St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-01-03
TRADERS WHIPSAWED
Operators in Chicago Loaded
UP for a Raise, but Prices
Fall.
Fair Activity at the Start. but
Dizziness Had Final
Possession.
Losses Sustained by Wheat,
Corn, Oats snl Pork Be-
fore the Close.
New York Stock Market Is Ac-
tive and Buoyant at Top
Figures.

CHICAGO, JAN 1.-The action of the wheat
market here today was surprise and dis
appointment 10 a majority of the operators.
The crowd hal apparently loaded up last
week with the expectation that the advent of
the new year would bring revival of trade
and better prices. but the reverse was true.
Prices, instead of going up, went down, and
there was very little recovery. In the early
dealings there WAS a fair amount of activity,
but at the bottom the market became as dull
as it was in the early part of The week. and
kilograms from other trading cenlers indi-
Gated similar state of affairs.
The outside public has not resumed its in
tereSl i'll the market since the holidays and
commission houses had little TO do. The
news from Europe was not encouraging, a
holiday dullnesS still ruling there and early
dispatches quoted Berlin three marks lower.
cold wave which has been looked for for
some time was reported to be spreading out
over the winter wheat belt. where the mer-
curry was dropping with every indication of
getting below the zero mark tonight But
the unprotected condition of the wheat plant
did not avail To turn the tide of beariSh
sentiment especially snow was reported
as accompanying the lower temperature in
places.
1t was reported early that fifty boatloads
OF wheat had been Unexpectedly delivered
the market and this had bearisn effect il
this market The deliveries on January con-
tracts here were light, but there was an I'M
usual pressure 10 sell for this month with
very little call for it. and the discount was
increased, dropping 10 6l4 under May against
5l2G5s6c on Thursday. The pressureito sell
january. and the weakness OF that month,
had depressing effect on May.
There was practically no outside trade and
: the local sentiment was beaIish; hence free
offerings were dead weight and no one
seemed disposed 10 take care of them or give
any support 10 the market. Charlie Wright
was one OF the leading sellers. though the
crowd was also heavily on that side. Fard-
ridge, however. was a good buyer almost
from the start, and covered big line of
shorts. Late cables were weak With Berlin
uemorallzed and marks lower. January,
which closed at 9Ol2 Thursday, opened at 90e,
sold off TO SSl2c, and closed at Ssc. May,
which closed at S5Isc Thursday. opened at
@s4c, selling at once at 957sc. sagged off
steadily 10 94Ssc and closed at047Se. loss of 1c
Corn was quiet and inclined to weakness
early in the day, but finally steadied and
held fairly firm. The receipts were only mod
erate-2S4 cSrs-ard included only thirteen
cars of the contract grade. The weakness in
wheat made coru easy at the start but
stronger cables and the free export move
ment caused stronger tone. The exports
OF corn for the entire month of November
were only 2,06S,000 bu, but for the last week
the shipments were 2251 600 bu 49, OO0 bu
during the last two days. The deliveries on
January contracts amounted to about 300 900
6u, and this was Il weakening factor early.
The close was steady at the bottom figures of
the day, and al losses ranging from Ac to Zee
for the various futures compared with
Thursday.
Oats were dull and weak and closed with
loss of l21l7sc.
Hog products opened higher, but when it
was known that large receipts of hogs were
expected Monday and next week. there was
sharp decline. This WAS also assisted by
rather free deliveries which the recipients
undertook 10 get rid of. There was some re-
covery from bottom figures however, and the
close shows moderate losses for pork and
ribs, while lard is unchanged to a little
higher. Estimated Receipts for Monday
Wheat. 2S0 cars; corn, $50 cars; oats, 2S) cars:
hogs, 1900 head and 2400 GOO next week.
The leading futures ranged as follows: