St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-01-03
BULLS RUNNING AWAY
The Top Price Is Quickly
Knocked From the Wheat
Market.
Minneapolis and Duluth Re-
ceipts Double Those Of
Last Year.
Active Buying for the Short
Account on Wall
Street.
Quite a Number Of LoW-Prieed
Shares Score Material
Gains.

CHICAGO, Jan. 2.-The wheat market
at the start was disposed to follow the
lead of the foreign exchanges, which
The opening of the session was delayed
by the deliveries for an hour, as is usual
on the first trading day of the month.
The deliveries of wheat amounted to
between 100000 and 100000 bu, which
was not reassuring feature to the
bulls. The May delivery opened at
991sc and in the next moment it was
selling at 9SAc. The closing price
Wednesday Was CSC, so that the quota
tions here given would indicate feel
ing Of greater confidence among local
holders. That frame of mind was
quickly changed when item after item
of news, which came to hand dur
ing the remainder, was found to be
capable of bearish Interpretation. The
Minneapolis and Duluth receipts
amounted to SIG cars, compared with
221 cars on the corresponding day of last
year. The Liverpool and London stocks
of wheat and flour were heavier than on
the first day of the previous year, and
the export clearanceS from the Atlantic
ports being light were also weakening
factor. The change in the weather was
probably the principal cause OF the
weakness which was developed in the
course of the days trading. The wheat
plant was previously reported to have
been suffering from the effects of drouth
over large extent of the area of its
growth. and having been thoroughly
saturated since Wednesday that feature
which was threatened to July wheat
contracts was therefore eliminated.
July wheat and May wheat are now,
however, rather intimately blended at
a discount of about &c for the later de-
livery; and with a strong disposition
already developed to sell wheat the
spectators did not wait to make fine
distinctions as to which month was
principally affected. The New York
stock market was stronger and silver
was higher and there was no change in
the Bank of England rate of interest.
although an advance had been looked
for as result OF the heavy Withdrawals
of gold from England. There was
rumor in circulation to the effect that
the government StatiSticianS next report
would show this years crop to have
been over 400, 100000 blu. If MT. Dodge
estimates the crop at only few million
bushels over the 400,000,000 gen
orally accepted it should not affect the
situation appreciably. The heavy spec
ulators, who think well OF wheat as
purchase. have wholesome fear of the
effect of extensive speculative Sales,a and
appear to require more stimulation than
the present aspect of the immediate
supply and demand situation affords.
They run like the onlOokers at tavern
braWl when one of the cOmbatants pulls
gun, if full supply OF bull news is
withheld for day. Some hot shot was
poured into the market to-day by both
Partridge and Hutchinson. The bulls
threw their loads away and ran. There
was break of 12lc to l7sc from the top
prices of the day, and at the close prices
were 119@15Sc lower than at the wind
up of business on Wednesday. The
lowest quotations for May wheat was
963s 096Ic. The corn market was quiet
and local in the character of its trading
so long as prices were high. but more
active and general OH the decline which
subsequently occurred. The opening
price of May was 527sc, or &c higher
than it closed Wednesday. 1t advanced
and touched $3.50 for an instant, and
then gradually sagged until it finally
sold down to 5214, and closed virtually
at the lowest figures of the day. Oats
opened &c higher, and showed consid-
cradle firmness until Hutchinson con-
cluded that he had better realize on
the load that he took recently. with
the hope of driving in Partridge and
the balance of the shorts. The start
in moment to 1910, with one sale at
n h0DQn n
son pouring out oats in any quantity
wanted until the price reached 441sc,
when there was a recovery to 44&@
441sc, the market closing &c lower, at
that price. The receipts of hogs were
fairly liberal, and prices were reported
to be easier. There was disposition
to sell product from the start. Pork OPP
ened from 21a to sc per barrel. and lard
and ribs nearly as much. The heavy
deliveries in the morning were In some
measure responsible for the easy feel
Ing which prevailed. The packers were
free sellers, and among them Cudahy,
Armour and Allerton were reported to
be taking prominent part on that side.
Cudahy and Armour sold pork on
the call, aud Cudahy sold ribs
as well. The market rallied
slightly and then gradually weakened
until Zoe was knocked OH the price or
January pork, and 35c off the May de-
livery. Ribs closed showing decline
since Wednesdayof nc in the January
delivery, and TIC in May, the carry
ing charges having narrowed by 10c, as
shown by these figures. Lard closed
NC lower for January, and 10c lower
for May, coming also slightly closer to-
gether than before.
The leading futures ranged as follows: