The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-01-09
SQUEEZED BY BEARS
TWO-CENT DROP IN CHICAGO
WHEAT DISCOURAGED THE
BULL CONTINGENT.
LIVERPOOL CABLES LOWER.
COLD SHOULDER GIVEN THE MAR
KET- ABROAD INDUCED THE
SHARP SLUMP.
HALF-CENr RALLY AT THE END
Accompanied by II Decided Drop in
the Volume of Trade-COarse
Grains Weak

CHICAGO, Jan. S-A break of &c per bu in
the price of wheat in the first half hour
of today's session effectually squeezed the
bull feeling out of the local crowd that no
amount of encouraging news could effect the
re-entrance of a grain Of it. Although there
was a subsequent rally of PC, the market
still exhibited signs of weakness at the close
Corn and oats were very weak, considering
their previous low prices and closed $sQAc
lower, respectively. Provisions went in the
opposite direction, closing at 5q10c advance.
in wheat opening Liverpool cables were
a great disappointment. Instead of show
ing a sympathetic advance with the lie rise
here yesterday, prices even showed a slight
decline. The market here for no other per-
ceptible reason started virtually 1c lower than
1t closed yesterday, although few trades
were made in the confusion of the opening
at declines of 12G&c The range for May
was officially given at SIC for highest and
S1%c lowest, but comparatively little changed
hands at over slice. In a little more than
half an hour the price had dropped
to S01ac, or"2c under yesterdays close. The
extreme weakness here puzzled a good many
There was, however, enough wheat bought
yestei day on the exI ectat.on of fl mer Liver
pool today, making market for the selling
of it at a profit, to be large element in the
pool market so coldly turned its back upon
the bullish enthusiasts of Chicago. Nothing
in the other news of the day threw any
further light upon the reasons for such radi-
cal weakness. Closing Liverpool cables were
lower, Of course, because of the early ac
ton of this market, and showed declines Of
14q%d. The Berlin and Paris markets were
both higher; Antwerp unchanged. Chicago
receipts of wheat were only % cars. Mime
Rpolis and Duluth got only 178, against 652
RI oil poTaD Of
wheat and flour were equal to 43S blu. 1t was
reported here that $50 carloads of wheat
were being forwarded from here by rail
to Boston by Standardization but that
firm denied it. 1t was asserted however,
that whoever may be the shippers, the bust
ness was undoubtedly being done, and not
only so, but in addition another 10000 bu lot
was worked in the same way. New York re-
ported 20 boatloadS bought for shipment to
the continent. These items were very in
nuential in turning the market. This was
accompanied by a decided drop in the vol
ume of trade, but once on the upward path
prices remained firm. May finally closed at
S0AQS1c.
Corn seemed to be entirely without friends,
and as business was rather more active than
usual, the market suffered a severe break.
sympathy with wheat contributed to the weak
ness A great deal of liquidation was also
done or persistent reports of impending West
ern rate cutting. May opened a shade lower
at 25A a 538c, declined to 24Bc, and closed
weak at 25c. In oats quite heavy bust
ness was transacted, though at a lower range
Of prices. Notwithstanding the urgent and
free buying, an easy feeling was apparent
and prices declined, partly through sympathy
with wheat. May opened a shade lower at
19g191sc, sold to 18%@1S%c, and closed at
1S7sq19c. There was much broader trade
in provisions, with outsiders taking more in
terest and packers apparently unwilling to
part with their lines until prices had made
a substantial advance. Prices were firm,
even when wheat was weakest, and closed at
about the top figures. At the close May
pork was Toe higher at $7.95. May lard
about sc higher at $4.O5; May ribs about 71Ac
higher at $4.O712q4.10. Estimates-Wheat, 10
cars; corn, 145 cars; oats, IFS cars; hogs,
q 900 head.