St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-01-11
SCARED BY THE COLD.
clustering Bear Operators in Wheat Are
Afraid That the Grain Will
Freeze.
A Glance at the Market Situation and
an Outline of It's Probable
Course.
Corn Shows Improvement, Provi-
sions Are Still Top of the Heap
--Oats Unchanged.
Stocks in Wall Street Keep STEADY
With But Little Ehort--Ft-
nanciaI Affairs.
Chicago.
Special to the GLOBE.

CnEcaSO'
Special to the GloDe.
CHICAGO, ILL.,, Jan. 9.-lt viii be dis
appointment. at least to onlookers if wheat
does not break off again the first Of the
week. The bulge has turned up, played its
part and disappeared. The only reasOna-
BILE expectation, therefore, is for a reaction.
1t is all the more probable that the top, for
a time at least. has been reached, because
the interest Of all big traders is believed to
be on the short side Of the market This is
especially true Of the milling crowd in the
Northwest and the large class of local
operators. OF late the mllers have taken
less pains to conceal their actions One can
tell very closely how they stand on the
market by watching deliveries and the
general crop movement. They still keep
up their mysterious methods of drawing
it out Of the farmers hands into their
elevators and out of elevators into the Chi
cagO market whenever they want to break
things. 1T is claimed now that the recent
decrease in the visible was made by hiding
wheat, or rather keeping it out of places
where it could be counted, and was part
Of the present scheme TO make an unusually
large showing on the increase side. 1t is
an open secret that the late supporters of
the market have almost TO man changed
over to the other side.
THEY HAVE SOLD WHEAT
all the way down from 902[c, last Satur-
days prices. and are bearing the market to
buy it back again. Ranged on the bear
side now are Ream, Hutchinson, Miller and
a number of other heavy individual traders.
1t is believed that the Nat Jones and
Eldredge crowd would be among the num-
Der if it We're not for a big line of customers
who persist in keeping on the other side.
The decline thiS week has been
substantially Sc. What it will be
next week. if it is anything,
cannot, of course, be told, but, as indicated
before, the chances favor a still further de-
cline until the general leading up move be-
gins. Then the advance will doubtless be
sharp and sudden. The '1Ongs" in pork
have had little picnic and pOcketed a
profit of zoe, provided they let go at the
top. For a day or two pretty much every
body wanted little, and, as usual, when
one set of men is after it, the other set is
cOrrespondingly afraid to sell it. On the
reaction, however, everybody joined in
bearing it for leading up" purposes. The
close finds
MAY PORK
still 221lc higher than last Saturday. Wheat
began this morning where it left off yester-
day, and the earliest trades were at slightly
better prices. Free offerings by leading
brokers, both on long and short account,
broke the market $s@Lc. The bitter cold
reports of bare wheat fields in Mis-
souri,, Illinois and Indiana, exceed
ingly light receipts at primary
points, decreasing stocks at seaboard
cities, and an estimated decrease in the
visible supply of 500, 600 to 500, 600 bushels
hardened the market, and it resisted raid
ing, sturdily holding its own and establish
ing a substantial advance May closing
strong at 877s@SSc. News from abroad
was conflicting, though the tenor of the
dispatches is that Europe is confirmed in its
independence of America, and that it would
not take the wheat at anything like present
prices. On the other hand, reports of an
export inquiry, both here and at the sea-
board, at about ruling values were current.
The local speculative feature was brisk
demand from small shorts, who were not
disposed to go over Sunday with open
trades. Hutchinson, it is believed. got a
great deal of wheat last night on puts
and when the market got so low it looked
as If puts" were going to be good again
to-day, he became very large seller. John
Rumsey sold block of $50. 600 bushels to
Clifford at 77Ac, which was for Hutchinson.
AS the severity of the storm became APP
parent, and especially when it was known
the temperature as far south as Tennessee
was
DOWN TO ZERO,
and even below, the market strengthened.
! The cold weather in the southeast and talk
that the wheat down there was bare were
the main reasons for q sharp advance i'm
wheat of 1c toward the close. At S715c
Counselman 81 CO. were large buyers.
From that figure on up to SSc there were
( large purchases by ''shorts." The close
was changed from yesterday but slightly at
SIC for January, S21 C for February, S314c
for March, SSc for May and S919c for June.
Corn was neglected, but the market held
steady, as receipts were light-S9 cars, and
only 105 cars estimated for Monday. Ship
pers bought sparingly, but choice samples
were held firmly at small advance. Prices
were Is C better, as offerings were small and
shorts wanted to cover. May sold at 1919
(04Oc and closed at 3955c, February sold at
S6%@36%c and January at $500
3615c. Provisions were firm and steady
all through the session, but light
offerings checked business. The range of
prices were narrow. Mess pork closed at
$10.321 for February, $l0.4215 for March
and $1O.6215 for May. For May the range
WIS S10.5711@1O.65, and the opening was
S1O.65. Lard closed at $6.O719 for Feb
ruary, $6.15 for March and $685. for
May. Short ribs closed at S5.1215 for Feb
ruary, $500 for March and $685. for
May.