St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-01-25
The Effect of the Dynamite DeYiltry
Oyer the Water Felt In the
Chicago Markets.
The Leading Cereal, After Trembling
III the Balance, Closes Cent
Lower Than on Friday.
Corn Follows In the Wake Of Wheat, Provi-
sions Likewise, and Both Finish
Triie Of.
The Reduction In Freight Rates by Trunk
Lines Produces DiscOuragement Among
Wall Street Bulls
CHICAGO.


ValurS IN leading articles were steaCy anu
quOtaoy firm early in the session, but before
tue close weakened quite sharply on fresh
offerings, brought out by weaker cables,
which indicated fear OF mob violence aud
other lawlessness in London. The whole
list was depressed in consequence, IND
closed Quotably weak. Nav wheat opened
shade under Yesterdays closing, fairly firm
and steady, went up to S65Sc, but fell off to-
wards the close to S534c, a cent under yes
terday's latest quotations. Corn was steady
at the opening, but made no advance over
the first quotations, closing 1z@%c under
Fridays, closing at 37Mc for February and
4l4c for May. Provisions were steady and
quiet with values steady until toward the
close, when prices began TO drop, and at the
close stood 25IC071Ec below the opening tg-
ures Of the day, the latest figures for the May
options reading: Pork S1240, lard s7.05,
ribs S6.35. The grain and provision markets
underwent a complete reversal Of position.
trade throughout the day being sluggish,
prices Of all leading articles dealt in for fn-
ture deI~rry exhibiting 9 lower average
range Of quotations, and closing at the bot
tom figures.
Wheat was about the only speculative article
that attracted attention, and, although a
moderate volume Of business was reported,
the feeling was tame. Receipts to-day were
smaller, and the weeks arrivals less than for
any preceding one since July and 324 cars
under last week, and the shipments $4,000
bushels larger, but Liverpool cables were un-
favorable the British and continental markets
~, 7,,U nfTo
lower prices. The market opened quiet at
S6%c for May, &c less than the closing
price Of last night The course of the
market for the first two hours was steady,
with fluctuations on the fayorite option con-
fined to 14Q72sc, the tendency being slightly
downward and hardly anything doing, there
being apparently no orders to buy or sell.
This last named feature encouraged large
bears 10 hammer the market with view 10
soaring heavy longs into selling, aud under
their vigorous pounding prices were beaten
down 4W35c, but the bulls made q stout
resistance, and when the early selling
pressure was removed values quickly rallied
u cpruiug figures. The bears seeing the
situation and fearing further appreciation
made a fresh raid and by circulating false
rumors including statements Of the threat
eu 81 failure OF a large hank in Connecticut
and that the dynamite explosion 10 London
had caused panic there, aud English In
vestors in American stocks were heavy sell
crs In New York, and, although these stories
were quickly coutradlctcd by reliable New
York adyices, the scare they created caused
many iimid holders TO unload. Others, while
not willing 70 SELL made little or no resist
auce to the bear raid, and, under increased
offerings, including the selling by shorts,
prices rcccded &c from the outside figure,
May closing at S52ic, drop Of lc under YES
terddy's latest figures. Opinions vary as to
the probable course Of prices during the
coming week. One operator said yesterday:
at is very plain to be seen that there is a
tusslc going on between two parties in wheat,
which promises To be interesting before IL is
over The country is all long on wheat and
sticks to that side with persistent pluck.
Quite a number of room traders aud com
mission trims are also bulls on the general
situation, but most OF the big aud heavy
operators are short on the market aud are
operating for decline. The foreign si'ua-
ton, too, Is rather bearish, but, In spite of
all efforts, the market persists in hobhing up
nearly every day The shorts refuse to I'LL
sud could not do so II they desired, without
loss The longs can't got the market high
enough 10 unload AZ profit, and so the two
speculative antagonists staud aud face each
other, neither party caring TO surrender"
A NJ Wright said: 1T seems scarcely
necessary to say that break caused by pres
ent influences is entirely unjustdahle, and,
unless other uufavorable features OF more
substantial character develop, a speedy up
ward reaction is rkcly.'
Geo Bodmau said: 'The deal here now Is
largely agbt between two factions. Some
OF the quincy local operators here are working
the short sic, against another set, backed BY
the large Milwaukee operators on the bull
side. and 1t Is hard 90 say which has the ad-
vantage Itblnk, under the circumstances
Tho market is liable % make a radical change
either way almost any day. and ain Of the
opinion shat the crowd which Is playing the
short side have the advantage, but that de-
ponds i good deal on how large 4 short line
they have out already. Wedo rot think they
will care TO light an advance by extending
posed they are already short large liue, aud
Il they attempt 20 cover, the longs would
make pay high for their wheat"
Corn wps Qui,t acting as II measurably
clear ot oil manipulation, the trading con-
tiuuipg light from day 10 dag. The market
IN general way moved about With wheat,
recording It's lowest points at the close.
Forrjru alviccs were lower, and larger re-
crp,s were rvphr,el. There Is great inter
est Ia January curn 10 New Yogk, With an
estimated saorttgr three tunes as large as
The amount cf contract corn IN store, but
there srv no signs here oi aDy January cor
nvr or squeeze ss vet Probably the shorts
have ton vivid a remembrance oi last SEP
tcmotr q get caught again 50 quickly. At
the opening MSy VAS quoted At slAe aud
remained steady vith light trading uual
wheat broke. I, tbea gave way in sympathy,
declining slowly Ae Psr oushel. closing at
The lowest poiut % The cay at S5s.e Cor Jaup-
sry. S1s.c e Tor Fcbvi, ~ aud al. a.e for Nav.
Tue casa demand continues uuAoAted, local
shipments exceeding receipts to-day.
February osts opened ! c lower, bat MAY
vas steady atthe close oi yesterday. There
was but utile traiiaE aud prices declined in
sympathy With wheat aud eo7R NGAc. clos
Ing al sSc Tor February snl 81 Is fog May
A sew sales Of April were recorded Al - &e.
Provisions opened steady but quiet in
krerinr With the conditions IN other pits Few
Outside orders were 90 the soor, while scAIpers
did 10. eater the msrSc, with the spirit
usually prcvailing on tae earlier Gays Of Tie
week. TIE course Of values wss steady IN