St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-01-23
WITH BULLS AND BEARS
Wheat Again Shows an Advance, Due to
Good Buying and Favorable For
eign AdVices.
Corn and Oats Also Stronger and Higher
in Sympathy with the Leading
Cereal.
Heavy Realizing Sales by Holders OF
Provisions Cause a Weakness
and Decline.
But Later Betrayed Material
Weakness Financial
Chicago Grain and Provisions.

Special to the Globe.
CHICAGO. Jan. o. Wheat was very
nervous to-day. 1t opened strong al an ad-
vance from yesterday OF 55c. Inc shortS
didn't know what 10 make Of it. and began
TO RIM for cover. sending the price &c
higher. Nav selling at S55sc. There We're
also a great many country buying ORDERS and
altogether the market presented many feat
ures dscouraging TO the bears. Market
cables were stronger. but as cOnsols were
ouoted higher the effect was neutralized to
a certain extent When the immediate.
pressing demand from shorts and country
buyers was satisfied the market eaSed off to
5IIc but il it again took the up turn and
struck SIC, sales being made at shade
above that point. Nervous strength was
the feature from IL o'clock to the close Of
the morning session, although prices
dropped back from the extreme advance.
The bulls find solace in the belief that the
market is strong on the legitimate merits of
the situation and that the long loOked-for
permanent Improvement has set in at last,
but the bears stoutly maintain the advance
is nothing more nor less than the bulge re-
sulting from
AN oVERsoLD MARKET.
They say that whenever ten-thousand-
bushel spectators go to dealing in one
hundred-thousand-b ushel lots reaction is
inevitable, that there has been reckless
selling by Shoestringers and tailerS and that
the market is merely flying back with
snap and Jerking the heads from the shout
derS of the fellows who yentured where
angels fear TO tread. Discussing in this
vein. the chronic bears predict that the
market will 90 lower than ever when it is
evened up. This afternoon the feeling was
decidedly bullish, the market advancing
and closing firm at sharp advance over
Yesterday. Latest figures were SOEc for
January and February, Sic for March,
SIG for May and 87Ic for June. A lead
ing operator has this to say on the Sit
uation:
The change in the weather to extreme cold
may have induced the leading sellers TO await
more favorable time TO put their tactics in
operation, but doubt if anything ii can do
now will turn the current OF feeling that
seems to have set in. The market is largely
oycrsold, and. as up TO this time the waiting
process of shorts has been successful and
profitable "A large number of them are likely
to follow the same policy, they may do so
too often So far as j can judge of sur
rounding conditions ] think that the time is
EXCEEDINGLY PROPITIoUs
for q slight advance, and would not be
greatly surprised to see May wheat at the end
of the month as high as a. the beginning.
The export demand is in. casing and the
warehouse stocks at points of accumulation
in this country are now, more than at any
previous time on the crop, being drawn upon
by interior millers TO supply their demands
for -four. The tone of foreign markets is
materially changed, though they are slow to
permit an advance, but il cannot be long
postponed. The decrease in the visible this
week will no doubt be close on to million
bushels.
Corn was moderately active and prices
ranged higher Longs manifested more de-
sire to increase their lines, and shorts
wanted to cover, as receipts were light.
Cables were steady and New York shade
stronger. May opened at 405sc, sold at
4015@4O$Ic and closed at 4034c' February
sold at 363l 037c and closed at SIC.
LOW GRADES
by sample were dull and H@55c lower.
There was a very large trade in the pork pit
again this morning. Nat Jones sold pork
until he had filled up two cards. and has
gotten rid of something like $40 900 barrels
of pork. 1t all went at S11.25 and the
market never budged while he was Sling.
at is a strong market. said q broker,
(which will take 10000 'rels of pork from
one seller without breaking at all
The Milwaukee crowd was in the pit and
doing some buying. Clifton was q large
buyer. He was acting. it is believed, for
Baldng, who does the business for the Mil
waukee clique
THE Milwaukee bulls on pork" said a pro-
vision man. 'being headed by Plankinton, are
made up of substantial men, and besides they
have been bulling pork from 81 up, and have
stuck right 10 it. They have made so much
money that they would be strong without any
capital"
AFTER JONES' SELLING
the market eased up until May pork sold at
S11.175@. then sold up again. The market
was rather weaker to-day, and prices
tended in the direction of a lower range.
There was heavy selling in large blocks by
Cudahy and Eldredge. The buying was on
a smaller scale and less concentrated. May
pork opened sc lower and sold down from
$11.3215 to $11.15. though S11.1712 is the
lowest official quotation. The market raj
lied to $1l.325, and closed at $11.25.
Lard and ribs were not so active as pork.
and prices followed pork up and down the
scale at distance. and within much mar
rover range. Pork shows define of 10c.
lard remains unchanged, and no material
change was made III short ribs.
PETER BERKEY Pres. +. w. ANDERSON, Cashier.
CIV. GRIGGs, V. Pres. A. G. ANDERSON, Asst. c.
THE ST. PAUL NATIONAL BANK,
CAPITAL, 100000.