St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-01-09
WHEAT SLID DOWhA LITTLE
SEAL DECREASE IN The VSLB!E
DOES The W0RK
BIG CHICAGO BEARS ON TOP

Concerted Attack Made by the
New York shorts on Sugar,
Western Union, the Changers,
tndustrials and some OF the
SpeciaIties- Market Did Not
Break Without Il Struggle.
CHICAGO. Jan. Sit was whipSaw
market today. After opening strong
and advancing about &c today on strong
cables, light receipts and the eXpecta-
ton of 4 big decrease in the visible sup
ply. wheat weakened and slid down 11sc
on free selling, induced by the disap-
pOiutingly small decrease in the visible.
May wheat closed &c lower aud May
corn : c lower. Oats are unchanged,
provisions considerably higher all
around. Wheat began the day with the
conditions favorable for the holders.
The crowd was eager to buy,
and for the first half hour
offerings were scarce. May opened
sc higher at 67lic. and soon climbed to
6T@sc. The cold weather, which was
supposed to be DONG deadly work in
the unprotected winter wheat fields, was
one of the causes of the early tirmneSs.
Receipts were light. Chicago received
but IS cars, against 4l4 year ago. and
Minneapolis and Duluth reported
but 372 ears, compared with 620 on the
corresponding day last year. Foreign
markets we're also playing III the Gull
band. Gables were higher all around,
Dat the main cause of the firm feeling
was the expectation of a marked de-
crease in tUday'S supply report. Until
that was posted, the bulls were Jubl-
liant. When The returns were complete,
the report showed that the visible de-
creased but 215 GOO bu. Then the bears
inning began. August BroSseau, Nat
Jones, Frank Dunn and others buying
turned sellers. BILLY" Linn threw
100000 bu of long wheat onto the mar
ket. and prices went down with dizzy
rapiditv. The export clearances were
rather small, Baltimore, which was eX-
pected to show liberal exports. clearing
none This added to the weakness, and
NAV continued 10 decline until IL had
lost Ike. At the low figures, however,
a good demand was developed, causing
a reaction, but the uncertainty regard
ing the government report To be issued
during the afternoon caused more sell
ing. and May closed but sc above the
bottom figures of the day. May opened
at 6714c, advanced $sc, declined 176c,
rallied &c. lost &c, and reacted $8c, to
close at 66}5c-
Corn receipts were under the estimate,
and that. combined with the early firm
ness of wheat, caused firm opening in
the corn pit. The visible increased
I.204.OOO bu. however, and with the
slump in wheat, prices declined, with
but a slight rally at the close. May
opened unchanged at 3S$lc, advanced
14c, dropped 15c, and reacted sc, to
close at 3S25c, but q above the bottom
figures OF the day.
Oats opened firmer, Influenced by the
early strength of wheat and corn, but
under the depressing influence of the
later weakness in wheat, and an in
crease OF SO, QUO bu in the visible supply
the gain was lost. May opened ~
higher at Sic, SOLD off 35c, and rallied
55c, to close at yesterdays closing fly
ures, 30$4c.
Provisions were strong, with packers
buying, and on hog receipts less thar
the estimate. and an advance of 10c il
prices. BaldWin-Farnum. Armour
Co. and Swift * Co. bought freely, ant
shorts did considerable covering. Free
offering caused temporary reactions
but closing prices were not far from the
days top prices. Compared with las
night, May porh is SIC higher; May lar(
I11sc higher and May ribs zoe higher.
Estimated receipts for tomorrow
" heat, 135 cars; corn, $50 cars; cats
G2O cars; hogs, 21,00O.
The leading futures ranged as follows