000 cars for
that point IN view % this fact Il Is 10,