St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-01-23
new LOAD ON WHEAT
Proposition to Make No. 1
Northern Regular Proves
a Dampep.
In Spite Of Much Bullish
News Prices Declined
Fractionally.
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 of the conse-
quences of making No. 1 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 re for corn. Provisions
opened firm, and continued so to the
end, gaining 10c in the price of pork,
715c 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 year ago, and Bradstreet's esti-
mated that the amount In farmers
hands March would not exceed 104,-
000.000 bu. against 17l.000,000 Blu the
same time last year, and estimates on
the visible supply were for no increase,
with the chances favoring 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 will prob
ably he 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. 2, and Will
force buyers to take poorer grade IN
settlement on contracts than can be de-
livered under the present rules; hence
it had the effect of weakening prices.
In any event-whether it is as good as
No. 2 or MOTT will increase the supply
of contract wheat, add 10 the weight the
bulls have to carry. some say 25,UO0,O00
bus. ana furnish the bears more ammu-
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.
Cudaby was said to have sold a good
deal of wheat on the early tirmness, and
started the break. The opening was
about case higher, but prices de-
.clined, with very few fluctuations, 1c,
then advanced &c, eased off, and the
closing was about sc lower than yes
terday for May. while July closed
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 buy ing
in and clearing tlIat 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 proVlS-
ions also helped the market. Prices
were somewhat governed by the action
OF wheat. There We're numerous out
side buying orders at the opening. and
initial trades were 4@35c above the
final quotations of yesterday, and after
selling off fraction advanced 4@35c,
when wheat turned down and corn
sympathized, selling off 35@91ac. rallied
4@Ic afterWard, ruled easier, ana
closed with a 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 advance, and
the close at sc decline.
The receipts of hogs were even
smaller than had been looked for. Only
5000 head were reported at the yards
today, and for next week 10000 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, 225 cars; corn, 255 cars: oats,
$50 cars; hogs, $4,000 head.
The leading fu,ures RANGED as follows: