St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-01-16
DULL ROAR OF BULLS.
Bear Forces in the Pit Get
Them Badly Ratified and
Stampeded.
Price of May Wheat Yields
With Rapidly Increasing
Momentum.
Politics at Washington Inf1u-
ence the Wall Street Stock
Market.
One Effect the Marked Mate
rial Decline in Silver Ger
tificates.

CHICAGO, Jan. 15.-The principal interest
of the session centered as usual in the wheat
pit, which, between a quiet Introduction and
finale, EN- braced a considerable period OF
more than ordinary activity. Weakness was
the feature of the deal, although the actual
decline since yesterday afternoon was only
ssc in the May delivery and lsc in July 1t
was subject of rather general remark that
the milking process which has drained the
tactical sustenance of the country bulls is
now being applied about as successfully TO
the local members of the same persuasion,
with evidences of the victims becoming
tired of submitting TO further manipulation.
The expression of the general opinion
at the opening showed itself in IA
vor of higher prices. The opening
transactions were at 963sc for May, when
was shade of improvement since yesterday
afternoon. For nearly an hour the market
was supported by moderate number OF buy
ing orders, and the price of the May delivery
was held within the range of 06l2@96s4c. Inc
market had SO far acted after the manner OF
a deliberative body which had passed a bill
by rather narrow majority. requiring. how
ever, the assent of The executive head before
it could become a law. Mr.. Partridge repre-
sented the gubernatorial Jove, welding the
veto thunderbolts, and hurled few sample
pit i'll the shape of a band OF brokers with
selling orders in token of his entire
dissent from the opinion of the for
mer majority. There was slight de.
cline after this action and few minutes Oh
protesting on the other side. but quick COM
pliance with the mandate which had gone
forth was enforced by more of those mes
sengers, whose additional selling orders made
quick submission appear the safest outlet
from an uncomfortable position. The price
began to yield slowly at first, but with
momentum which momentarily kept lncreas-
ing to the accompaniment of that dull roar
of many voices which plainly told that the
bulls were on the run. During the rush OF
the bulls to sell out their wheat, which was
the main feature in the market for an hour,
the price of the May delivery declined TO
9534c. From extreme activity there was
change to weary. dizziness. c.. SwartZ, Far
mum. Logan c., who were g. n hed IVY
also, commenced picking up such strag-
Cling lots as were offered for sale
around 957Sc and 96c, during the latter part
of the session. The cables were slightly
easier in tone. Buffalo millers were said TO
| be free buyers Of wheat in their own market:
| New York reported the acceptance to-day OF
| several small parcels of wheat submitted to
| the United Kingdom by cable yesterday.
| Beerbohm'S dispatch notes the fact OF a con-
| tinuous OF continental demand for wheat.
| Prices reacted to 957sc for May, and closed
with sellers at that price. There was weak
ness in corn from the beginning; trading
was inactive, and fluctuations showed ten
| dency toward lower level as the session prog
| ressed Oats attracted more attention than
usual, the market declining steadily under
free selling, and closed ssc lower. Provis,
ions started firmer, the smaller receipts OF
hogs and the activity in the demand fol-
| them at better prices as reported from the
| yards. The weakness in grain circles
may have had something TO do with weak
ness which succeeded the early strength. but
| the packers found their advantage i'll selling
and that was probably the principal hin
drance to an advance.
The leading futures ranged as follows: