St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-01-23
LONGS DUMP WHEAT.
And thu Market Under the
Heavy Load Took a
Tumble.
SOME BUYING AT THE CLOSE
Brought About a Partial
Rally--All Grains Show
a Loss.
nOTC
SOME BUYING AT THE CLOSE
UPWARD MOVE IN STOCK
Caused by Favorable Action
on the Pooling Bill in
Senate Committee.

CHICAGO, Jan. 22.-Longs continued
to dump their wheat on the market to-
day. and under the heavy load May
touched 54a4c. The low price tempted
shorts, however and their covering left
May at the close but &c lower than yes
terday. Corn closed sc lower for May,
oats good, and provisions al
slight advances That the liquida-
ton of long wheat which was
was the feature of yesterdays session
had not ended was apparent as soon as
trading opened this morning. Com
mission houses had more wheat for sale,
nd, although little trading was done
Immediately atthe opening at from $3.50
down to 555sc for May. there was such
an avalanche of offerings that the value
was substantially crushed to $3.50, be-
ing still lower even than the lowest OF
Yesterdays quotations. Some buying
caused recovery to $500, but selling
OH a liberal scale again set in, and
another tumble brought the price down
again with dump lower than before.
55Ac being the next resting place, and
even this was only temporary. The
Liverpool market was weak, and. after
another and more severe break which
took the price down to 54s4c and sue
ceeding reaction to 554c, business,
which mp to that point had been on
heavy scale, fell off to mere nothing
during the remainder of the session.
Primary market receipts were 2O5,0oO
bu, against only 10000 week ago and
1000 Oh the corresponding day OF the
year before. Exports and clearanceS
from Atlantic ports were equal i'll wheat
and -four to 1000 bu. Closing cables
reported the following declines in for
eign markets: Liverpool, I'D in spot
wheat and Id in futures; Paris, 10 cen-
times decline for nearby terms and 5
confines for distant deliveries of
wheat. The market here closed with
May at 554c.
Corn was week at the opening under
the Influence of the initial slump i'll
wheat, but it ruled comparatively strong
during the remainder of the session and
did not participate i'll the later feeling
which caused the successive further de-
cline in wheat. The demand which
prevented corn from yielding to fur.
| Their extent after the first sh arp break OF
| L5c per bu came entirely from shorts.
| Demand, however, was very weak, and.
while the selling out of long stuff was
on a liberal scale, it was scarcely up to
| the demand from shorts after the eX-
IRENE pressure at the opening was re-
moved. May. after opening at 1920,
| sold at 1920 and closed at 1890.
| Oats opened very weak ut zoe, and
under treer selling dlopped to 2S2sc.
There was liberal covering by shorts
at the decline, causing reaction to
291lc. Trading grew lighter toward the
close, and values, after selling OIL a
shade, fluctuated but little. May ended
at 29(0291sc The cash market for oats
was somewhat stronger. The demand
for shipping was very good, aud local
orders also came in for good share.
The receipts of hogs today were only
| $4,000. Some confidence was impaired
by the falling off in the receipts, and
| the price of products started with an
advance of 215c iu pork and &c in lard
and ribs. Az the close, pork stood at
the opening price, after an intermediate
advance OF sc more. Lard also closed
nominaly at the same price as it had
opened, but there were sellers at the
| close at the advance. Ribs at the END
had virtually dropped all of their early
gain, their being sellers for May al
| $50, as against yesterdays closing
| quotation of $5.G712.
The leading futures ranged as follows