St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-01-30
Corn Lower at the Finish. Though 1t
Holds Its Own Better Than the
Leading Cereal.
Oats Remain Almost Unehanged-The Pro-
visions Pit Given Over TO the
Sealpers.
The Interest in Wall Street Centered in Lack
awanna. Other Stocks Being Generally
Neglected.
CHICAGO.
Especial Telegram to the Globe.l


figures, closing at 40]4c for May. Oats were
comparatively firm, selling of &c, and in
light demand, with trading chiefly specula-
tive. At the close February oats were quoted
at 2735c. and the May option touched 30%e,
OF &c uGcr the latest figures OF Wednesday.
Provi .ous were lower, anG scapers were the
principal traders. The May options closed
at decline As follows: Pork, S12.42JE;
lard, s7O5; short ribs, sG.371E.
Public cables reported foreign markets
lower and inactive, with 10 demand, and
weaker feeling in London, owing to large
offerings Of Russian wheat, and as a conse-
Queuce the market opened lower here ]5C@3zc
under Wednesdays last sales February sold
of to TG%c and May to S3c in short time
after the opening, and the bears fully in
tended forcing the prices still lower, but re-
ccipts were again very small aud buying
orders Increased, and in less than an hour
reaction had carried May wheat TO 81 &c.
The decline had induced many floor traders to
take the long side for scalp and prices ral-
lied 5zc, when a second vigorous attack hg
the bears and realizing by brokers who were
anxious TO secure profits on their early pur-
chases sent prices nearly to the bottom. but
the arrival OF free outside buying orders, in
connection with large aud continuous buy
ing by many Of the strongest bulls here,
started quotations on the up grade. The
bears seeing the unexpected turn in the
contest, commenced covering freely. A few
dled their contracts and took the long side,
thinking no doubt that the decline had been
ov,I eta 10 al M M nj
an advance of &c was secured and closed
hrn at about &c under the opening figures
Of the session, February selling at 77c, March
at 775lc aud May at S34c. Baxter and
Boynton and Bliss were among the heaviest
buyers at the lowest point ami Kent's pur-
ehases probably aggregated as much as those
Of any other operator. The fact that the re
action was the only one trauspiriDg since
The decline commenced several days ago,
gave the bulls confidence that it would be
more than temporary. There was good
Deal Of talk 10 the effect that shorts had done
well to cover their short MAY wheat at s3c
ana thereabouts, as in all probability it would
have been impossible TO get the price below
hat point, still there are plenty Of traders
who talk about May wneat at soc, but IL is
safe to saytbat # is the nears who do the
talking who are selling the stuff short at
present prices.
''I'm neithtr bull nor a bear" said
Deacon Hobbs. ''Iu other words, I'm bull
to-day and bear tomorrow, just as clrcum-
stances warrant. There is nothing especially
in tue market either to turn it up or turn it
down. On tue WHOLE the situation is bear
lsh"
"Iu winter" continued the speaker,
''tLcrc are lot Of little sprculstors who are
Wiling to pay pawnbrokers' rates Of interest
for the privilege OF speculatiug They buy
wheat ani pay carrying charges, and keep
the wheat of the market aud consequently
the temper gets bullish when spring comes,
ami then spectators without money are
frozen out, unless meanwhile crop cslam-
itv or some o-her untoward eveut has oc-
currcd 10 save them. | don't see anything
new to bull wheat on. The price would not
be us high as it is now If it were not for
these little spectators l have referred to-"
"fIow do YOU account for to-day's rallyi'
The men who were short, Roche, Lind
bom, Doyuton and some men with even
much larger lines covered to-day. They had
4 profit, and the market looked a little hrmer,
SO naturally they wanted to save theJ profit
You look for lower rpricct'
"Yes, decidedly lower"
81 can see nothing as vet 10 warrant a he
lief in any permanent advance" said Geo.
Brine. but the recent decline having at
traeted some attention moderate buying for
MI expected reaction is TO be looked for"
II am of the opinion that wheat is good
bargain at the present price, said A. NJ.
Wight" The recent selling has been
mostly for weak aud tlmid holders, and the
market is now prepared for a healthy apprvcla-
tion In prices"
NJ $. Chandler IS Of the opinion that the
present outlook favors further decline,
while Geo. Shepherd expresses great faith in
higher prices for this crup,
Corn was weaker, selling or s4c, the ad
vance In frcights causiug decrease in the
shipping demand FOR cash delivery aud the
reported Increase in receipts induced May
contracts to sell out. Values wero heavy
early. but 6rmcd up % some extent later in
the day, May selling a, 40 ,c. The advance
WAS not sustained, however. and the market
closed duh at the lowest point of the day at
40'. c, or under The latest quotations Of
yesterday. Cash product was in light de-
maud, closing at SOS C. March closing at
same figures. The advance in freight rates
makes difference Of 2RSc per busheI in toe
price ~ corn. which must either come OF the I
price brgc or De added to &c AZ the eastern
markets aud It vii, likely take few davs TO
determine which.
Provisions opened weak 90 thorough svm-
pathetic weakness With other markets. and
al cvldru, desire 10 sell, much Of the Offer
inss being long stuff. Mess pork opened
easy snd sold lOc lower than yesterdays
close. aud, after slight recovery. dropped
hack again 70 inside figures, closing at the
loves. point of the day, at SlS.i2l Tor Feb
ruary, Sls.2sis Tor March and $l2.4ei{ for
May. Larj aud ribs were also lower With
reduced volume Of t7sde on both articles
Lard closed 90 50 So. for Marvh and S5.CS
Tor Nav, while rbs Showed decline of 2ist2
TisS froa the bicbvS; point OF the day. chs
Ing a. SG - Tor March ard S6,S7}}s for Mas.
A. The stock yards business in a general
way was rather slow, the receipts of both cattle
and hogs were moderate vet we're equal 10
the dcwsnd. Cattle, especially the best
sorts and tl.ose used in toe shipping and
drcsse3 beef trade, were steady Prices on
hoCS were SSl0c lower and trade rather
quiet. Several packing srms have tempor-
arily dropped CGt. they claiming there IS lille
or 70 pyosi In TIE business az present