St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-01-17
WEAK FROM START.
Wheat Says Under the lnflu-
enee Of Great Selling
Pressure.
Willard Says the Dakota Crop
Has Not Begun to
Move Yet.
Wall Street Nobly Resists
Hammering Operations
Of Bears.
Heavy Drives at Values to
Uncover Some Large
Orders.

CHICAGO. Jan. 16.-The wheat market was
again weak. not Immediately at the opening
but within a minute or so Thereafter. AS
soon as the trading was fairly under way the
selling pressure once more began to nave us
natural effect, and the most prominent oper-
ator on the decline and in favor Of it was
Partridge St Louis also piled the wires
with bear dispatches and selling orders, and
even some of those who have been firm
adherents OF the short crop theory were to-
day expressing themselves as doubtful OF the
reliability of the government estimates, upon
which they had been previously relying to
prove the scarcity upon which they formerly
based their purchases of wheat. 1here
were still many left, however, who pinned
their faith to the government fig
ures on the ground that however much they
had been criticized in former years, they had
always been found i'll the end substantially
correct, and that the last crop would prove
no exception 10 the record already earned by
the agricultural bureau. The story OF the
25,00O,000 blu crop of the state of Washington
was once more brought INTO prominence by
a dispatch wired from New York giving an
account of an interview with Henry Willard,
of the Northern Pacific. The railroad man,
according to the dispatch, repeated the stoIy
way stations in Washington piled forty feet
high with bags of wheat. MIR. Willard was
also reported as saying that the
Dakota crop had scarcely commenced
10 move yet. The price of May
wheat was started at 96lsc. or the
same price as it closed Yesterday afternoon,
put soon weakened and declined lac. After
a short period of hesitation rs to lis further
course it declined 10 CSC, with very trlflng
reactions on the decline There was recov-
cry TO g518c from the report that the estlng-
house financial troubles had eliminated in
their failure. There was another break to
Csc and this was followed by a reaction to
955sc Cables were easier, silver was lower,
the cold wave promised for to-dav's weather
in the winter wheat region was delayed Ell
route and the confidence of the bears had evil
dentlyncreaSed in an equal ratiOWith theWan
ing courage of the bulls. The recovery from
the low point was occasoned by the re-
ported taking for export 10 Bordeaux OF
$1,000 bushels. A line Of steamers trading
from Newport News was also reported as
being under contract for the carrying OF
10000 barrels of flour to ondon, Liverpool
and Glasgow. The corn market was weak
aud made a further decline of l2c. Trading
was fairly active but was local in character,
and most of it was confined to scalping
against privileges. Oats developed additional
weakness on the strength of heavy receipts.
light shipments and the slump i'll the other
markets. The trade was fairly active Hutch
inson led the buying aud futile the selling,
which was mostly scattered. There was
lair amount of activity in The
provision circle; and at the start the compar-
atively moderate receipts OF hogs, together
with an improvement of from sc to Ice in
the price as reported from the stockyards
early in the dav, was the cause Of slight
improvement in prices at the commencement
of trading. There was later dispatch not
ing the loss of the early advance in the price
of hogs, and the provision market followed
suit. The packers were the sellers, and the
hard spot which the early firmness of the
hog market produced; but at the decline
which followed, Armour was credited with
giving some support to prices by buying RIBS
through RolOssOn.
The leading futIlres ranged As follows: