St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1896-01-03
,DULL DAY IN WHEAT.
OPERATIONS OF NARROW VOLUME
AND AT SLIGHTLY REDUCED
PRICES.
LEADING DEALERS SELLING.
NEWS RATHER BULLIsH, BUT 1T
FAILED TO SUSTAIN
~ VALUES.
PROVISIONS ONLY SCORE GAINS.
inc >ase in the Visible Supply
Corn and Oats Weak, in SYM
pathy With Wheat.

CHICAGO Jan. with gold bringing IL
per cent premium in New York today ac-
cerding to reports circulating here, wheat be-
came very weak and closed with a loss OF lie
per bushel since Tuesday afternoon. Corn
and oats were sympatheticaIly weak, but pro-
visions struck path for itself and closed
with gains in all the speculative commodities
in the line of hog products. The buying spir-
it with which the wheat market closed up the
old year had all disappeared when trading
was. inaugurated on this, the first business
day of 1896. May opened at 59Ac, but very
little could be disposed of at the 12c reduc-'
tion, and it touched 5Sa4c before more buy
ers than sellers appeared in the market. The
primary reason for change in feeling thus
vealed was Bradstreets increase in the Wis
ible for week, 1,737 600 bushels, as against
the $4,000 bushels increase III the official
statement of the stocks in sight. The open
s1ng quotations cabled from Liverpool showed
only I'd advance since Tuesday, and the
stocks that port decrease OF only 52S, 900
bushels since Nov. 80.
About a report received from New
York, that s2,00O,00O gold was coming this
way from London, helped the crowd to real
lie that they had scared too easily at the
opening. The Minneapolis and Duluth
ceipts since Tuesday were given as only 421
carloads compared with 1,266 week ago,
on the day succeeding Christmas. The total
clearances from the four principal Atlantic
ports were equivalent to about $4,000 bushels.
Minneapolis wired early in the day that there
were hardly any offerings of wheat there,
and the second cablegrams brought quota
tions showing another I'd advance at Liv-
erpool and rise Of Cd per quarter at London.
The days news a whole more favor
able for an advance than a decline, but the
spectators were evidently not inclined to
view it that way, for after rallying from the
bottom of the first break to $3.50, it was
down again to 5SAc at 1915 o'clock. Barrett,
John Cudahy, August Brosseau and Linn
we're all mentioned as sellers Of wheat today,
and that class of spectators generally
against the market After declining to 5Shc
near the end, the closing trades were at 585s
G58%c.
Business in corn was light. The feeling
was heavy On account Of the lack Of demand
In the cash department OF the trade. The
May price fell from z5Mc the start, to
277s@2Sc at the close,
Trading in oats was slow and the range in
the price for May confined to nc per
bushel. The heavy feeling in wheat and corn
helped TO make oats heavy. Compared with
Tuesdays closing rate, May left off today
at 3-16c decline.
Provisions opened weak, but recovered and
became both strong and moderately active.
Besides some cornering by Shorts there ap-
peared to be some buying for long account,
the result of which was the spread of
more confident feeling among the traders, and
the rise already referred to as having fol-
lowed an early decline. The price of pork is
higher than it closed on Tuesday by Sc in
January and zoe in May; lard is sc higher
for January and 10c for May, and ribs are
up sc and 71ac respectively for January and
May.
The estimated receipts for tomorrow are:
Wheat, 1875 cars; corn, $50; OATS 245; hogs,
81. 900 head.
The leading futures ranged as follows: