St. Paul daily globe., 1891-01-07
MAY YWHEkTAWAY0F OFF
Market Opens and Continues
Weak Up to the Clos
ing Hour.
The Market Described as Main
ly a Conjugation Of
ScalperS.
Wall Street Bears InduStrl-
ously Hammer Stocks
Down to Bed Rock.
The Outlook for a Better Mar
ket, However, Continues
Favorable.

CHICAGO, III Jan. 6.-The wheat market
opened weak, apparently Oil account CT the
milduess of the weather and the light snow
which had fallen locally. The cables were
no impediment in the way Of continued firm
ness. The Liverpool market for futures being
quoted l4c dearer, and the market for car
goes being reported firm. The decrease OF
100000 bu in the amount atloat Tor Eng
land and the European continent was anotn-
er feature in the situation which certainly
did not tend to the creation of the weaker
feeling with which the operators commenced
the DAYS trading. AS the fall of snow was
by no means general in the wheat belt and
rs a range of temperature which was above
the freezing points. ne advantage to
wheat at this season of the year.
these reasons do not sufficiently
account for the change in the general opln-
ion which was exemplified by the opening
prices. Instead of numerous buyers at 9S9S
09Ss4c, as at the close of the previous day,
there were sellers all over the pit at 9Sl2c al
the start this morning and no buyers to any
extent until it had been offered down to
9SLc The true cause for the change was
not 10 be found in any material alteration OF
previously existing circumstances, but was
PRINCIPALLY due to the recently adopted poucy
of those traders Who DelleNlnE III Hlgher
prices eventually, still make haste 10 dlspOSe
OF their purchases whenever profit OF l2c to
1c is apparent in the market. This class SOLD
out on the bulge Yesterday. There was anotner
reason for yesterdays strength and to-day
weakness independent of any change IN the
statistical position. Pardridges operations
are now conducted on such colossal scale
that when he is putting out or taking III a
line in q hurry the market feels the effects at
once, as the counteraction which used to be
given to his sales or purchases by Hutchln-
sons purchases or sales has teen recently
very much curtailed through the smaller IN
tereslS which the latter speculator has been
taking in the market On yesterdays early
decline Pardrdge acknowledges having COW
cred 100000 bushels of wheat when he
had previously sold, and when the bulge took
place Yesterday lie was Ill excellent shane TO
take advantage of the rise by putting out
a further heavy amount. lie was a
heavy seller early to-day. lie sold
steady until the price worked below 9IS4c
and bought from that price on the Decline
10 97Ssc. On a reaction to 98@9slSc, he was
a seller again, and of course, looked for a
lower price than he first covered on before
repeating the operation, and he found his
opportunity again when the market had
worked down later i'll the day TO 81 lac
Cudahv was n free seller also. The market
was weak to the very close, May being traded
in as The bell tapped at 97lsc. after selling
down 10 91c. The local receipts of 444 cars
of corn and no Withdrawals from store " ere
The features at the start, under which the
market opened weak and 4c lower Than it
closed on Monday. There were heavy
selling orders from st. Louis, and
the local scalpers were also inclined
to the same side. When the price declined TO
52kc. the buying against pnts caused re-
action TO 531ac, around which figures the
market clung tenaciously for long time.
The estimated receipts of only 81 cars for
tomorrow startled the crowd and induced so
many to cover their shorts that an advance
10 53Ss@5313c took place. The weakness i'll
wheat encouraged Il renewal OF the selling,
however. and the weakest part of the ses-
sion was the closing half The decliue which
started stopped at 52SS@52l2c, as already
stated and reaction to 125sc left prices 7Sc
lower than they closed yesterday. There was
more trading in oats; yet the range or prices
was narrower. Counselman and Hutch
inson led the buying while Aid
rich was the principal seller The
fact that cash oats were lc higher was the
main reason for the strength manifested.
The opening was at 457sc for May. Thence
tie price went to 45S4c, 10 457sI046c, TO
459sc, to 45Ssc@45l2c closing at 45l2c. max
ing the last price SSc lower than Yesterday
The provision market started weak under
the influence of heavy receipts of hogs
Armour was moderate buyer of pork on the
first decline. but the hackers generally were
sellers. There was slight show of strength
OH The call. but it was easily overcome later
i'll the day, the market becoming weaker as
the session advanced.
The leading futures ranged as follows: