St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-01-13
DISC0URAGINC NEWS
Has the Effect Of Forcing a
Further Reduction in the
Price Of Wheat.
Increased Liquidation and an
Almost Complete Cessa-
ton Of Buying.
Holders Of Long Wheat Have
Lost Hope and Dumped 1t
on the Market.
Active Stocks on New York
List Made Some Good
Gains.

CHICAGO, Jan. 12.-The slumpiness displayed
by the wheat market yesterday continued to-
day, and another cent decline was added 10 the
drop of 1I2c recorded yesterday. Nearly every
thing in the way of news was of character
calculated to discourage holders. increase
the liquidation and check The buying. The
heavy snowfall nearly all over the winter
wheat belt assured protection TO the plant in
spite of the very cold weather. Cables were
weak and lower, domestic markets all showed
some decline. and there was free selling
almost from the start.
A good deal of long wheat which had been
stubbornly held in the face of the sc decline
which occurred since last Wednesday was
on the market today. the holders having APP
parently lost hope. To add to this. private
dispatches from New York advised that New
York houses with foreign connections were
free sellers; and their offerings were sup
ported by selling orders from New York.
Exports were light, and the amount Of
wheat and -four OH ocean passage showed an
increase for the week of nearly 900, 900 bu.
Armour & Co., Lamson Bros. and Henry
Champlin were among the liberal buyers.
while Logan u Co. seemed to be the leading
sellers. Partridge sold some on the weak
spots, but was ;,ot very aggressive. The
trade here was generally of the opinion that
the market had gone low enough to warrant
a reaction, and its buying prevented much
decline from the opening during the fore
noon. but the offerings were finally all too
much for them, and the market went to
pieces in the forenoon, recovering some,
however, near the close. The late cables
were very discouraging and more long wheat
came out. while there was little disposition
to buy except at sharp decline. About the
only demand was from shorts, many of whom
covered on the breaks. May opened l2c
lower at Ole fuctuated during the forenoon
between 9j7s69iAc, broke after noon to 81 1sc
and closed steady at il2c.
The trade i'll corn was dull and the huctua-
lions of the narrowest. About the only piece
of outside news to affect the market was the
increase of about IT, 900 bushels on ocean
passage. The local receipts were about as
expected, and the inspection showed a
triing improvement The market showed a
shade of weakness largely cue to sympathy
with the weakness in wheat.
Oats were dull. steady and without feature.
Hog products were stronger and higher.
The receipts of live hogs fell lightly under
the estimate, but prices were not quotably
higher, though products made sharp ad-
vance. There was nothing in the situation
to warrant this, but general opinion was
freely expressed that it was due to manipula-
ton, though who the manipulators were was
not known May pork opened &c lower Mt
S1l .r2la and advanced rapidly to S11.17l2;
then gradually receded and closed at III. 6ll2.
Lard and ribs sympathiZed with the move
ment i'll pork. Estimated receipts for tomor-
row: Wheat, 1885 cars; corn, IT'S cars; oats.
lis cars; hogs, 900 head.