St. Paul daily globe., 1895-01-24
THE LIQUIDATION BY LONGS
Was Some thing Remarkable
Sensational Slump in
Pork.
BEARS ACTIVE IN STOCKS.
Speculation Was Lively in the
Street, But With Down.
ward Tendency.

CHICAGO, Jan. %. The liquidation Of
wheat longs on the board of trade which
commenced few days ago continued
today, and prices broke all former rec
ords for this season Of the year. May
wheat touching 5435c. The lowest price
year ago today was 635sc. 1t is esti-
mated that full 10000, 900 bu of long
wheat has been thrown over during the
last three days. A small failure was
reported-tbat of j. f. Hellwegen & Co.
Exhausted margin, ,sstop-lOss orders, and
the general encouragement Of holders
brought more wheat on the market than
the trade could absorb, and hence the
weakness.
But the sensational decline of the day
was in May pork, which went off SOC a
bbl, and this, too. in the face of smaller
receipts of live hogs than expected, aDd
higher prices at the yards. But the
holders of the product were bent on
liquidation, aud there was bear raiding,
which broke the price. Everything re-
covered some, however, before the close.
The wheat market opened quiet and
feeble. Succeeding preliminary de-
cline of 5sc from The closing yesterday,
it gathered itself together again and re-
covered for short time its first de-
cline. In the course of another half
hour it was once more struggling in a
death grapple with the bears OH to
protlt. The foreign markets were not
so distres slDgly sick as general expecta-
ton had prepared itself for. Receipts
here and in the Northwest were light.
The seaboard sent bearish dispatches.
There were apparently many long
lines hanging by the merest thread,
and, acting upon that impression,
big bear spectators gave the
market shake after shake until all
the weakly supported wheat went
over and the shorts were satisfied
to cover. May, which closed at 55l4c,
to soc, and sold as low as 541sc
before it reacted. 1t gained slowly and
reluctantly until il touched 554 4@555Sc.
at which point vigorous selling recOm-
menced, and it gradually worked back
again to 55c. AT the latter price there was
a short struggle, out of which the bears
came victorious, and the price went
down to 5415c, anI after recovering to
54I @541sc 1t made another dive, reach
ing 54s4c. The shorts. who had been
buying freely on all the preceding days,
took hold greedily, and on SO heavy
scale that the price rose again 10 soc.
About twenty minutes from the close
business had become slow again. May
close d at 541sc.
Corn acted as regards the wheat mar
the day before. 1t showed an indica-
ton OF having more friends and fewer
enemies. The receipts were 1873 cars,
against the estimates of 200, and the de-
mand for carloads through billed was
sufficient to add from nc to 19c to the
price paid Yesterday. The opening
prices for May were generally from
455sc 10 45115c, with sale or TWO rs low
as 45I4c. 1t recovered to 455Sc, dropped
to 45115 0454c, went once more over the
same ground and then rose to 1870,
resting at 4554c.
Oats were principally inclined to fol-
low corn. The disposition to sell was
comparatively nothing. and some shorts
were still at work covering, but trading
was Oh the whole rather draggy and
slow. May sold from 291a TO 1890.
where it was at noon. The price al
vanced to 295s@293lc before the close
and the final sale was made at 1890
2954c. The cash business in oats was
active and prices were very firm.
After steady opening and slight
advance provisions broke sharply.
There was general selling by packers
and longs and the demand was tar from
sufficient to absorb the offerings. May
pork finished 2715c lower, May lard nc
lower and ribs TIC lower.
The leading futures ranged as follows: