The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-01-28
CHICAGO CHANGE.

CHICAGO, Jan. 2.-All pits on the
board OF trade went wild today. A
stampede in May oats, forcing liquiJa.
dations in all markets, pressed prices
downward, and within half an hour from
the opening May oats had dropped SIZE,
May wheat 1Ssc and May corn lac
support and heavy short covering
brought back some confidence, however,
and the close saw net loss in May
oats of only 1%@1sc. May wheat 3sc and
lower.
Action in oats developed so suddenly
and with such surprisingly disastrous
sIumps that traders were over whelned
to an attempt by a bear clique to raid
the holding of a prominent trader, some
thing like 100000 bu of May oats. and
the weakness of Saturday seemed to
give good opportunity for the attack
May oats opened firm enough, under
the influence of the cold weather and
strength in other grades. May started
sc higher to UNCHANGED, at 49s4 Ode.
Some small purchases sent it up even 90
Hsac.
Then began the onslaught The tadIers
began throwing stuff overheard i'll big
Jumps and bears sold freely Li4tuida-
ton on an enormous scale followed. and
prices slipped away almost 1c at n sale.
Traders from the other pits hurried into
oats. Change went mad with excite
ment. Spectators said this was a panic,
1898.
May struck bottom at s9Ac. Thea Pat
ten came into the pit told the crowd
the selling was not for his account snd
began to buy in ali pits. May as quick
ly jumped back to 4314c, and then tur-
mol was practically over within an
hour from the opening. There was tense
feeling present. however, and prices wa
vering all during the session. The close
was very weak, 1%@17sc lower, at 42;s0
42Ac. Receipts were 112 cars
Wheat started out firmly in spite Of
lower cables and beariSh statistics The
cold weather had set traders to guessing
and May opened unchanged to Lc higher.
at 7S1s@79$sc. This strength was only
short-lived, for when oats broke every
thing else went with them In twenty
minutes wheat dropped 13sc, and was
selling at TIC. Frightened holders and
weak SPECTATORS with small margins mad
been forced to liquidate at stop losses.
Buying by shorts helped materially, and
with the checking of the COLLAPSE of
coarse grains May wheat reacted well.
At one time shortly before the close
May sold at 777sQ7Sc. The close was COM
| paratively firm at TTa4c, asc lower than
Saturday
Local receipts were % cars. 2 of con.
| tract grade; Minneapolis and Duluth re-
| ported .2S9 cars, making total for the
| three points of 312 cars, against 60J last
week and 81 last year. Primary receipts
We're $4,000 Blu, compared with TAI coo tu
year ago. Breadstuffs on passage in
exclusive of India, were 1883 900 hi,
| against 1888, 600 bu a year ago. The Wis
ible supply was increased 100000 bu
Seaboard clearances in wheat and flour
equaled 543, eco blu. The seaboard report
ed 80 loads taken for export.
The early strength in corn attendant
upon the sold weather and early meat
f1rmness was soon lost in the downward
turn in oats. Some of the loss, however,
was recovered, though not enough to
give traders much eope for future prices.
The sentiment was bearish and support
seemed wanting, even on the apturn in
wheat. Gables were lower to start. May,
which opened a shade to H@%c higher,
| at 6112@617sc even, sold up to 5:Bc. but
then came the drop to 603sc. Trei1ars be
gan talking 50-cent corn, and there was
imminent danger of the slump growing
worse. Shorts. however wanted profits
and they covered hurriedly. When whea.
went up again, May corn responded to
the influence by touching Gle After the
most of the time under Gle, and the
close was weak. &c lower, at 60i4 d1t07sc.
Receipts were only 80 cars.
Provisions suffered sorely from the
grain slump. The hog market was fair
ly steady to start with, but lat4r in the
cay prices were somewhat easier at the
yards This, added to the fear FOR the
result of the coarse Srain break, Start
ed holders of provisions, especially polk.
to selling. May pork. ut one time, was
6715c under Saturdays closing price.
Packers took advantage Of prices to
buy some, but the effect on park price S
were not strengthening. Lard and riLs
rallied toward the cl)ae. and we're only
a trifie weak. May pork opened 2212071kc
lower, at $1650@1630, sold down to SIS. 70
and closed very weak, size Down, at
$3.50; May lard closed 1901 &c down, Al
So 40
The estimated receipts for tomorrow
are: Wheat, IS cars; corn, 40 cars; oats,
$50 cars, and $4,000 head Of hogs.
The leading futures ranged as follows: