St. Paul daily globe., 1891-01-13
Such Was the Burden of News
Received on Chicago
Change.
The Visible Supply Shows a
Decrease During the
Past Week.
"A Large and Excited Crowd
Gather in the New York
Stock Exchange.
Early Gains in the Morning
Wiped Out at the Clos
ing Hour.

CHICAGO, Jan. 12.-The wheat market
| opened very strong, compared with the
weakness prevailing at the close of Sat
urday's session. In the meantime the
government crop report had been re-
ceived. making the total of the wheat
harvested in 1890, 399.OO0,OOO measured
bushels. The first sales of May wheat
were made at CSC, as against 96s4(9967sc
Saturday. The foreign markets were
firm. and that, with the crop report re-
ferred to, was the reason for the adj
vance at the opening. The bears were
in possession of arguments which were
written so plain that no urgency was
needed to make their impress felt upon
a market already under the control OF
bearish sentiment. The price OF May
wheat touched only &c above the low
est point it reached during the crisis of
the late monetary stringency. Ut sold
at one time to-day at 961sc, or &c lower
than the highest at which sales had been
made near the opening. The news was
more bullish than beariSh, but, as al
ready stated, that which affected the
more immediate conditions OF supply
and demand was in favor of the sellers.
The visible supply showed decrease
during the past week of 335,O71 bu,
against 57S,054 bu year ago. Aside
from the foregoing the news was mainly
of a bullish Interpretation. Silver was
active and much higher in New York;
stocks were likewise on the boom. but
failure on the New York stock eX-
change, which was caused by the rise.
was with consummate audaclty appro-
priated by the bears as all added reason
for a decline in wheat. The European
news by cable and mail was in favor OF
frmness, but there were apparently-in
the absence Of any considerable buying
orders from thence-other exporting
countries willing to supply the import
ing communities on more favorable
terms than could be obtained from the
grain holders of this country. A few
loads only were reported as hav-
ing been worked at New York.
The market closed at the weak
est point. The corn crowd were
evidently impressed with the belief
IN the government figures being an
argument for higher prices. to judge
from the starting figures, the May de-
livery opening at FROM 535sc to $500,
against 5336c at the close on Saturday.
The opening prices could be obtained
at any other time during the day. The
fluctuations followed the course of the
wheat market, and the closing trans
actions were near the lowest prices of
the session. May declined to 5214c.
The longs sold oats, and as they were
numerous there was reaction that car
ried the market down to 46c for May.
+ Swartz-Dupee and Counselman-Day led
the selling, while Hutchinson was the
principal buyer The government re-
port was very bullish, as it showed
the smallest crop ever reported by
the bureau. May opened at 464c,
sold to 1870, and declined to Acc under
the influence of the selling noted above.
The market then recovered to 464c, but
finally closed at the lowest point of the
ay-46c-indicatin 1ac decline as COM
pared with Saturdays closiag. The
provision market was active and
weak under receipts of hogs, which
were estimated to number $4,000 to
So. 900 head. There were some outside
buying orders near the start, which
were freely supplied by the manufact-
urers of the product. Baxter was
prominent seller at one period of the
session, and Fowler-Sterling were also
working the selling side diligently.
Charley Wright was reported to have
dispossessed himself to-day of con-
siderable line of long product; Cudahy
was supposed to be covering his shorts
on the break.
nha lending fnt1res ranged as follows.