St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-01-20
Holders of Wheat Appear to be Democrat
lied and the Cereals Suffering
Considerably.
Bears Elated Over the Prospects Of Their
Predictions That the "60'' Mark Will
be Reached
Pork Shows an Energy Pleasing TO
Brokers, While May Corn is Again
Reyivified.
Good Buying by Shorts Contributes to
Better Prices in Wall Street--Fi-
nancial Affairs.
Chicago Grain and Provisions.

Special to the Globe.
CHICAGO. Jan. l9.-Wheat was the only
weak article in the speculative list to-day
1t opened strong enough on visible supply
decrease. and advanced &c from yesterdays
close. The crest Of the wave touched S4Hc
for Nav, and the market pitched heavily
into the trough. where it remained in a
partially waterlogged condition most Of
the day. The first great decline brought
May down TO SIC. There was not much
trading at that figure, but the record was
made at S3c The rebound carried the
market up to S3%@S359c, and prices
touched that limit many times during the
morning, after dropping Hd5sc below 1t.
The market fiOundered about without much
solid support from any quarter. Public
cables were quiet, and private cables sick "
while the temper of the local trading crowd
was decidedly bearish. The profess
SIGNALS who have been riding the market
for the past three months are stronger,
richer. more numerous. and as determined
as ever. while the bulls. weakened by
chronic defeat. are supposed to be in no
mood to do battle. The bears accordingly
talk considerably about seventy-cent wheat,
while the bulls are doing very little III an
OratOrical line. The selling to-day was
thought to be largely by longs, several
parties who have been clinging TO property
from 90c down having let go their loads in
considerable quantities. The market closed
finally at l o'clock at the very
LOWEST POINT TOUCHED
during the morning hours, viz: at size for
May. A report that the queen was going
TO advise the putting Of duty on wheat, or
that she had done So and that such action
would be taken by the government was
circulated with depressing effect. 1t was
not verified. however, in the press dis
patches, and the news was set dOwn as a
canard. Still, the market did not re-
cover, and showed further weakness this
afternoon, May closing cent under
yesterdays latest figures. Quotations were
nc for January. 77Hc for February, 77%c
for March. S27sc for May and Size for
June. Redeemng features in the market
are about as hard to find now as they ever
were weeks ago. Get it down to an export
basis and then we may get something for
ii, is the best argument. The short interest
is kept from growing too much by the fact
that many bears are buying for reaction,
while the bulls take it sparingly with the
same hope in view. Puts on May wheat
sold at SIC and calls at 833zc this after
noon.
Armour" said one of the largest pro
vision brokers in the pit to-day, sis buing
pork. There is no doubt about it, The price
will not stop till it gets high enough TO suit
the packer, and then he will sell the boys all
they want at his price,
THE MARKET DOOMED.
This morning the market was boom al
most from start to finish. May opened at
$1l.15, sold to SLIPS, reacted to Sl1.17H,
advanced to S11.4O, declined to S11.3O,
picked up to $11.471S, and eased off to
S11.4215. All local traders were ranged in
a general way Oh the bull side of the mar
ket, and the bulk of houses having an out
Of-tOwn constituency were favored with
orders TO buy. An unusual degree of activ-
ity marked the entire session, there being
apparently as great volume of trading at
top figures as at the bottom. Certainly
there was more noise and excitement. The
close was strong at l o'clock at the best fig
ures of the day, but this after
noon there was slightly easier
feeling. closing at S10.95 for February.
Sl1.05 for March, and $11.271I for May
pork; $3.50 for February; $40 for March.
and $3.50 for May ribs, and S6.15 for
February, 500 for March. and $685. for
May lard. There was some action in Nav
corn to-day for the first time in weeks, the
price advancing from 393Sc to 401sc. and
closing at 39%c. The decrease of l, 247, 600
bushels in port was great help, and in
duced movement in prices quite unusual
to the hitherto steady character of this
market. Kammerer was the most pro-
nounced bull.
PETER BERKEY, Pres. w ANDERSON, Cashier
{. w. GRIGGs, V. Pres. A. c. ANDERSON, Asst c.
THE ST. PAUL NATIONAL BANK,
CAPITAL, S5O0,000.
Corner Fifth and jackson streets