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
In the Balance. Closes a Cent
Lower Than on Friday.
Corn Follows In the Wake of Wheat, PrOvi-
sions Likewise, and Both Finish
q Trife Oh.
Vhe Reduction In Freight Rates by Trunk
Lines Produces Encouragement Among
Wall Street Bulls
CHICAGO.
[specIsl Te!egram Q the Globe. |

values in leading articles were steady ana
quotaoly firm early in the session, but before
the close weakened quite sharply on fresh
offerings, brought out by weaker cables,
which indicated fear Of mob violence and
other lawlessness in London. The whole
list was depressed in consequence, and
closed quotably weak May wheat opened
shade under yesterdays closing, fairly firm
and steady, went up to s6Tc, but fell off to-
wards the close TO S52Ic, cent under yes
terday's latest quotations. Corn was steady
at the opening, but made no advance over
the first quotations, closing H@55c under
Fridays, closing at 37${c for February and
4lHc for May. Provisions were steady and
quiet, with values steady until toward the
close, when prices began to drop, and at the
close stood 21I@7Ic below the opening fig
ures Of the dag, the latest figures for the May
options reading: Pork Sl2.4O, lard s7.O5,
ribs So 95 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 flu
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 q
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 aud 324 cars
under last week, and the shipments 5000
bushels larger, hut Liverpool cables were un-
favorable the British and continental markets
being quoted dull and with buyers Offering
lower prices. The market opened quiet at
sG1sc for May, !. c less than the closing
price Of last night. The course Of the
market for the first two hours WIS steady,
with fluctuations on the favorite option CON
fined to l46#Sc, the tendency being slightly
downward and hardly anything doing, there
being apparently no orders to bHy 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 l4@35c but the bulls made a stout
resistance, and when the early selling
pressure was removed values quickly rallied
10 oprnlng figures. The bears seeing the
situation and fearing further appreciation
made a fresh raid and by circulating false
rumors, including statements Of the threat
tnu3 failure Of a lGrge, hank IN CUCurcticut
aud that the dynamite explosion in London
had caused a panic there, and English in
vestors in American stocks were heavy sell
ers in New York, aud, although these stories
were quickly contradicted by reliable New
York advices, the scare they created caused
many timid holders to unload. Others while
not willing to SELL made little or no resist
ancc to the bear raid, and under increased
offerings. including the selling by shorts,
prices receded &c from the outside figure,
MAY closing al S5@4c, drop of lc under yes
terday's latest figures. Opinions vary as TO
the probable course OF prices during the
coming week. one operator said yesterday
at is very plain 20 be seen that there is u
tusslc going on between two parties in wheat,
which promise, 10 be interesting before IL is
over. The country Is all long on wheat. and
sticks 10 that side with persistent pluck.
Quite a number of roou traders and com
mission firms ar, also bulls on the general
situation, hut most OF the big aud heavy
operators are short on the market and are
operating Tor 4 decline. The foreign situa-
ton, too, is rather hcarish, but, in spite Of
all Efforts, The market persists in bobbug up
nearly every day. The shorts refuse to al
and could not DO so II they desired, without
loss. The longs can't get the market high
enough TO un load at profit, and so the two
speculative antagonists stand and face each
other, neither party caring 10 surrender"
A VI. Wright said lit seems scarcely
necessary TO say that break caused 10y pres
eut influences is entirely unlustidable, and,
unless other uufayorabr features OF a more
substantial character develop speedy up
ward reaytjou is likely"
Gco.Bodmau said: 1.-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 sci, backed sy
the large Milwaukee operators on the bull
side. and il is hard 90 say which has the al
vantage. Think, under the circumstances.
The market is liable % make a radical change
either way almost any day, aud l an Of the
opjuiou that the crowd which is playing the
short side have the advantage, but that de-
ponds good deal on how large short line
they have ont alryady. Wcdo not think they
will care 20 d-ht an advance by extending
their line materially. Il is generally sup
posed they are already short large liue. and
81 they attempt TO cover, the longs would
make pay high Tor their wheat"
Corn was Quiyt acting as. II measurably
clear OF all manipulation, the trading con
unuiog light from day to day. The market
I'm general way moved about wiki wheat
recording its lowest points at the close
Foreign adyices we're lower, aud larger IT,
cyipts were reported There is great inter
est In January corn 10 New York. with an
estimated shortage three times as large rs
the amount ofcoutrsCt corn In store. but
there SIRE % signs here Of any January cor
ncr or squeeze as set. Prooa5ly the shorts
have TOO vivid remembrance %; last S,p-
tcmbcr o Ect Csugat again 81 Qulckly. At
the opening Nsy Was quoted a. 4ls.e aud
remained steady VIII Light trading until
wheat bcJSe. Il then gave way IN sympathy.
declining Slowly q pr bGshel, closing at
the lowest roin, "a; the day at Sss.c Tor Jauu-
sry. SIS. Tor February aud ass Tor Nav
TIE cash demand continues undated, local
shipments exceeding receipts TO-DAY.
February oats opened \ C lower. but Nav
was s1rady at the close ~ yesterday. There
vas but little trading aud prices declined ia
sympathy with wheat aud cora a.t3tc. clsS-
ing a, eSc Tor February sul 81 = e foc NAY.
A fCW sales % April were recorded az 2S2. G.
Provisions o7eued steady bu; qciet ia
keeping With Che conditions in oIher pits. Few
outside orders we're oH the aoor. while seslprrs
di1 not enter The market with the spur,
usually prevailing on tse earlier DAYS oi TIE
week The course 81 vulues wss steady IN