St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-01-06
Bulls Who Have Been Playing Losing
Game in Wheat Finally
Abandon It.
Vast Quantities of Long Stuff Tumbled
Out on the Market the
Past Few Days.
Corn and Hog Products are Alone In
Keeping Their Heads Out OF
Deep Water.
Mondays Blizzard Proves a DamPer
In Wall SIreet--Stocks and
Finance.
Chicago,

Special TO the Globe.
CHICAGO, Jan. 5.-Speculative markets
were the reverse of yesterday in that there
was dearth of news. Gables quoted steady
foreign markets at unchanged prices. The
increase in the visible supply of wheat was
the principal factor at the opening, and the
first sales were at decline of &c. The
news of the failure of prominent grain
shipper at Duluth, named Mckenzie, was
on hand before the opening OF the board
1t made wheat very weak. Although the
first quotations that went over the ticker
were 883lc for May, and in reality In the
largest part of the pit. the price was good
deal lower. In about twinkling the May
option was selling at SS8c. After the
furry of the first thirty minutes was over
il was said the Duluth failure had caused
about 500, 900 bushels Of grain to be I'M
loaded for his account. The depression
caused by the failure brought out great
deal of long wheat that was protected Dy
thin margins. Commissions men lost faith
in the bull side, and there were a great
many dispatches sent out demanding mar
gins, and accompanied by
THREATS OF SELLING OUT
81 wired a good many of my long custom
ers who were poorly protected" said one
out but that would reinstate them II they
sent along more margins"
This one thought that wheat was des-
tined to touch 75c before the end OF May.
After the first half hour of trading there
occurred trifling reaction, and from SS1sc
May sold up about nc. But the market
Rfterward followed yesterdays course, and
closed weak. In the past three days wheat
bulls have been compelled to hquldate al
enormous loss, and as the market appears
70 have no elasticity to it, the prospect APP
pears to be that great many more bulls
who have held on down to this point will
need either to put up more money or suffer
like their fellows. Abram Poole, of Poole.
Sherman & Co., said that the pit gave every
Indication that some enormous holders OF
wheat were throwing it over, and 1t was
not easy to tell who they were, but they
had lots Of wheat. On the afternoon board
wheat hardened and advanced &c, but the
improvement was not sustained, and the ]
and $50 o'clock clOsings were Identical at
sac for January, S55sc for February,
SO sc for March and SS3sc for May. A
well-known
CONSERVATIVE TRADER SAID TODAY:
The trading to-day i'm wheat has been at
prices lower than those of any previous day
on the options and it would only seem rea-
SOnaDle TO Inlnk tnat, aItef gcIJluR OUT Vi Tue
rut of the past few weeks, the bears might
carry their advantage considerably further,
but il becomes clearly manifest there is
large line of wheat here owned by parties
who will not be frightened out, and will yet
get profit on all they own, and some of 1t is
at much higher prices than any of the past
few days. They may have TO wait a more ia
vorable opportunity to start a bull movement
but / know that May wheat sold above Sl.05,
and is now down to SSc, more than lie
break. Have all the conditions OF trade
changed correspondingly with this deprecia-
ton? j think it safe to consider the visible
supply at its maximum and the general bush
ness Of the country good The holiday season
is past, and nearly Sl0O,000,O00 TO be paid in
dividends will seek investment in some way.
The one weak feature is the demoralized con-
dition of foreign markets, and yet our wheat
and -four goes abroad at about an average OF
n million bushels week. Prices are now
about the same as a year ago, and think the
outlook is fully as favorable and speculation
more active.
CORN WAS QUIET,
and early prices ranged lower in sympathy
with wheat and the 915. 600 bushels increase
in the visible supply. Light receipts to-
morrow and desire on the part of shorts
to cover produced stronger feeling. and
all the decline was recovered. The last
sales were &c over yesterday. Shippers
bought literally and prices advanced NC.
January ranged at 36@363sc, and closed at
36Hc. February sold at 614@36Hc, with
a few trades at 36H@36Xc. and closed at
36%c. May ranged at 3913@39%, and
closed at $3.50 bid.
Provisions were about as dull as they
could be. There was no outside demand
and the speculative fraternity did not APP
pear anxious to buy or to sell. The range
of prices was narrow and the closings were
about the same as those current at the close
yesterday. Mess pork for February sold at
$10.02% @10.071@, and closed at S100214.
March closed at S1O.171l and May at
$1O3715. Lard closed at $6.O21z for Feb
ruary, So. 10 for March and 1928 for May.
Short ribs closed at 81. 9756@5 for February
and S5.05@5.9711 for March.
PETER BERKEY, Pres. i. w. ANDERSON, Cashier.
c. w. GRIGGS, V. Pres. A. c. ANDERSON, Asst. c.
THE ST. PAUL NATIONAL BANK,
CAPITAL, 100000.
Garner Fifth and IaoksOn sfraaks