St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-01-14
the Wheat Market at Present Seems to be
Most Like that Sort of
Thing.
& Savage Raid by the Bears Proves Dis
astrous to Bullishly-Inclin ed
Traders,
Aesuit1n@ in the Lowest Figure 8
Reached for Long While by
Speculative Product.
a Lively Day,in WaIi'Street, but There
Also, the Tendency OF Prices
was Downward.
Chicago.
Special 10 the Globe.

CHICAGO. H.. Jan. 13.-This was
another field day for the bears and disas
trous one for the bullishly-inclined country
men. One hundred thousand-bushel lots.
ffties by the score, and twemty-fives by the
hundred were offered at the opening. 1t
was Storm that the stoutest and biggest
holders had to bend to. The millers, it was
said, hold the key to the situation, but they
cant find the key a good many
hundred men not millers also engaged in
cropping in the darkness 10 an equal extent.
Millions Of bushels were traded in on both
sides. The market went all to pieces and
everybody asked his neighbors why things
were thus. Few could tell, but all agreed
that there was no good in wheat. Bears
were happy, but not more 50 than they as
serted positively on yesterday that they
would be. This made it look as if they knew
what they were talking about and bear
opinions were listened to with a cores
pOndingiy greater amount Of respect
Wheat slipped another cog and dropped
about &c from Yesterdays closing price.
The opening sales Of May were exactly
1c lower than the last quotation yesterday.
and the first trades were on basis of
85Llc. The local crowd bid the price up
&c, when selling orders
BEGAN POURING IN
from outsiders, who must have thought
from the way business started that the
world was coming 20 an end, and that the
only salvation for them was to stand from
under Realizing sales were on an enor-
nous scale, and. as there was very little
buying to cover shares, the lead was shifted
10 the shoulders Of other bulls, who seemed
anxious to drop it, generally speaking.
Millions of wheat not protected at all or
lily protected was tumbled out in the first
few moments OF trading by commission
men, who believed the stuff was
hell bent down a bOttOmless sort
OF pit. Ream is given
the credit for having made things interest
ing for small holders before the opening,
putting the price Of way wheat down TO
S5Ac from S5T. This fixed things nicely
to bring out quantities Of pOorly-prOtected
long wheat as soon as official trading began.
At the tap of the bell some stuff changed
hands At 85hc. and for a short time the
market nuctuated all the way between
S5Ilc and S53sc. The volume of trade was
enormous. Shorts shouted themselves pur-
pie in the face trying to get in their stuff.
while a large number of commission houses
carrying laage lines of stuff for the coun-
try" having no money behind it, were fully
as anxious to sell. Lester 81 Bangs led the
selling around S5H@S5%c, and almost in
stantly they received
EXCELLENT SUPPORT
from Spencer 81 Co., Steele. Ellis. Ever
ingham, Tufts and Walker & Stauffer. In
side of two minutes the market had broken
lie to S455c. One LOT of 100. 900 bushels was
sold by David Bows at size, but this was
not a straight market. One theory OF this
raid is that a scheme is being formed to
freeze ont Crosby, a leading light in the
milling association and the holder of a good
many hundred thousand bushels of stuff,
but it does not meet with general credence.
The largest carriers of millers wheat are
Norton, WorthngtOn, Piemepont and FosS
Strong. They do not appear to be greatly
disturbed.
Il think" said a heavy speculator, ''that
the market will be moderately firm after this
decline from the fact that so many shorts
covered on the break to-day. This changes
the color of the market and puts everybody
long Naturally bull points will be hunted
APP and brought out now, in order that this
IOng' wheat may be put ont again at COM
paratively high price. After the crowd are
short again the same old operation of break
ing things down will be gone through with
again. -
New York held very steady through the
excitement here, but the Western markets
went tumbling in sympathy with. Chicago.
Exporting houses admitted that wheat was
right at or very close to an export basis for
the first time in a year, and they also adj
mitted, with an appearance of sorrow, that
there were no orders here at the market.
the explanation being that
FOREIGN TRADERS
had abandoned Chicago as hopeless and
had about given up looking this way for
ENnnrtArc nc rll1a 10
talk bearishly, and said that although the
market for cash wheat was on an export
level on paper, no property could
be worked" from this point for
the reason that sales for shipment
abroad would have to be for next months
delivery, and that offerings ahead would be
morally certain TO put the Liverpool prices
down several cents. Nevertheless, flour and
wheat reported in the official returns from
New York as having been moved out of the
country during the past twenty-siX hours,
was shown to have aggregated (reduced to
bushels) $50, 600 bushels of wheat, and the
clearances. estimated. TO figure in to-mor-
rows returns, are reported to have been on
a liberal scale. The reaction from S4]Sc
was pronounced, and as the market height
ened the anxiety of the short interest to
cover became more apparent The
would, undoubtedly, Lave gone higher
but for the free offerings of
Hutchinson. who fed the crowd all it could
take on; His sales were on a very large
scale. At O'clock the market was still
tremulOuS but better tone prevailed than
at any time during the day and prices were
within sc of the opening, but sc below
yesterday. This afternoon there was but
little trading and closing prices were prac-
tically unchanged, May having fluctuated
from S5@S555c, closing at 791sc for Janu-
airy. 7916c for February, 79%c for March,
S5%c for May and 86%c for June. On the
curb after the close put on May wheat sold
at SAGE and calls at S524 @S5Kc.
CORN AND OATS
were seemingly wholly independent of
wheat or provisions. and they show a
strength and firmness that is rather remark
able In the face of the weakness in the for
mer and the nervousness in the latter.
Prices to-day were shade off, but the
change was Insignificant Corn closed Quiet
and steady at 3614 c for January and Feb
Tuary. and 395sc for May. Oats were dull
at 2S25c for January, 2S1Sc for February
and 314c for May. Provisions were moder-
ately active on local and speculate account.
but prices We're well maintained in the
face OF large receipts of hogs and the weak
ness in wheat. Mess pork was Toe lower.
May opened at $1,000, and ranged at
S1O.H13 (0lO.5412, closing at SlO.521$.
February closed at SlO.22H, and March at
$40. 3215. Lard was 215@5c lower. Nav
sold at So. 10@6.2219, and closed at sc. 22J5.
February closed at S6.05, and March at
So. 10. Short ribs were 21Ic lower. closing
at S5.O71I for February, and S.. Is for
hTorol, oDd e. o01[ for Nav