St. Paul daily globe., 1892-01-23
Moneyed Men Again Buying
Freely on Chicago Board
Of Trade.
Unexpected Strength and Con
fidence During the Earlier
Dealings,
But Pork Products Show the
Only Gains Of the Day at
the Close.
More SteadinesS and Strength
in the New York Stock
Market.

CHICAGO, Jan. 81 Wheat displayed unex-
pected strength during the early part of the
session and sold up fully cent from yester-
days close. There was not much i'll the way
of news that was bullish. On the contrary,
cables were lower at the start and there was
nothing especially favorable to holders, ex-
cept possibly the light receipts.
But the speculative sentiment was much
stronger in tone and confidence more gen.
eral, and seemingly broader, as it was mani
tested not only here but in nearly all the
domestic markets For some days there has
been strong buying by class of moneyed
men, who have heretofore held aloof.
They seem to have come TO the
conclusionn that wheat is cheap and
have been acting on that belief on all
the weak spots. They have been picking up
wheat and as they were not working for a
scalp, they have not sold on the advance
nor have they been discouraged sold out
on the temporary declines, which has proved
one of the strong features OF the market, as
il has been protected from the selling which
usually results from sharp turns either way
when discouraged holders liquidaie or for
tunate bull scalpers undertake TO realize
profits.
Counselman & Day. Mitchell, Champlin.
George Smith. Moore Dwight d Gillette
and others of that class were good buy
erS Pardridge also bought heavily early,
His appearance on the buying side gave the
buyers good deal of confidence ana the
small shorts followed him i'll covering. At
the top, however he became seller again.
Late Liverpool cables were generally more
favorable, reporting stronger closing there.
but the local market did not respond to this
feeling. In fact. during the last hour, all the
early evidences of strength disappeared ana
weakness ruled.
A good many who had been courageous
buyers early lost their nerve and began to let
go, and the market soon showed much weak
ness.
May opened 92Ac: against 9l7sc at the clos
Yesterday. advanced to 93c, reacted to 92l2c,
the active buyers stepping aside and allow
ing prices to go off under offerings by New
York and st. Louis and by local scalpers.
reaction to 02S4c followed. then a recession
TO 9!esc, and the close was easy at that price.
Corn was quiet lower and weak. Cables
were easier, and the export demand which
has been poor for some time. showed no i'm
provement, and holders began to lose conf
dence.
May opened at 40ssc, or a shade under yes
terday' final figures, touched 41a4c and then,
without material reaction, sagged slowly off
to 40c, closing firm, however at 401sc.
Oats were quiet and weak. in sympathy
with corn, and closed with loss of lac com.
pared with yesterday. Hog products were
higher. The receipts Of hogs were below the
estimate, and prices at the yards were high
er, and the buying of product was quite
sharp. There were occasional slight down
turns in the market. but the general course
was upward. though little break near the
close left prices somewhat under the best of
the day. Pork shows all advance over yes
terday of 5@i12c. and ribs of 7l2c. Esti-
mated receipts for tomorrow: Wheat, 140
cars; corn, 260 cars; oats, 200 cars; hogs, 90
600 head.
The leading futures ranged as follows: