St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-01-22
MIXED MARKE TMEN.
The Bulls and Bears in a
Quandary as to the
Situation,
And are Diligently Seeking In
formation Regarding the
Future of Wheat.
After Day of More Than Usually
Active Ira ling, Prices Close but
Trife Higher.
The Minneapolis Millers Make the Discovery
That the Farmers Have Very Little
Wheat in Hand.
Gould brokers Urge Buying of Western
Union-The Grangers and Wander
bilts Strong.
Gould brokers Urge Buying of Western
Union-The Grangers and Wander
bilts Strong.
CHICAGO.
Especial Telegram to the Globe. /

Duylng Dy local LrauerS auu Outslut OTucES
coming in more plentifuly. The total situa-
ton tended toward bullishuess, which was
helped by pronounced irmness at all outside
points. There was good deal OF quiet pur-
chasing Of wheat on 'change and large
amounts of the article changed hands with a
small amount of noise. The May option
opeued at S515c, decline of &c from yes
terday's closing, with but little active trad
ing at the start, fairly liberal receipts and
fine weather having bearish influence,
which, however, was not sustained, to the
detriment of higher prices later, the close
being Nc above yesterday at s6Hc. Corn
was going slow, but closed &c higher AT
IL Lc for May. Provisions closed within a
shade Of Yesterdays last figures.
AT the opening wheat was A9Asc lower,
ruling Father heavy with inside prices &c be-
low the closing transactions OF yesterday
But good buyers were IN the market, and
predictions of another cold wave and re
port that No. spring was heing bought for
shipment added strength. There were so
many buying orders In hand around S519c
for May that the market quickly advanced
&c to S65Sc, the highest point Of the day,
though the bulk OF trading was at S5%@
Soc, with purchasers for all stuff offered. II
was evident that country spectators believe
in higher prices for wheat, as they bought
freely On every break, although majority Of
the heavy room traders are inclined to bear
ishness, but a feeling OF nervous
ness pervaded the wheat pit
and buyers and sellers changed
received from Minneapolis announcing that
the mills there had suddenly decided that
seven-eighths of the wheat was out of coun-
try farmers hands. 1t was not explained
how the millers had gotten Through the snow
up there TO find this out The word was
simply pumped tbrough! ,pd was just as
plumpy swallowed by traders here. This
piec. of Information had been preceded by
word that no wheat hse s&su taken at New
York for export, but traders looked at the
blackboard aud saw that New York was very
strong. Among other eastern reports that
proved a source Of strength was the state
ment that rates on grain are likely TO be
reduced in day or two to
IKE hundred. Last Friday q
reduction from 25c to zoe went into effect.
Everybody seemed ut sea on the wheat mar
ket all through the day. Dispatches were
mixed. People in the northwest were mixed
and the fellows who send cables were mixed.
Public cables quoted wheat lower. Private
cables said it was steady" New York dis
patches said there was no export demand for
wheat and not boat load had been taken.
New York dispatches said, too, that 200, ,00C
bushels Of wheat had been bought at Chicago
for export ". 7. Baker put some brokers
in the cash crowd TO buy some wheat and
some silly brokers gossiped that Bill Baker
had great export order Perhaps nothing
will show any better TO insiders how very,
very mixed everybody was than to say that 4
set of gossips had Nat Jones buying very
heavily, while another had Ream selling fol
all be was worth The truth Is that, white
prices were better, the market was too dul
even to gossip about. There was light trad.
ing In February, which ranged at 79k0pS0c
closing at 792lc, or &c better than yester-
day. March too was quiet, with price:
ran ging from 79<@soJsc, closing at s019c.
May was stronger, but unsettled at price.
ranging from s5}f@s61zc, closing at s61sC
bid, or Ac higher than the latest prices d
Tuesday. Just what the future has In stort
| for the wheat market no one can say, ant
there Is a wide range of opinion concerning
the matter.
,1sflar ha ~ ha bet n,
becoming stronger every day." said A. NJ
Wright, land, although It cannot be deuicc
that there Is a vigorous bear frehug In GER
tain quarters, the haste with which they covei
their contracts on slight indications o.
strength IS proof that they are not satisfied a.
TO their safety, but rely more on their ability
to secure declines ty msuipulations than ar
inherent weakness in the market"
"The merits Of the situation seem un
changer" !" said Geo. Bnne, 'snd think th,
tendency is toward l1wer range"
An effort is being made 10 check after bour
trading, which has always been INDUCED in,
to greater or less extent, contrary to rules
At the close Of the morniug session twenty
members OF the board fled IN single ile on
the west side OF the wheat pit and marched
10 the whisiled tune Of the rogue's march
up into the directors room. These twenty
representatives Of the great commercial In
terest OF this great cOuutry had been charged
With the heinOus oTease of knocking OF
bats in the wheat pit, an oiens< known Of
understandable conduct They we're co.,
scious that, II proven guilty, they would
probably be sentenced to tEenty-fOur hours
suspension Of their rights and privileges as
members Of the Chicago bOard Of trade The
Young men did not appear 70 see anything
very appalling in the prospect, which was the
occasion OF some surprise, uutii it leaked out
that thsy possessed proofs tnat would con-
vic; several directors Of the Identical
ofrnse with which they were charged
Since the suspension, q day or two ago,
Of member fOr trading after hours, the IL
ree;ors have been on the watch, determined
to put stop to such practices. Yesterday
. vell-knowu trader vas caught In the &C.
aud charged with bis guilt
YES, Tn guilty" be Is understood TO hav.
said 70 The director making the charge, sand
Tn Wiling to Be punished, bat IS one 0i
The unIastul trades sas made With your
house, gnrss we're in for I. together"
The member Is sin si large
Coru opened lover aud inactive, but, IN.
der good demand oD both shipping and
sp-culatsng account ruled s;rOnger, tbs
speculative demand syup4fhiIiHg will
wheat, although the fun advance vas no
sustained A ranor % . further reduetiol
IN freight rz,ss 20 ths east had strengthen