St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-01-04
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 and 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 a surprise and dis
appointment to majority of the operators.
The crowd had 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 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 centers indi-
GATED similar state of affairs.
The outside public has not resumed its in
terest in the market since the holidays and
commission houses had little to do. The
news from Europe was not encouraging, a
holiday dizziness still ruling there, and early
dispatches quoted Berlin three marks lower.
j 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 rs snow was reported
as accompanying the lower temperature in
places.
1t was reported early that fifty boatloads
OF wheat had been UNEXPECTEDLY delivered
on January contracts in New York breaking
the market, and this had a bearish effect il
this market The deliveries on January con-
tracts here were light but there was an un-
usual pressure to sell for this month with
very little cali for it, and the discount was
increased, dropping TO GA under May against
5l9Q155sc on Thursday. The pressureEto sell
January. and the weakness of that month,
hada 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 to 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 OH that side. Pard-
ridge, however, was good buyer almost
from the start, and covered a big line of
shorts Late cables were weak with Berlin
demoraliZed and marks lower January,
which closed at COLE Thursday, opened at 90c.
sold off 10 SSl7c, and closed at SSc. May,
which closed at $3.50 Thursday, opened at
95s4c, selling at once at 957Bc, sagged off
steadily TO 945sc and closed at 947sc. loss of
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 cers-and included only thirteen
cars of the contract grade. The weakness in
wheat made corn 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 ZOOS, 600 bu, but for the last week
the shipments were 2,251 900 bu. 7S5, 900 bu
during the last two days. The deliveries on
January contracts amounted to about 300 900
bu, and this was weakening factor early
The close was steady at the bottom figures of
the day, and at losses ranging from lac to I2c
for the various futures compared with
Thursday.
Oats were dull and weak and closed with
loss of 42@7Sc.
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 to get rid Of There was some re-
covery from bottom figures, however, and the
ribs, while lard is unchanged to little
higher. Estimated Receipts for Monday
Wheat, $50 cars; corn, $50 cars; oats, $50 cars :;
hogs, 5000 head. and $40. 600 next week.
The leading futures ranged as follows: