St. Paul daily globe., 1892-01-22
A CHANGING MARKET.
Wheat Opened Strong With
a Rising Tendency at
Chicago,
But Before the Close Became
Weak and Suffered q
Decline.
1t Was a Very Poor Day All
Around, and Losses We're
General.
A EaVapiSh EoolinU ppovaiIod
A Feverish Feeling Prevailed
at New York, but Changes
Are Slight.

CHICAGO, Jan. 2l.-The action of the wheat
| market today was the reverse of that of yes
| terday. Then it opened weak and lower
| and closed strong with boom. Today it
was strong and advancing early but weak
ened and declined later. closing easy at about
The lowest price of the day. 1t was a good
| deal OF speculative market that is, the
market was governed largely by supply and
! demand. irrespective of outside irregular in
fluences. Early there was a good demand.
helped along by firmer foreign markets and
| small receipts and continuation of the
bullish feeling which existed yesterday; but
| the advance brought out free offerings and
| realizing sales without anything particularly
| unfavorable, and sharp reaction followed.
| The opening ereports from all domestic
| markets quoted them firm and higher and
| the trade was brought to be broader and more
| active. AS the short interest was large there
| was lively scramble to cover, but there was
| but little for sale and the advance was easy
| The war question had ceased to exert much
| influence. but the bullish sentiment seemed
to have been built up on the growing conf
| dence in the legitimate strength of the stua-
ton. New York and st. Louis operators had
| large buying orders at the start and nearly
| all the private wire houses were kept busy on
the buyirg side.
Logan, Dupee, Clifford, Mitchell, Counsel
man and Day and McDougall led the buying
! most of the day. 1t was noticeable that many
| commission houses had scattering orders for
| ives and tens from outside, showing that
| confidence is spreading and the trade broad
| ening. There was story that Pardridge and
| Kaufman, of st. Louis were short fully TO-
| 600, 600 blu, and the, belief that they would be
| forced in gave the market some additional
| strength. Partridge, however, denounced
| this as grossly untrue, and was still selling
| short with his usual vigor. story was
ln6 I 6ny, no nnrrna mo tnc
the remaining requirements of Europe at
| 144, ,000000 bu and 100000 more than the
! latest estimate by the Liverpool Corn Trade
| News. Charley Wright who was supposed
| to be already short big line, was still free
seller on all the hard spots.
| May opened at 92A092lac against 92l2c at
| the close yesterday, and after hesitating
| around these figures for time, began to
| move upward under the strong demand. and,
| without material reaction, advanced to g3ssc.
| The advance caused heavy realizing sales,
| ana. as the most eXcitaby shorts had cov-
! cred, the offerings were in excess of the de-
| mand. On the first symptom of weakness
| the short selling also became aggressive A
| Liverpool dispatch reporting an increase OF
| 4,256000 bu in French wheat stocks during
| the last month proved a weak factor also.
| May broke to 92sBc, reacted to 92S4c. broke
| again to 917sc and closed easy at &c.
| Corn was quiet ana weak throughout the
| session, and especially toward the close,
| when wheat was SO weak and closed with
| loss of l2c on May, the active future.
Oats sympathiZed with the weakness in
other grains and lost 14c.
| Hog products were strong and higher early
! on smaller receipts of hogs than expected
| and firm prices but broke later on free sell
| ing by packers and others who were long,
| closing at about bottom figures. Pork is 15c
off, lard sc and ribs like amount. Estimated
| receipts for tomorrow: Wheat 100 cars;
Seorn leo cars; oats, 12O cars; hogs, $4,000
head.
The leading futures ranged as follows: