St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-01-26
Inc Leading Cereal, After Trembling
In the, Balance, Closes a Cent
bwer Than on Friday.
Corn Follows In the Wake of Wheat, PrOvi-
signs Likewise, and Both Finish
IS Trife OF
Inc Reduction In Freight Rates by Trunk
Lines Produces Discourag cement Among
Wall Street Bulls.
CHICAGO
Especial Telegram to the clobe.I


list was depressed in consequence, and
closed quotably weak. Nav wheat opened a
shade under Yesterdays closing, fairly firm
and steady, went up to SG55c, but fell off to-
wards the close to S5$lc,'a cent under yes
.erday's latest quotations. Corn was steady
al the opening, but made no advance over
The first quotations, closing 5IG055c under
Fridays, closing at 372Ic for February and
age for May. Provisions were steady and
quiet, witt values steady until toward the
close, when prices began 10 drop, and at the
close stood 21I@71Ec below the opening fig
ures of the day, the latest figures for the May
options reading: Pork S12.40, lard S7.05,
ribs $685.. The grain and provision markets
underwent q complete reversal of position.
trade throughout the day being sluggish,
prices Of all leading articles dealt in for fu-
ture delivery exhibiting 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
modencSe 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
undeEslast week, and the shipments $1,000
bushels larger, but Liverpool cables were un-
favorable the British and continental markets
being quoted dull and with buyers Offering
lower prices. The market opened quiet at
e63sc for May, re less thar the closing
price Of last night. The course of the
market for the first two hours was steady,
with fluctuations on the favorite option con-
fined to 14@}sc, the tendency being slightly
downward and hardly anything doing, there
being apparently no orders to buy or sell.
This last named feature encouraged large
bears TO hammer the market with view to
soaring heavy longs into selling, and under
their vigorous pounding prices were beaten
down 4@&c, but the bulls made q stout
resistance, and when the early selling
pressure was removed values quickly rallied
10 opening figures. The bears seeing the
situation aud fearing further appreciation
made fresh raid and by circulating false
rumors, including statements Of the threat
ened failure of large bank in Connecticut
and that the dynamite explosion in London
had caused a panic there, and English in
yestors in American stocks were heavy sell
ers in New York, and, although these stories
were quickly coutradcted by reliable New
York adyces, the scare they created caused
many timid holders to unload. Others, while
not willing 10 sell, made little or no resist
ance to the bear raid, and, under increased
offerings, including the selling by shorts,
prices receded ! &c from the outside figure,
May closing at S5$Ic, drop Of lc under yes
terddys latest figures. Opinions vary as to
the probable course Of prices during the
coming week. One operator said yesterday:
1T is very plain to be seen that there is Il
tssle 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 number of room traders and com
mission firms are also bulls on the general
situation, but most of the big and heavy
operators are short on the market and are
operating for a decline. The foreign situa-
ton, too, IS rather bcarish, but, in spite Of
all efforts, the market persists in bobbing up
nearly every day. The shorts refuse 10 I'LL
and could not do so If they desired, without
loss. The longs can't get the market high
enough TO unload at a profit, and so the two
speculative antagonists stand and face each
other, neither party caring TO surrender"
A VI. Wright said: at seems scarcely
necessary to say that break caused by pres
ent influences is entirely uujustidable, and,
unless other uufayorable features of more
substantial character develop, speedy up
ward reaction is likely"
Geo Bodman said: ''The deal here now is
largely a fight between two factions. Some
of the gamey local operators here are working
the short side against another set, backed ,y
the large Milwaukee operators on the bull
side. aud it IS hard TO say which has the al
vantage. think, under the circumstances,
the market is liable 10 make a radical change
e.tbbg way almost any day, and l am Of the
opnibn that the crowd which is PLAYING the
short side have the advantage, but that de
ponds a good deal on how large a short line
theF have out already. We do not think they
will care 70 light au advance by extending
their line materially. It is generally sup
posed they are already short large line, and
II they attempt 10 cover, the longs would
make puy high for their wheat"
Corn was quiet, acting as II measurably
clear OF all manipulation, the trading con
uuuiug light from day to day. The market
IN a general way moved about with wheat,
recording It's lowest points at the close.
Foreign aivlccs were lower. and larger re-
ccipts wcr, reported. There is great inter
est in January curn In New York, With an
estimated shortage three times as large as
the amount of contract corn in store, but
there sre no sigus here u any January cor
ncr or squeeze as vet Probably the shorts
have too vivid q remembrance Of last Sep
tcmber to get caught again so quickly. At
the opening MAY was quoted at 4isic and
remained steady WITH light trading until
wheat broke. L then gave way in sympathy,
declining slowly 'sc per bushel, closing al
the lowest point Of Tie dsy AT 81 &c for Janu-
avy, So & Tor Fvbrusry and 4la.c for Nav.
The cash demand continues undated, local
shipments exceeding receipts to-day.
February oats opened c lower, but. MAY
was steady attae close Of yesterday There
was but lttc trailing aud prices declined 10
sympathy with wheat and corn isGSe, clos
ing Al 2Sc Tor February aad 81 4 4 for MAY.
A Few sales OF Apr! we're recorded AT 2SA c.
Provisions opened stcady bu, QSict in
keeping with ;he conditions in other pits Few
ogside orders were on the door. while scalpers
did not cu;er The market with the spirit
usually prevailing on the earlier days ~ the
week. The course OF values VAS steady un-
tn uoln. when an easier feeling set in aud
prices began to Crop OF ia sympathy with
he downward course ~ wheat. bringing ont
iao-er offerings. PORK ouened quiet and
s,esdy al Sis.40 Tor May, but owing to
Brpt receipts Of hogs aud limited offerings,
nr,ccs advanced I, SIa 521s and held steady