The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-01-07
MARKET SUMMARY.

CHICAGO Jan 6-Bearish statistical news
predominated in the wheat market for the
first part of todays session, and the price
declined a cent The improved cash situation
started things the other way, and at the close
May wheat showed &c advance yester-
days final price. July. however. closed &c
lower. Corn, after weakness, became strong
and closed k6Hc dhigher. Oats were firm
and advanced ss@12c. Provisions declined
f1hG12kc.
News affecting wheat before trading com
menced was chiefly bearish, and that was
clearly the effect it had upon the specu-
lators. May, which c'csed yesterday at 9O3sc,
opened at from soc down to $3.50, sold very
Eparingly at 90690Ac, and then slid off quick
" to $3.50. For two hours the range of the
fluctuations was practically limited between
the extremes mentioned. The main points
of the early market Information were as fol-
lows: Liverpool quoted decline Of I'D to
start with and the reason for it was in one
cablegram ascribed to liberal offerings of Ar
gentine wheat, and in another to Thoman's
reported export surplus of 100 0O0, coo blu still
available in that country. private cable
gram from Paris said wheat was rapidly de-
Ginning and the market very weak and de-
pressed. The Price Current remarked of the
condition of winter wheat that 1t was gener-
ally protected by snow. The Northwestern
receipts also were still too liberal to create
fresh bulish sentiment Minneapolis and
Duluth received 376 cars compared with 5S3
last week but they looked heavy when put
UP against 2G9 a year ago. The only bullish
feature of the early news the small Chi
cago receipts. The number Of cars inspected
here was Al, against SO expected, and only
three of the lot inspected were contract.
Some features of the local cash wheat mar
ket came into play later in the day and was
one reason for a change that took place in
speculative sentiment and turned despond-
ency at the beginning into buoyancy In the lat
ter half of the session. No. spring was sold
in carlots at 89c, when May was quoted at
S97sc, and generally the off grades in the
sample market were bringing more money
by one to three cents per bushel than the
same quality sold at yesterday. The upward
turn to the market was helped also by the
liberal clearances from Atlantic ports, which,
in wheat and flour, amounted to 5GO0G0 bu
Reports from Baltimore were likewise forth
coming to the effect that three steamers had
been chartered there for wheat and New
York also reported some fresh business done
for export. Closing cables made Liverpool
latest price from 114d to 17sd lower than those
of the previous day. Perhaps as influential
a factor in the afternoon bulge as any was
the fact that several heavy local shorts
bought steadily for hour, when the price
of May was between S9Ac and 901sc and
when, owing to the late bu.lish advices from
outside, the general crowd who were short
tried to buy, they found the saleable wheat
had all been absorbed. The price fer May
slowly recovered TO 90Ac and moved up
more rapidly afterward to 9OA@9O%c, and
closed at 9O2c bid, or 1sc higher than it did
yesterday.
Corn was moderately active, following In
its course the changes in wheat. The market
was weak early with wheat but when that
market reacted, corn advanced so easily that
1T appeared as if it had been pretty thor
oughly liquidated. Near the c'Cse shorts be-
came alarmed and the best prices of the Gay
were prevailing as the session ended Com
mission houses and scalpers were the sellers
May ranged from 294 G293sc to 2S24c and
closed 1sGHc higher at 29A G292sc. oats were
firm throughout the session. even with wheat
and corn weak. Shorts, both large and small.
were constant buyers and their operations
caused a Slow but steady advance in prices
The small supply Of contract oats in Chicago
tended to create some anxiety among shorts
good shipping demand existed Hay ranged
from 22Bd23c to 233sc, and closed asGjhc
higher at 2312Q239sc
Provisions were weak from the start, hog
receipts both here and at Western points
were heavy, which was regarded as sufi-
cient cause for lower opening prices. Pack
ers were free sellers and the heaviness was
added to as the session progressed There
was little better demand at Bottom figures
At the close May pork was 121ac lower aft
$91212, May pork TIC lower at $4S21a. and
May ribs 1Oc lower at $4.621a. Estimated re-
cepts Friday: Wheat "a cars; corn, 500 cars:
oats, 295 cars; hogs, 80, 600 head
rhn f,,rI