St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-01-22
new LOAD ON WHEAT
Proposition to Make No. 1
Northern Regular Proves
a Damper.
in Spite of Much Bulltsh
News Prices Declined
Fraetionally.
Provisions Opened Firm and
Continued So to the
End.
Wall Street Market Was Act
i've, With Prices Some
what Irregular.

CHICAGO, Jan. 21.-A new sinker was
tied to wheat today-fear of the conSe-
ouences of making No. l northern
spring regular delivery on contracts.
The market was strongest at the open
ing. and closed about midway OF the
days range, and about Sc lower than
on the day before. Corn and oats av-
eraged higher, but closed without ma
terial change. except that the January
deliveries in bOth closed at nominal
advance amounting to about &c for
oats and sc for corn. Provisions
opened firm, and continued so to the
end, gaining 1Oc in the price OF pork,
nc in lard, and sc in ribs.
There was little show of strength in
wheat at the start on the unexpectedly
strong cables, but this feeling was fol
lowed by a selling craze which quickly
sent prices off, though the exports from
both coasts were considerably larger
than 4 year ago, and BradStreetS eSti-
mated that the amount in farmers
hands March l would not exceed 1O4,-
O00,OC Ou. against l7l,000,0OO bu the
same time last year, and estimates on
the visible supply were for no increase,
with the chances faVOrlng a small de-
crease. All this, taken in connection
with strong cables, would naturally
have made a firm market. But there is
a proposition pending-and viii prob
ably be voted on MOndaY-to
make the grade of No.
Northern deliverable on contract. Many
in the trade contend that this grade OF
wheat is inferior to our No. ., and Will
force BUYERS 10 take a poorer grade in
settlement on contracts than can be de-
liVered under the present rules; hence
ii had the effect of weakening prices.
In any event-Whether it Is as good as
No. , or MOTT Will increase the supply
of contract wheat, add tothe weight the
bulls have to carry, some say 25.UUOOOO
bus. ana furnish the bears more aminu-
milton. Hence it tended TO discourage
ment and was an active bear factor.
OF course the change cannot affect
trades already made, which will have to
be settled under present rules.
Cudahy was said to have sold good
deal of wheat on the early tirmneSs, and
started the break. The opening was
about l4@$sc higher, but prices de-
clined, with very few fluctuations, 1c.
then advanced &c, eaSed of, ana the
closing was about sc lower than yes
about the same as yesterday. The pro
posed change regarding No. l northern
is presumably in the interest OF the Chi
cago elevator owners, who are buying
in and clearing that grade. The out
come of the vote is doubtful.
In the corn crowd the talk of large
absorption by S. Y. White and Others has
alarmed the shorts, and there was good
buying. The sharp up-turn in prOViS-
ions also helped the market. Prices
were somewhat governed by the action
OF wheat There were numerous out
side buying orders at the opening, and
initial trades were case above the
final quotations of yesterday, and after
selling off fraction advanced 4W38c,
when wheat turned down ana corn
sympalhiZed, selling off 35(dl5c, rallied
1s@4c afterward, ruled easier, and
closed with shade advance.
There was moderate trade in oats
and steady feeling prevailed, prices for
May, in which the bulk of the trading
centered being confined to &c range.
The opening was at sc saTance, and
the close at i e decline.
The receipts of hogs were even
smaller than had Deen looked for. Only
5000 head were reported at the yards
today, and for next week 130 GOO head
are all that are looked for. Trading in
provisions was only moderately active
at any time and very dull for the most
part.
Estimated receipts for Monday:
Wheat, 22j cars; corn, 255 cars; oats,
$50 cars; hogs, $1,000 head.
The Leading futures ranged as follows: