St. Paul daily globe., 1891-01-12
WHEAT CLOSES LIMP.
The Spectators Acted on the
Old Maxim, "When in
Doubt, Sell"
Weather Indications Exerted
an Influence on a Sensi-
tive Market. =
A Stimulating Influence Was
Manifested in All Lines on
Wall Street.
Harmony Among Railway
Managers Probably Ac-
counts for It.

CHICAGO, JAM lO-The wheat market
after averaging firm to strong for the greater
part of the session. closed limp and weary
at "A decline. The spectators had their
ears on the stretch for pointer from Wash
ington, D. c.. but not being forthcoming,
they. toward the close, acted in accordance
with the maxim, when in doubt, SELL. -
The market opened about steady, the price
at Tie commencement of business being
identical with the closing quotation of the
previous afternoon. Cables, except as re-
CARDS fthe business in cargoes off coast and
afioat were easier in tone at the opening
to-day than they were yesterday. Concern
ing the cargo trade. however, Beerbohm's
dispatch quoted it strong in all
positions. Snow was advised as hav-
ing already covered up the wheat
plant over tie greater part of the winter
wheat country and the weather here was
mild and threatening snow or rain. There
was an advance in silver and rather conf
dent feeling concerning the future of the
money market. The foregoing features had
nothing in them sufficiently pronounced i'll
character to create alarm to either bulls or
bears, and consequently no great change in
prices took place. Later however, dis
patches which came TO hand were almost
uniformly bullish, and, under ordinary cir
cumstances q material advance IN pTceS
would most assuredly have followed. but the
government Statistcian's forthcoming report
was regarded as IF too uncertain character
to bet upon. Contrary TO the experience OF
former like occasions. there were no preten-
tions put forth by any one of The poSsessio II
of advance information from Washington,
and consequently the feeling OF uncertainty
was uTelieyed 10y the excitement which is
occasionally produced by few mendaclous
dispatches. That Mr., Dodge was more than
ordinarily feared, may be inferred from the
stagnaton which reigned all day. The sale
of 300 QUO bu of No. ! hard Kansas wheat
for export via New Orleans, was reported to
S. V. White and other houses here. 1ester-
day 1000 bu were cleared from New Orleans
for Liverpool IT was claimed later that the
ST. Louis transaction was old business done
in December for January shipments AS an
offset to the sale reported, another dispatch
from st. Louis to kennett hopkins sad men
from Salt Lake were there Offering I tab
wheat under the present cash price of No.
winter without finding buyers. This latter
point was scored by the bear party toward
the close and the impression gaining ground
about the same time that the government re-
port was 'agin'' the bulls made the session
close upou very weakly looking market,
and at about the lowest price OF the day. The
corn market was duh but firm, principally
upon an expected bullish government re-
port. The bull prObabilitie of Mr.. Dodge's
statement have been urged much more Yigor-
ously than the other side, and have been
based mainly upon reports from those states
which were the heaviest losers by the past
seasons unfavorable weather. The Huctua-
tions were narrow and trading light and
featureless. The oat market was active at
narrow range of prices III the active
future. Hutchinson was the principal
buyer. although he sold few around the
top prices OF the day. The country and the
local scalping crowd were free sellers. Cash
oats broke 1c without affecting the specula-
tive market materially. The provision mar
ket was firm early i'll the session. the good
demand for hogs which was reported from
the yards contributing little to the sus-
tanning OF the price of the product. Amour
was a small and early buyer OF pork. He
was strongly. suspected, however, .,fl Of having
titles. The haste and unanimity of the pack
ers in selling when the market appears stiff
enough TO stand it has no apparent efectin
lessening the demand from outside. Cudahy
was aeain a fee seller, and on the call
the packers generally took a hand in
supplying the demand. I he market closed
at about the lowest prices OF the day.
The leading futures ranged as follows: