St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-01-08
Bradstreet's Estimate of
Stocks on Hand the Prin-
eipal Reason.
May Wheat Closes on Chicago
Change Weak and Flut-
teping.
Decided Increase of Orders
Reported From the Local
ity of Wall Street.
Foreigners Making Great Ell
forts to Buy Back Stocks
They Had Sold.

CHICAGO, Jan. Wheat was frmer at the
opening this morning than it closed on Tues
day afternoon, and the change was rather
unaccountable. May wheat opened at 97Ac
bid. with very little for sale at that price.
and trading almost at the same instant at
97lac. The operators in the pit when asked
for an explanation of the change which had
come over their spirits ascribed ii shortly to
strong cables. AS the cables were not strong
other causes must have been operative. and
some of them pointed to the smaller local
receipts. Even the latter reason, however
was insufficient to account for an advance of
l9c per bushel in few minutes. and, there
fore, it may be assumed that some heavy
shorts had concluded to cover their lines for
the advance was assuredly not the result of
any very heavy buying for long account
Partridge sold On this early advance, and
Seckel, Beauyais Lamson, Hough, Boyden.
Logan & Co. and Baldwin-Farnum were
free sellers. The price worked back until it
touched 967sc at which point Partridge be-
gan to purchase freely, and reaction to
97l2c took place. During the period covered
by the foregoing fluctuations there were
many items OF news presented Tor the con-
slderation of the traders some of which IA
vored continuation OF the balance. while
others encouraged an opposite tendency
The points having a bearish tendency were
the earliest to crop up, aud were as follows:
There were reports of more Pacific coast
wheat seeking a market here, and it was of
ferred at 1l84c per bushel under the price of
regular No. for May. Those who have al
ready received some of the description OF
wheat referred to say that it can only be
used very sparingly for milling in mixture
with the wheat grown east OF the Rockies,
on account of its extreme dryness and the
impossibility of grinding it alone without
first sprinkling, for which the millers here
have no ready appliances. Bradstreet,s estl-
mate of the changes in the stocks in the ele-
vators east of the Rocky mountains during
last week showed an increase of 647, 600 Blu.
The stocks of wheat at Odessa, according TO
a dispatch received here from New York,
amounted to 100000 bu less now than
last year. There was nothing IN the
matters here referred to which could be con-
strued in a bullish sense, and the decline to
967sc already referred to- took place in con-
sequence. The items which told on the other
side of the market, and under which the
price once more worked up to 1880, were
the reports from Paris of the injury done to
the winter wheat plant III that country by
the severe frost they have been experiencing
and The danger of u similar disaster here
from the prediction sent out from the signal
service office today that cold wave was ap-
preaching. There was no sustaining power
: to the market in the absence OF any present
indications of scarcity. The bulls are
lief in an existing shortage to
be developed later, in the face of
the present appearances to the contrary. The
prices kept we'll up for a time around 971:c,
touching 975s09734c on two occasions, but
i'll the last half the market weakened and
sold down rather rapidly in the end at 96s4c
and closed at that bid. The straw that broke
the back of the market was Bradstreets
figures showing the Pacific stocks to be 12,-
944, GOO tu this week, compared with H.
100000 blu on the week previous. The corn
market opened strong OH the small receipts.
This caused prices to start at an advance OF
4@sSc. the first sales being at from 527sc to
$50. There was trading at 531sc for short
time, but as the call price was 53c selling
against those privileges caused reaction 10
52bc. The principal business of the
a % wo one done Dip to Sas? and 1 ahs
closing prices for May were $3.50
53c, which is 140ssc advance upon yester-
days final prices. There was fair trade in
oats, the market being steady and showing
only fiuctuation in the active futures. May
sold ON the opening at 4534c. Thence the
45a4c, at which it closed indicating Ac adj
vance for the day. The provision market
opened weak ana a shade lower on the heavy
receipts of hogs, and the lower prices re-
ported for them from the yards. Some of the
strength which was developed later came
some was due to purchases by Armour and
other packers, who are naturally indisposed
to see their present magnificent manufactur-
ing profits diminish for the want of a little
judicious support. May pork opened at
SLIPS. ranged from 81 20 to SLID. and
than it closed yesterday, but recovered the
decline and closed unchanged for May. Ribs
gained Pipe for May.
The leading futures ranged as follows: