St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-01-09
SACRIFICE OF LONGS.
General Encouragement I'M
PEELED Them to Drop Their
Holdings.
Chicago Grain Markets We're.
Weak and Demopalized at 81
the Start, so.
But Later Fright Drove Sell
ers to Buy Back--Pork is
Advanced. -
3gss
Activity and Feverishness in
Activity and Feverishness in
New York Stocks, With q
Small Gains.

CHICAGO. Jan. S.-Wheat made weak
start today, and for a time il lookedsas
though it had no friends left. The sharp
break of yesterday had exhausted the mar
gins on many deals and brought the property
on the market. Longs were pretty generally
discouraged and sacrificed their holdings
while there was still good deal of bold and
vigorous short selling. Lower cables helped
to develop the early weakness, and for
time the outlook was demoralizing and the
price went Off over lie from yesterdays clos
ing.
On this break the selling suddenly came to
halt; then the cold wave began to cause
some uneasiness for the winter wheat. New
York reported clearances in wheat and flour
Of about 10000 bu, and pork starting on a
boom, all combined to bring about a sharp
reaction. Some of the early sellers took fright
and began to buy back. Scalpers bought
for an upturn, and shorts who had been
holding off to cover at the bottom began to
think that it might be prudent to cover at
once, and did so. Under this demand prices
gradually improved and the loss was re-
gained George Smith, Lester and Millman-
Bodman were good buyers on the break.
Partridge was also liberal buyer almost
from the start, and was supposed to be COW
ering the short lines he has been putting out
for week. Private dispatches from San
Francisco said that the export surplus of
the Pacific coast would he exhausted by
Feb. /. The market continued strong TO the
close in spite of the fact that late cables
were all weak. Berlin being 2l2c lower and
Paris showing about the same decline. May
opened ragged with sales in different parts
of the pit at about the same time at al the
way between 92ssc and 9l7sc, against 93Ac at
the close yesterday. The market shortly
touched 93 lac, then broke badly, going to
921sc; rallied and. with minor reactions, adj
vanced to 93ssc. closing firm at g3Ac.
Corn was fairly active and stronger. Early
in the session it sold off a trfie on the sharp
break in wheat, but soon turned and sol d ND
I2c or more, helped by the reaction in
wheat and the boom in provisions The re-
ceipts were only III cars, with only Of the
contract grade. The market held its own
throughout the dav and closed about at The
top. May opened lac off nj 4ic slowly adj
vanced 10 4ll2c and closed at 41ssc.
Oats were quiet and firm. and show an ad-
vance of ss@l2c.
Hog products scored decided advance to-
day. The continued free shipments east OF
live hogs, with the stiffness in prices at the
yards, has begun to make packers uneasy.
Armour was a large buyer today, and pack
ers generally were on the buying side, while
shorts covered freely. May pork started at
S11.3l the price at which it closed yesterday,
advanced to S11.T212, broke to S1l.6J, rallied
TO S11.S2l2 and closed at Sl1.S). a gain of SOC
per Dbl. Lard is up 17Iac, and ribs 17l.@
zoe. Estimated receipts for tomorrow are
123 cars of wheat, 116 cars of corn, 147 cars of
oats and $1,000 hogs.
The leading futures ranged as follows: