The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-01-07
BEARS IN CONTROL
CHICAGO WHEAT FOR THE FIRST
TIME IN MONTHS BOSSED BY
ss--e THEM.
WEAK MARKET RESULTED.
HOLDERS FORCED TO UNLOAD
LARGE QUANTITIES OF THEIR
ts s--s--e LONG STUFF.
LOST ONE AND THREE-QUARTERs.
Coarse Grains Scored Fractional
Losses on the General Slump and
Provisions Closed Lower.

CHICAGO, Jan. 6-Wheat today for the
FIRST time in months came under the con-
troll of the bears. Short sellers caused the
unloading of long wheat in large quantities,
and the result was very weak market and
124c net loss for the day, at the close. Corn
lost Il c, cats &c pork and ribs each DC ana
lard 2l2c. Wheat opened firm at d tribe better
than the previous days closing prices, but
soon lost its opening Improvement, and some
thing more. The first trades in the pit were
at from S3l2c to S39sc for May, as compared
with yesterdays closing price of S3AdS3$sc,
but there was a food of offerings at that
and in the first half-hour's trading, tie price
dropped to SIC The opening strength was
Que to the fact that the first cables were
steady to firm. Export business at the sea-
board was also on a liberal scale, over 4UO,-
coo Blu or spring wheat having been taken at
New York, and Northwest receipts were eX-
ceedngly light. Minneapolis reported only
leo cars and Duluth 20, against a total of
227 last Wednesday and 4O2 on the CORE
spending day last year. Chicago receipts
were also small, numbering but 81 cars,
against rs last year. The report of the good
condition Of wheat in the ground was made
much of by the bears. Whether it was due to
their efforts in that direction to something
else, the market became extremely weak.
May first recovered from S27sQS3c to S312c,
ueIpeu Dy stronger second cdDieS anu re-
ports of the almost complete failure Of the
Argentine crop, but by Y o'clock it was
fighting at SIC to prevent a further drop,
and in ten minutes more it being sold
freely at S15sc. The decline was not mat
ter of any fresh news of a bearish character.
Prominent holders, however, dumped large
quantities onto the market, and their unan-
unity in this respect weakened prices to such
an extent that for time there seemed no
limit to the decline. Near tne close of the
session May had sold down to size. New
York reported 30 boatloads taken for export
today, which caused a slightly better teel-
ing, May closing at Size.
Corn was slow and held steady for the first
hour, but finally weakened with the slump
in wheat. Trade was slow as a rule and
the market without any special features.
May opened a shade lower at 2512Q25@sc and
sold down slowly to 25AG25?c, where it
closed. In oats business was unimpOrtant dur
ing the greater part of the session. The
decline in wheat to some extent Influenced
a similar action here, and liberal selling by
prominent brokers also helped the decline.
There long stuff disposed of,
unchanged at 1890, declined to 1875 and closed
easy at 1S3sG19c. Provisions yielded a little
in sympathy with wheat, and the EGeral re-
ceipts of hogs today and expected tomor-
row. Trading was very moderate being con-
fined almost entirely to packers, and outside
support was lacking. At the close May pork
sc lower at $3.50; May lard sc lower
at S.95 and May ribs about sc lower at
$3.95q3.9712. Estimates: Wheat, 10 cars;
head.
The leading futures ranged as follows: