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 au1 Hog Products
Almost Unchanged.
Jay Gould Bolstering Stocks, but the Rail
way Kate War Likely to
Beat Him
CHICAGO
Especial Telegram to the Globe.f

foreign wneat markets were quoted qulel anu
steady and eastern markets were without en-
couragement 10 buyers, light re-
eeipts 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 &c, hoping 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 5E@$4c, which, however,
was not sustained, prices closing s5@5lc
under the highest figures of the day and "a
&c higher than yesterday. May wheat
opened Nth q firm feeling at $3.50, adTanc-
Ing to S65Sc and closing at s61l. Corn was
in good shipping demand, opening at 41Ac
Tor 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
U.ess pork Sll.97H, lard Sc. 40, short ribs
$6.O7L.
There was an unusual lack Of interesting
features in the days markets. Wheat opened
&c higher for February aud 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 advices from the northwest
stated that the Northwestern Milling associa-
ton had advanced buying prices &c, which
added extra strength 10 the market here, Nc
being added to the May option. The express
sion, "Some body is under this wheat" was
frequently heard, and apparently the bulls
had the best Of the fight. But the bears were
not idle, making determined efforts to force
down prices, although the resistance Of the
market offered to repeated efforts to main
tain severe depreciation, and the fact that
prices were well sustained without the as
sistance OF factors Of an unusual char
aeter, was rather regarded as q
proof Of increased strength based on intrin-
sic values. Local operators seemed about
equally divided as to opinions OF the future,
but neither side stayed long when the market
turned contrary u their expectations, the
shoIt sellers covering their sales quickly when
prices showed an increase, and buyers drop
ping their holdings when tue market de-
clined. Public cables were lower and steady
with a bearlsh tendency and the export de-
maud was but light, but there were no new
bear arguments. Prices al the opening
showed improvement at S6sSc, Nav being
&c above yesterdays closing and a good
business was transacted with sales ranging
from s5BGS6Bc. The advance induced
some local short selling and also brought in
some outside orders 10 realize profits, which
resulted In sending the market down TO
s57Ec. At this price there were good buy
inc orders, and the market quickly recovered,
advancing lie from the lowest price. The whole
advance, however, was not sustained, the
market closing at soc for February, S03Ic for
NJ rch and So 4 9 for Nay. McGeoch was a
large seller, putting out wheat from the be-
ginning to the end. but not in large lots.
Walker & Co., Edrrdgc Il Co. and KAN
mcrer were sellers, too. Jones WAS on the
same side all along. Counselman and Hobbs
were both large buyers, Hobbs taking a good
deal Of grain on the very top. Other heavy
BUYERS Of the dag were CottrelLo New York,
aud Driver, OF Cdiclgo. Tne former is said
70 have taken l.5Jo, OJ) bushels here and as
much more in New York, bat this was only
gossip aud no more trustworthy than the
talk o, the otser side, which was that Cot
troll aud Rous. Of Baltimore, were bulllng
New York 10 plump 10 sales here. All sorts
Al q
rauge % the wheat market, some asserting
that prices will be lowered tomorrow or
within aiew days, but on the other hand a
great many people have firm and abiding
faith In the cereal aud buy under any and
ali circumstances, even on breaks, and this
keeps the market from going down much at
present.
G. ID. Hamill said last evening: The tone
OF the market here for the most part fsvors
the bull side, but as offerings on all firm
spots materially increase, still think some
stimulus other than local buying Of a general
character must come In TO render a perma-
ncut advance possible"
&. 5. Everugnam, in speaking Of the pres
eut condition OF the market. said. 1T looks
10 me as II the local bulls who are tempo
rarity short Of the market, are irving hard TO
shake out the present holders and again get
coutrol Of the property, but outside traders
seem too strong for them aud instead Of
selling out bus more 90 every break. l be-
hcve all surprises this year will be as much
on the bull side as they were last year on the
bear"
Corn was steady With fair business doing
aud a shade armer, but Jill not exhibit much
change, fluctuations being coaaned 10 a mar
row range. Speculative trading was light
aud almost exclusively confined TO MAY,
which opened at Yesterdays closing figures,
axe advancing axe and closing at 4tSsc,
alc above Wednesdays latest quotation.
The January and February options remained
unchanged With only Light trading, mostly a:
inside figures.
Oats continue firm and manifest disposi-
tom 70 80 higher al any opportunity. All
options were steady, May advancing &c,
closing steady
Provisions opened easier viih some free
solliug al about the closing figures Of yester-
dsy. ,Teakening during the afternoon and
prices did nos recover at the closing. Mess
park was ouly moderately active, With trad
ing mainly confined to March and May
TIE shipping demand vas light aud prices
irregular Nithin 4 small range, closing al
So 10 Tor March aud sic IS for MAY, shade
under the opening figures. Lsvt ws$ quiet
aud prices lourr. with FREE offerings. aud
WAS relatively weaker all day than osher pro
ducts, closing loser than the opening Al
s.. So, for March and $s.esN for May.
Ribs werc Dot materially lover, closing quis;
At s6s5ts Tor May.