St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-01-30
GOlu EApOPCS Hdu d 6edriSii
Influence on the Mar
kets.
WEAK FOREIGN MARKETS
Helped in the Depre ssion--
Liberal Decline in Pro-
visions.
TALK OF NEW BOND ISSU E
Reflected in the Hardening OF
the Money Markets.
Stocks Weak.
WEAK FOREIGN MARKETS
TALK OF NEW BOND IssU E

CHICAGO, Jan. 29.-Under the in-
fuence of the gold export scare the sell
ing of wheat became paDicky today,
May dropping 119c; but covering near
the finish on sales for export and buy
ing against puts caused reaction. May
closing &c lower. May corn closed 1c
lower, May oats, &c lower and provi-
sioas at liberal decline.
At the opening Of the session the
wheat spectators gave unmiStakable
indications Of what they thought would
be the effect upon the country Of the
gold exports ana the strained financial
situation resulting therefrom. The
weakness of foreign markets in the face
OF yesterdays advance here was like
wise an element in the diStrust which
wheat, which closed yesterday worth
$3.50, opened with sellers Of
fering it freely at anywhere from 53c
down to 52Ic. No general demand
sprang up until it touched 80 &c, and
such as sprang up at that price was
merely against the puts which had been
bought good for today at from $3.50
$3.50. Smith, who WAS said to have
bought puts on 10000 bushels at the
prices named was credited with pur-
chases of 1,O00.0 900 bushels of May wheat
at between 521a@5294c, and that along
with similar purchases by others who
held puts proved check for the time
being to the impending panic which
threatened the market. By 11:30 the
price for May had been reduced to SIC,
with January or cash wheat at 49c
Decentralization had by that time spread
to every speculative market OH the
floor, and agitation became extreme for
a minute or two. but was checked again
when a fresh demand was struck at
The decline last referred to-.
Apart from the demoralizing effect of
the national financial situation upon the
foreign and domestic grain markets, the
other matters pertaining to supply and
demand were encouraging to holders,
and that more than anything else en-
couraged the buying which prevented
the market from drifting into state of
helpless panic. The sum total Of the
primary market receipts today was only
10000 bushels against 1876. 600 bushels
on Yesterday of last week and 5000
bushels on the corresponding day last
year. The export clearance from the
principal Atlantic ports amounted to
zoo, 600 bushels of wheat and about 150.~
600 bushels in the shape OF flour. The
purchase for export from New York Of
about Thirty boat loads, and from out
ports Of from ten to fifteen more, and
the taking OF about 100000 bushels Of
spring and winter wheat caused some
covering of shorts in the last half hour
of the session, and May reached to 53c
and closed with buyers at 52Isc.
The general decentralization which
struck everything OH the speculative
list this forenoon was nowhere more
conspicuous than in the corn pit. The
receipts were only PAT cars against POO
estimated. But the break in wheat at
the opening caused holders Of corn to
eush their stuff upon the market re-
CARELESS of everything but keeping it
and standing up to fresh margin calls.
The country holders up TO within the
last few days had Withstood all attempts
at dlslodging, markets having been
gradually undermined and looping over.
Today there was a general cave-ln, as
may be seen in the fact thatbefOre noon
May corn, which closed yesterday at
4416c, was offered for sale at 1850 be.
fore noon today.
A recovery of 1c per blu in the price
OF wheat near the end. and the reported
sale at the seabcard of twenty boatloads
of corn for export. caused some demand
here and a reaction 10 1920. The most
| of the late buying was, however, cred
| tied to shorts.
Tbs market for oats was active almost
| from beginning TO end. The heavinesS
existing was the principal feature, and
was very great. Corn was weaker and
| quite influential in creating lower prices
| in oats. Cash oats were very slow Of
| sale, and sufferedsa decline Of about 1c
per blu, which was also extended
into the speculative crowd. The
selling of May WAS quite general. and
two OF three firms were credited with
| again raiding the market. Bartlett-
Frazier, Patten Bros. and Updike were
Offering very literally. The buying
was limited and confined to ScalperS
and few stray shots. May started at
from 90 to 29115c, and gradually dropped
off to 273ic, which is another low price
of The crop, and &c below the estab-
llshed bottom the same day last week.
Later i'll the session the market rallied
to 2S55sc, at which price it closed.
| !. The provision market fell into line
| with the declining grain markets and
suffered a severe break, which it only
partially recovered from in the end.
May pork, which closed yesterday at
S10.5715, opened with sellers at SO. so.
and III the course of thu forenoon had
declined to So rs. 1t recovered to $40. Is,
and the latest trading was at $l002H-
Lard and ribs pursued a similar course
winding up with a loss for the day of
171ac in the former aud 2719c in the
latter. The extreme weakness of the
corn market was the principal incen
tive to the selling Of provisions, which
in its turn depressed prices to a point
whe re stop orders came into play and
did the rest. Hog receipts were 21,000
| head, and $4,000 are estimated for to-
| morrow.
Estimated cars for tomorrow: Wheat,
| 20; corn, lis; oats, so.
The leading futures ranged as follows: