St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-01-28
The Leading Cereal Weak All Around,
the May Option Selling Below
Eighty-Five Cents.
Corn and Provisions without Feature-0ats
Active, With Indications Of
Better Prices.
Plenty of Life in Wall Street A Bull
Clique Put up fackawanna
Three Points.
CHICAGO
rrpecial Telegram % the GlObe. !

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figures. Corn was relatively stronger, selling
early &c below Mondays closing, but rallied
later, May closing at sc advance at 41Hc.
Oats opened 75@14c lower, closing later at
yesterdays figures, unchanged. Provisions
were fairly active and stronger. Mess pork
for May sold at S12.575l@12. 40, and closed
at S126O Lard for MAJ sold at 81. 1215@
717JI and closed at S7.125l- Ribs closed
at S6.471I for May.
The weakness developed in grain yester-
day was followed by further depreciation in
values, greatly TO the surprise Of the inhabi-
tants Of the wheat pit. a good share OF them
had tempered their trades during the last few
days so as to discount the effect of an autici-
pated decrease in the visible supply of wheat
Of about 500, 900 bushels. The statement
when posted this morning showed instead an
increase Of nearly 300, 900 bushels. Re
ceipts, too, were larger than anticipated and
British markets were lower, both Of these
items having q further depressing effect.
Reports Of an increase of nearly 100000
bushels in New York aggravated the market
here, apparently not affecting local bearish
Influences. The bears turned these in
fuenccs 70 good account, renewing yester-
days attacks with increased energy, and
kept up an iDcessant pounding throughout
the session, their object being 10 dcmoralize
the longs and induce them to sell out De-
spite efforts of the bulls, who early in the
session were largely assisted by scalpers who
took heavy lines against puts bought yester-
day at S5@85Ic for May delivery, prices
suffered heavy decline below Yesterdays
inside figures, at which there was more active
buying by shorts and scalpers, the former
being disposed 10 secure profits on sales
made at higher prices and the latter
thinking the break sufficiently severe to
insure q slight upward reaction, and their
bidding caused a reaction, the closing figures
showing a decrease Of 3i@75c below yester-
days closing. May opened &c of at sjJzc.
Under the influences mentioned the price
declined steadily until sac was reached,
but sold only sparngly at that price, and all
ouying orders at that figure could not be
executed. Indeed, the crowd seemed less
bearish below s5c, aud did but little in the
Way of Influencing still lower prices. Toward
the close of the session a reaction set in, car
rying prices 1fc above the lowest figures Of
the day, closing at 79]zc for March and
and s49[c for May. McGeoch was a large
seller Of wheat here on the break. and was
said also 10 be a large seller at Milwaukee.
A New York telegram stated that Cottrell, the
man who has led the bulls Of late,
had abandoned that side, and that
last night he pat fifty boat loads
Of wheat 400 600 bushels, in the privilege be
had bought. II was also part Of the gossip
from New York that \. &. Miller, who used
to cut Il figure here, and who has been bull
Ish had last night 10 take 100 boat loads,
200, 600 bushels in 'put" he had sold.
Prospects for any marked advance in prices
are not brilliant at present The local feel
Ing IS nervous and the bears are disposed to
continue 10 dcpress prices until all the weak
holders are shaken out and many conserva-
tive bulls thiuk that further decline IS not
unlikely, yet ;hey sag that the market is
largely oyersold and that the first indications
of returning confidence viii cause a scramble
among the bears 20 cover their contracts. aud
that prices Will 20 up faster than they haze
declined
Corn was dun and featureless, fluctuations
being SMALL The market was weak. a shade
lower for futures and lc or on shipping
grades Yesterday anticlpotions Of heavy
receipts wcr, fully realized, 53j ears being
reportc Tue large receipts, together with
the weakness Ia wheat, were responsible for
decline Of q c in the price of May, the lat
ter opening at 4O7 .c, alyiug later at 4lbc,
closing al that figure. The speculative de-
maud was dull and the shipping demand only
fair, a quiet business being reported. Some
of the eastern reads are blocked and this
helped 20 cause duiluess. February
corn was quiet. with moderate trading re-
ported, opening a under yesterdays close
at 81 @. closing at S1isc. Lister * Co.
were large sellers OF corn which was set
down as loug corn. That firm took on for
somebody at lower prices than these.
Oats were quiet without material alteration
IN values. Trading was doue at the inside
figures reached Yesterday aud the feeling
throughout was duh The visible supply
showed q decrease OF S4,244 bushels last
week, and ,he continued scarcity Of this
grain will prevent any great decline in
prices.
Provisions opened stronger under contin-
ued small receipts of hogs Prices at the
stock yards were higher and the speculative
product was in good demand during the first
hour OF the session. MAY pork opened at
Sl2.6O. with a fair demand and free offer
inCs, lstcr advancing 20 Sl2.70, clear ad-
vance Of Il above yesterday. Cables
were firm ou all articles except lard, which
vas quoted little lower aud shipments we're
more than usually heavy. Under these in
Hucuces the market Guickly developed
stronger. lard selling up 10 S5.l1l5 aud ribs
u S65it. The weakness in wheat. how
ever, Influenced rather free offerings at the
advance aud values towards the close rcceded
70 shade below those OF the opening. Trad
Ing was rather light, most operators beljev-
inE that with the return Of moderate weather
hogs will be more plenty. The closiuEs for
the Nav option were at a slight advance over
the latest figures Of yesterday, pork selling
at S1s 60 lard at $5.lsS aud ribs at
S6.41-
A. the stock yards business in s general
way was more active than yesterday. The
frvsh receipts of cattle were comparatively
light vc;. with The number lef; last night.
the supply wss fully equal TO the demand.
The fresh arrivals sold shade stronger,
while those held over we're hard 10 dispose ot
at former prices. Receipts ot hogs were light
for the season. Prices were a strong Zoe per
1oo higher, fancy heavy selling up io Si.e5.E
500. and the best packers st 81 81 -. $.
The sheep market vas overstocSed, aud
values we're 25 loc per 100 lower.
CHICAGO FINANCIAL.
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