The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-01-12
AVERAGED Up WEAK
WHEAT RECEIVED A BLOW EARLY
AND FAILED TO MAKE RE-
COVEEY.
LIVERPOOL OPENED LOWER.
CHICAGO RESPONDED WITH A Loss
OF one AND THREE
QUARTERS.
ALL STATISTICAL NEWS BULLIsH.
Foreign Weakness Unexplained and
for That Reason the More De-
pressing In Its Effect.

CHICAGO, Jan. 1-Wheat opened
weak and averaged so during the SEES
sion, closing with a decline of INC.
The feature was the weakness of the
Liverpool market, which was a great
surprise to spectators. Corn and oats
were likewise weak, declining &c, and
sc respectively. Provisions were
strong and made small advances.
Wheat was struck on its most vulner-
able point at the opening, when the
cables reported Liverpool from 12d to
S4d lower May wheat, which closed
at Sic Saturday, opened today at from
S0asc to S05sc, which was the first rally
ing point for more than &c reaction.
The effect of such unexpected weakness
at Liverpool was all the more depresS-
ing, and the reason for it more mex
pIlcable because of the bullishnesS of
everything relating to the statistical
information connected with the weeks
movement. The worlds shipments last
week were only a little over 100000
bushels, or nearly 100000 under the
weekly consumption, and 900 less
than the week before. The receipts at
Chicago were only twenty carloads.
compared with 300 a week ago, and 1924
on the similar week Of the previous
year. The exports from the Atlantic
seabOard since Saturdays report were
only 250000 in wheat and flour together.
The visible supply about satisfied ex-
pectatiOns, showing a decrease of 49,
600 bushels. These favorable factors
led to some increase in the buying and
rally was not very important
The absence of business from outside
sources was as noticeable as for some
time back. When the price of MAY
first touched soc, it was brought about
largely by the selling of people who
had puts sold, and, on the other hand
the buying that caused the price to
react to S03sc was in a great measure
cue to buying by those who had puts
bought. There was moderate demand
IN the pit for January wheat, and it
exceeded the offerings, as may be con-
Guided from the spread between jan
Gary and May narrowing from Sc TO
2Ac although $4,000 bushels was about
the total amount of the transactions.
After the first reaction from soc to
SO9sc, May tumbled again to 800SO1kc.
1t had another rally to S015c and again
fresh fall to SOC, from which last
slump 1t only recovered .kc, closing
81 SVISN, VI 47SC p6lOW It's resting price
on Saturday.
Corn was again heavy, because of the
selling by COunselman & Co, Bartlett
Frazier and other receivers. Their
selling was said to be due to the poor
condition of corn in many places in
the country. Sympathy with wheat al
ways more or less influential in deter
mining the course of the corn market,
was also a factor. May opened un-
changed at 24$lc and declined at 241oc.
where it closed. Oats acted in consort
With wheat, following that market on a
downward course and experiencing a
very good business en- route A gem
eral description Of the trading would
satisfactorily be given under general
scalplng, and there was some large
lines changed. May opened a shade
lower at 1874 @1S7sc, sold down to 1885,
Ql612c and closed at 1870 bid. Pro-
visions showed strength all day, and
TINS, in spite Of the large hog receipts
and weakness of wheat Those two
factors had but a slight effect under
good buying by shorts, especially the
packers, the prices soon recovering
from the small opening decline. At the
close May pork was about 21Ac higher
at 50; May lard sc higher at s4.121a:
Mlay ribs 212c at $4121a. Estimated
receipts Tuesday: Wheat, 80 cars:
corn, 364 cars; oats, 232 cars; hogs. 30
600 head
The leading futures ranged as folIows.