St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-01-16
On Chicago Board OF Trade
Wheat Was Extremely
Weak.
Foreign Reports Discourag-
ing. and Domestic Mar
kets on the Slide.
From Wheat to Short Ribs
Quotations Are Fractions b
Lower.
Diminishing Volume Of Bust
ness and Narrow Deals
at New York.

CHICAGO, Jan. 15.-Wheat was decidedly
weak today, and though there was some re
covery from the lowest point touched. the
close shows a loss of lsc compared with yes
terday'S final quotations. The foreign mar
kets showed more discouraging features
than for some time past and private mes
sages characterized them as panicky; all
were quoted lower, the decline ranging from
to He'd in Liverpool TO GOOD in London,
and all domestic markets were breaking,
with foreigners said to be selling heavily at
New York
The short selling did not seem to be ag
gressiye but the longs appeared to be thor
oughly demoralized and the liquidation was
general. and the market in such condition
that the heavy offerings could not be alb
sorbed without sharp break in values. Most
OF the long wheat taken on yesterday. when
the market exhibited much strength. was
thrown over today.
Among the conspicuous sellers of this class
were George Smith. who was all enthusiastic
bull the Gay before, and Arthur Orr both of
whom sold heavily. the start was made at
decline OF s4c from Yesterdays closing
quotations, but after brief advance and
reaction, even al that reduction buyers were
scarce and sellers plentiful. 1t matteped not
that ST. Petersburg cableSram, which was
circulated am ong the crowd, which said that
under no circumstances could Russia export
any wheat before next harvest and small re-
celpts here and in the Northwest, were equal
~ Intellectual in preventing holders from uI-
derbidding each other in their panicky haste
to flnd buyers for the stuff they wanted TO
get rid of.
There was further drop of 12c in the
price of May wheat inside Of the first half
hour. The opening price was 90ssc. and, I'M
der some buying against puts. an advance to
9Os4c was recorded, with Logan and Milmine
Bodman very free sellers For the next thirty
minutes the course of the market was stead
lily downward, until the prices struck 89Lac
There was recovery in the next half hour
10 o94sc on buying by previous short sellers.
IN spite OF continued diScouraging cables.
Partridge was one of the best buyers of
the day and covered big line at a handsome
profit though he talks SIC wheat before
there is much of a rally. After the rally to
$3.50 there was another dip to inside figures
Oh further panicky British cables; reports of
decidedly lower figures in Berlin and Paris.
and report that the Russian prohibition
would be removed May l. There was good
buying under S934c, however and rally to
Gee followed, the market closing steady at
that price.
Corn was very dull throughout the session,
and was accompanied by degree of weak
ness out of sympathy with the slumpy condi
ton In wheat. AT the lowest, May showed u
recession OF S5c compared with the close
yesterday, and final figures are 1sc off.
Oats were dull and without feature. May
showed loss of lsc in value at the finish
| Hog products were inclined to show some
strength al the start, because the receipts
were lighter than had been anticipated; but
the break in wheat caused sympathetic
weakness in the provision pit with down
ward tendency; relieved by only one or two
feeble rallies during the remainder of the
session. The close shows loss of 10@D12iac
in pork and 5@1I2c in lard and ribs
Estimated receipts for tomorrow: Wheat
145 cars; corn. 200 cars; oats, 143 cars; hogs
2s 900 head.
The leading futures ranged as follows: