St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-01-29
BROKE AND RALLIED.
Sharp Decline in Wheat
Caused by Heavy Selling
on Gold Exports.
Gold Exports and Talk Of
Bond Issue Caused q
Decline.

CHICAGO, Jan. 2S.-After a sharp
break today, caused by selling on the
heavy gold exports. wheat rallied on
liberal covering by shorts and finished
with &c gain. Corn closed &c lower,
oats 35c lower and provisions at Slight
declines.
The price of May wheat took fresh
tumble at the opening today. The
crowd appeared to have scarcely any
but selling orders to start with. From
5316c and 53c for few lots at the Begin
nlng, the price ratified down in less than
a minute to 523sc. That decline APP
peared good enough for some heavy
shorts to cover. and in the course
of the next twenty minutes
it had reacted to $3.50 on
that class of buying. The rush
to sell at the start was doubtless due to
the Washington news that premium
upon gold coin was within the possi-
bilities Of the week. The price OF May
wheat here was, however. almost en-
tirely a matter between longs and
shorts, the former early, causing the
first break. The shorts bought enough
to cause a reaction to 534c, that was
followed by another period OF realizing
of long wheat, which was principally
due to a wicked shake-out of holders of
corn. That caused wheat to drop to
$3.50, at which point it was again taken
bold of by the shorts and reacted to
$3.50, the closing price. The visible
supply figures will not have much in
fuence, as they showed about such
decrease as had been looked for.
Corn was firm at the start, but raiding
by several prominent houses weakened
the market, stop-loss orders became
numerous. and the close was weak.
The visible supply increased $4,000 bu,
compared with an increase of $4,000 blu
year ago. Shippers here who have
corn in New York claim that they can
find no sale for it at the equivalent of
Chicago prices. The nominal opening
price of May corn was 4515@451Sc above
the closing price OH Saturday. Very
little could be disposed Of then at the
price named, but after its first break to
45H@454c, which occurred Immediately
after the opening, it recovered to $3.50
455Sc. 1t was hanging around 454c on
the second decline when the raid
started. 1t dropped to 45c, and that
caught the stop orders, under the in
tiuence of which the price went down
to 44149445sc. After recovering to 44S4
044Hc, and declining again to 4412c, it
closed at 447sc.
The session in oats was quite active
throughout, prices following corn to
some extent, selling up 8@4c early,
and thens participated in decline
which was kept up until shortly before
the finish. when the market rallied
again, and closed under Saturdays last
quotations, May, 294 after selling from
| 2936c. The lower prices were not alone
created from sympathy. Free selling
| helped the downward turn far more
| than did the feeling CT corn. The buy
| ing was quite fair, but scattered, and
| ali in small orders. The visible supply
figures had no noticeable effect on the
| market.
With only $4,000 hogs at the yards in~
stead of $4,000 as estimated, the pro-
vision market started firm. The first
trading in May pork was at S10.75, as
against $40. Is at the close on Saturday.
May lard opened at S6.75, against S7.721a
| at the close on Saturday, and ribs started
at an equal advance. Those opening
prices were the best of the day. The
heaviness in corn was discourage
| ment to holders of provisions. and
! prices sagged steadily during the re-
! mainder of the day. At the close May
| pork was TIC lower. May lard 21ac and
! MAY ribs 211c lower. Estimated re-