St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-01-17
FRIDAY ON 'CHANGE.
The Eastern Financial Situa-
ton Produces a Feeling
Of Uneasiness,
And Wheat, Contrary to General
Expectation, Declines Over
a Cent.
Traders Preparing for Little More
Caution, But the Belief in Higher
Prices Still Predominates.
Corn Refuses to Follow the Leading Cereal,
Oats Gain Trihe and Provisions Take
q Little Tumble.
HE Failures in New York and Pittsburg
Set Stocks Trembling, and Prices
Decline Rapidly.
HE Failures in New York and Pittsburg
Set Stocks Trembling, and Prices
Decline Rapidly.
CHICAGO.
Especial Telegram to the Globe.


wheat this morning, that article bearing the
brunt OF the bad news, as it is the main spec
ulativc article on Change and dabbled in
more generally by the purely speculative
fraternity. The break, however, came very
far from being panic and the last quota
lions showed a considerable reaction and 6
steady feeling. The lowest point was nearly
&c below yesterdays close, but the final sale:
were only &c lower at SO35c Tor February
and SIC for May. Corn opened &c of, but
Afterwards was strong, selling at {
Iomewbat higher average than on
yesterday. The close was unchanged at 41 35C
'or May and Ac off at 37Ac for February.
The financial news didn't seem TO affect
bats in the least, as they ruled higher all day
and closed &c above yesterday at 275Ec for
February and &c higher for May at 3135c.
Provisions ruled slightly lower and closed
25lc of for May pork at sl2.47T, nc of
for May lard at ST12L5 and &c off for May,
ribs at $635. Near options Of pork aud ribs
suffered a somewhat greater reduction.
The general crowd on 'change felt at the
opening this morning that the financial out
break since yesterday did not warrant them
in buying wheat. This shadow, so lateiy cast
on financial prospects, consists mainly in
the eastern failures Of yesterday and the
rumored failure this forenoon Of grain firm
in Antwerp. 1t was, therefore, considered
the proper thing to sell wheat. A good many
small traders jumped lots that they had been
holding for the anticipated advance 10 90c.
The opening for May was % lower at 87Lc
and the lowest point Of the session S6%c.
There appeared 10 be only a few traders bold
enough to sell the stuff that, so, when the
crowd had gotten pretty well rid Of its long
stuff, the market hogan TO rally, recovering
70 SIC shortly after II O'Clock.
Though the trade was very actlce,
no one operator made himself especially
conspicous. They were all there though aud
crowed the pit to Oyerhowing. The receipts
were light aud, except for the feature Of th e
New York eIientage having turned seller iu-
stead Of buyer owing to the somewhat shaky
state Of eastern finances and weak stock
market, there was nothing TO indicate that
wheat Is not still deemed a valuable com
modity at current prices. The local coterie
Of professional spccultators appear TO hold
the opinion that the advance In price has
been more rRpid and longer continued than
the natural condition governing the estub-
lishment Of values has warranted.
Something Of this spirit was illustrated in
the session by second spell
Of weakness and numistakable evidences
Of short selling. The lowest point reached.
however, was SG3sc, and at last the market
seemed To strengthen more permanently.
closing for MAY at SIC after touching 81 l4c.
There is no good reason why commercial
aud financial disasters at distant points
should affect price Of grain aud provisions
except by sympathy. for the world must be
fed whether people are failing or not. I'm
doubleday, however, the market would have
gone lower but for inherent strength in the
home and foreign wheat situation. Liver
pool was firmly held and Mark Lane was
Gearer, with au advance OF 6 pence per quarter
for California red winter and American
spring OF coast while for prompt ship
meut red winter was g pence
per quarter better, and American spring q
pence. Cargoes OIL coast, none Offering.
The receipts TO-DAY were 149 cars against
Ia yesterday. The general sentiment
among operators seems 10 be that the market
situation is strong enough in Itself 20 war.
rant niger prices. aud an carly recovery from
tO-day's depression Is looked for unless fur
ther serious financial complications inter
fere.
Corn was decidedly steady aud firm IN
comparison with wheat and stocks. Febru-
ary opened .c lower. and May l,c but
neither option seemed inclined 20 go any
lower aud afterwarl recovered their loss In
fact the present situation In corn
Is all in favor Of strong market,
Liverpool reported good demand aud AT
advance Of . penny per GENITAL, Mark Ian,
was firm, With an advance Of qGl2 pence
per quarter Tor American mixed. Receipts
today were pa cs-s against 35l Yesterday
and out Of this number only sixteen graded
No, .. New York and 81. Louis were ho,l
steady In corn, notwithstanding the wild tn
multi o: decline in other things. Until NOR,
corn comes into the market it will be he'll
frm, If Il does not go higher. In fact th,
latter is more probable owing 70 appreheu.
sion Of 4 marked decrease in receipts in cou
sequence Of the general suow storm through
ont the west.
\ more than usually heavy trade was
done in oats. the price ot which advance,
from the start. The little crowd which
busted Itself in acitsting the oats question
contained several traders who felt very bull.
ish on the article and talked Confidently of ,
considerable advance. The present price Il
thought to be low compared 20 that of corn
and the stocks at the different eollecuns
points are Known % De lighter than al thi
time last year. The price advanced from
S0S. at the opening - 81 sc for May at n,
Close. February advanced from 262.e {,
s5Ic.
The provision trade was active, hut rathe
fea,uulgss. The crowd vas rather bearish a
the start aud pork opened les lower 81 Sis !,
for Mag and declined lOc more. but tbi
feeling did nos last long. aud under light ar
rivals oi hogs st the yards and evidence tia
the packers acre on the buIl side. there VA.
recovery 10 Sls - under free covering D,
shorts speculative buyiag. Another rexCtiur
followed tais srurt. aud, sncr uRmerou
ngctuation. the close Was at SI2s5ts. Feb
ruary opened a. Sla.O5. fell stse. advance,
20 oSlal5 snd elosed al Sl2io Lard VA
rather quiet. opening weak aud Sc lower ir
r,sponse 90 depression in other articles ar,
dscHring early = novc, but theu
vas hs;le pressure 70 sell an,
thsrc was recovery 70 S71stf fos Ma,
utse elosS, decline Of s!'se ss compare.