St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-02-02
The Bulls Get the Thermometer on
Their Side and Drive the Bears
From the Field.
Yesterdays Rise in Wheat Mainly Due
to Fears That the Winter Crop
Will be Injured.
Corn Steady at Fridays Prices. Oats I'm
changed and Provisions Lower
Mt the Close.
4 General Rush to Sell st. Paul Stoek-The
Strength of Northwestern Fea-
ture Of the Market.
Chicago.
snecial Telerram

Special Telegram.
CHICAGO, Jan. S1-There were few If any
features in the market to-day, and trading
was only moderately active. Light receipts
and liberal buying by local parties were the
main features toward stronger market, ana
a fair advance in prices was scored in all de-
partments Of trade, the tone at the close OF
the day being firm and steady. May wneal
opened at S2Ic, sold up to S3%c, closing at
that figure, gain of 1c over Fridays close.
Corn was quiet but steady at the closing
prices Of yesterday, May selling up to 4O12c,
closing at 40c, in good demand and with
firm feeling. Oats were more active, fair
DAYS trading being reported at unchanged
figures. At one time during the session No.
2 May sold up to S0%c, but at the close was
quoted at 3OJ<c, the same as Friday. Proyi-
sious opened higher, advancing under bet
ter market at the stock yards, but later showed
O flight decline. At the close the May OPP
tons were quoted Pork S12 As, lard 81 .071E;
short ribs s6.S71z.
The grain markets, although showing more
speculative activity, and at times indications
Of returning confidence, were nervous and
article traded in, and exhibited the widest
fluctuations in prices. Foreign advices were
upfavorable to sellers, decline OF 3C96d per
quarter being quoted in Liverpool and Lon
don. There were predictions Of large receipts
next week. The next report Of the visible
supply WIS estimated to show an increase OF
600, 600 to 1000, 900 bushels. The bears
went on the floor with evident intentions TO
secure another victory by forcing prices still
lower, and opening sales were only &c
over yesterdays close. 1t soon became ap-
parent, however, that all but the strongest
and most persistent hOlders had previously
unloaded. Seeing change in the situation,
and finding that there was a disposition
among conservative shorts TO settle up their
weeks deals and 90 home, even the chronic
bears decided TO do likewise, but when they
attempted to buy the offerings we're not com
mensurate with the demand, which was
materially increased by the execution
of orders from large local Spectators,
who frequently buy heavy lines on breaks.
The uneasiness of the bears was also aggra-
waited by predictions Of soft weather, which,
# IS feared, will melt the snow and expose
the fall sowu wheat to damage by frost.
Spirited bidding, induced by these influences,
caused an appreciation Of &c for opening
prices, aud although break Of 55c followed,
the continued nuying sent prices to the top
at the close. May wheat opened sc over
Fridays close at 81 &c, and under the filing
Of large line Of shorts advanced early lc as
the day wore on, and the signs OF the morn
10 pvhn
have been short large line through the
recent decline, continued buying heavily.
Later the demand became lighter and values
reacted XQ2[c with no efforts made to sup
port the market. Toward the close the
market became drn at the highest polnts Of
the day, closing at 7655c for February, NE
for March and $500 for May. Frank Crit
tended, Of Orr. Crttenden & Comes, was
asker what be thought Of wheat.
IL think MAY will sell at zoe before June
l." be said. There is more wheat in store
than people imagine. Spectators don't ap-
preciatc the fact, for instance, that there are
10000, 900 bushels at Milwaukee aud Chi
cago. The trouble is, that for some reason
or other there Ia no export demand nov for
our wheat and crops are now so enormous
that, unless there ID a market abroad for
$50, 900, 900 bushels or more, the prices at
home will he demorslized. -
Geo Sheppard said the feeling to-day is
more bullsh aud rather favorable for higher
prices owing to the unsettled condition o;
the wcslhcr Fears Of crop damage are quite
wiGcly extended, but | do not expect any
marked advance in prices and think dGctua-
tons will be confined to q narrow range"
"The principal buyers here the past two
DAYS have been the shorts" said VI. L. Bod
man, "apd all the strength We have comes
from this cause. HeuCeitis only ten orary.
There is nothing in the general situation rs
view il warrautug any material advance in
prices nov, out, ON the other hand, think
We will need an improved export demand To
prevent a further decline. have very little
faith in any bulge in wheat at present. II Is
likely to drog along slewy aud possibly 10 a
lower level until about the lst nf March, when
the winter wheat crop comes out from under
It's blanket OF snow. Then, Il the crop should
promise well the bulls had as well ground their
arms, ditto bears II It looks uutavorable. The
winter up to the time Of the snow. had been
sather un favorable for the crop and may not
look go well as expected"
The present soft weather and prospects of
continuance or tho same vas the principal
bull argument to-day. II the thaw Is fol-
lowed by rain and u the fields become I'M
covered then the speculative pits are in
condition for a cash score even II the wheat
Gslds are not.
In the coru pit the events Of The day were
all OF the kind most acceptable - the bears
The demand was poor, receipts were larger,
With reports that they would be sun larger
next week, aud the crowd was distinctly
boarish, and It's bosrishuess was Of The kind
that Is illustrated by strong iuellusu0as to
sell siuG short Bailey was cue Of the earlier
sellers aud kammerer was Que 81 the largest.
Tie shorts appear 10 believe. a. they talk,
that May cora may Be good property at 9Se,
but not at 40c. February opened \ higher At
S5Ssc, aud Nav le lower al $3.50, aud The
former vas foroed up &c above the opening
aud the latter Nc. There vas considerable
trading done, although the market was uu-
stesdy aud nervous. fluctuations Asiug rapid.
Il. ". Clark WAS tbs largest seller IN the
market. The advance in wheat failed 10
ipp=rI life or strength 70 corn, aud deeliue
set Ia early, the market closing duh but
steady at S6S.c bid for February and 4Oc for
Nav.
There was 20, much life In the market for
hog p7odueis, although trading vas fairly
sot.yc, aud in general way The market
showed little more strength, snd prices sv-
eragsd Huic higher. Orders were chiefly
for spectators. the shipping demand no,
being particularly urgent Foreign a4viees
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