St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-01-12
A SLIGHT REACTION.
May Wheat Takes a Tumble
of a Cent from Fri
days Close.
After Having Reached the High
est Point During the Re-
cent Advance.
The Eleven Hundred Cars Started
from Duluth to Chicago Have a
Depressing Effect.
Corn Weakens Somewhat, Oats Continue
in Good Demand, and Pork Takes
Big Drop.
Very BulIish Feeling in the Wander
bits Changers and Coalers-Rut-
ter Has Not Resigned.
CHICAGO
Especial Telegram to the Globe. |

CHICAGO Jan. 10.--It was an up and down
on 'change to-day, the down coming last and
keeping up to the close. Wheat opened very
strong, May selling at the highest figure OF
this bulge, 99c, but under free selling it
broke sharply and at the close was &c lower
than the opening and lc lower than yester-
days close at SIC. February was 1c lower
at SO5Ic. Corn was steady early, but weak
ened somewhat later, and closed nc lower
for February at 3714c, and &c lower for May
at 4O%c. Oats continue in good demand,
but closed &c lower in sympathy with wheat
at 26$c February and 30Hc May. Pro-
visions. after fairly steady opening, were
heavy during most of the day, and closed at
the lowest point, pork showing a decline Of
4OC@45c at sll.SO for February, lard decline
of l5c at $6.S25%, and ribs a decline of zoe
ats5.971l for the option mentioned.
just as everybody anticipated last night
May wheat opened this morning at the high
est point yet reached on this bulge, soc.
There were a host of sellers, and prices took
a plunge, and almost before the traders knew
IT, wheat, for same option was down TO S71sc
again Cold chills ran up and down the
backs OF the sellers of privileges. When soc
was touched the traders who had put out
calls at 1890 thought their day was not far
of and when the plunge was taken and S75Ec
reached FIVE minutes after the sellers Of puts
at size felt their flesh creeping. The close
was at SIC. While the wheat market opened
nominally at soc il was really opened at that
figure by persons who had designs on the
simple members of the crowd. There were
no sales Of consequence until the market
got down TO SSc.
''Puts,' said broker, "were sold last
night on 1000, 900 bushels of stuff by the
Kent party at S755c. THIS same crowd had
calls sold for the week at SIC. The marke
was manipulated so that wheat would be put
but calls not acteu on"
II think there is good deal Of truth in
this theory" said another trader, referring
to the puts and story on Kent, "but it is also
fact that W eat was not put I'd like 10
see the man who would like to put 100000
or 1000, 900 bushels Of wheat at size to-
night over Sunday. The market is really
S7%c now"
Adams was the principal seller.
"To-day's break, said W. z. Harvey, sis
due principally to the faet that farmers de-
liyeries in the northwest have suddenly in
creased largely. Eleven hundred cars
started from Duluth to Chicago to-day The
Milwaukee crowd, which is watching the
northwest closely. got onto this fact and sold
enormously here this morning. The receipts
here viii be very heavily increased next week
and the week after"
There Is undoubtedly n firm and stronger
market abroad, but this does not make any
occasion for going Wild either here or at New
York. Liverpool was quoted strong and
Mark Lane stronger, with an advance of
pence per quarter for California off coast or
passage and nearly due also for red winter
of coast. The coast Is still bare of arrivals,
hut this state Of things viii not last long.
Receipts to-day were 22l cars, against 2O9
yesterday.
at seems curious" said G. s. Everiug-
ham, "that our market should have declined
about &c when Liverpool was advancing and
New York, between the two influences, only
reacted about &c. The explanation offered
Is plausible one, that some Of the large
operators expected the reaction TO continue
below S5c for May and failed to get any
wheat before recovery. So now they are
trying 10y heavy selling TO break the market
again"
"The course Of prices from the opening TO
the close said A. VI. Wright, INDICATED
that large floor spectators were playing
milking game, and while would not be sur
priscd 70 see prices settle farther, still look
for a rather higher range than has yet been
reached. | think II 50 lie 10 buy on good
breaks"
Ha:nill * Brine in their circular tonight
say; ave do not think the situation war
rants any material advance from the present
range in the near future, and feel that a
daily stimulus is required 70 maintain even
current prices. The advance in January was
10 be expected, as during the past twenty
Tears there has been no exception to this
rule. But there seems to be no reason Just
now why such advance should be without
limit II may be well TO bear IN mind that our
stocks are very largo aud that their dcple-
hou, which has hnen chccked by rapid ap-
probation, is an important fnctor in perma-
neutly improved values. We, therefore, be
heve that investors will have a more favor
able opportunity to get into stock than at
present offers.
The corn marSRt to-tlsy has been quiet but
hrm considering The weakness In other mar
kets. Tue opening WIS sics dy in sill options
aud sc higher in February. which was, how
ever, the highest point Of tine day. and the
close was Nc lower than Yesterday at S5Ac.
May opened at axe, went up &c. then
down 20 Close % +oJs \ decline Of &c
as compared with yesterday. Trading in
his option was quite liberal Liverpool was
quiet and steady on corn al unchanged ag-
ares. Receipts tO-day were s6I cars. against
e4o Yesterday; and % ttis Qusutity ouly 81
graded No :. The uni tornity Of receipts in
coru is rather notable so far as quantity Il
concerned, but the sality varies largely
Siih The weather The coru market, how
ever, at present Is cons idered ouly an adjunct
u wheat and pruvisio ms.
The wvSknsss not, i in provisions yester-
dsy was farther &c creased to-day. Priers
underwent a sharps decline. Large aoor
traders sold freely, and many round lots,
held By oGtstde Spectators, we're thrown
over. Buyers We re discouraged BY the re-
ported arrival OF ga, 900 hogs Tor the week,
against les.S02 Tor toe same week last year.
snd an inSeeas Ia pseSiug 50 far tor lie
season Of 1909 % head. Ness pork was Of
tered tn large Us and declined soc from the
aiehr<t prices ~ tn rn,-rfp~ Orer-,f AZ