The Saint Paul globe., 1904-01-23
BULLS co TO THE WALL
WHEAT PRICES ARE FORCED TO A
LOWER LEVEL
Opening Is Weak, With Sentimental Long
Pit Traders Prone to Bearishness-vain
Attempts Are Made to Check the Down
ward Slide

CHICAGO. Jan. 22.-Bears vanquished
the bulls In the wheat pit today, forcing
prices TO lower level Declined In for
e1gn grain markets and favorable weather
in the Southwest were instruments that
aided IN the onslaught. Closing prices
were near the bottom, with May rs @14c
IoWer. Corn lost &c and oats ss@hc.
PROVISIONS closed 21ac to 10c higher
On account of crippled wire service out
side side trading was light in the wheat pit.
The market opened weak, largely because
OF lower abies and large Argentine ship
mentS. Another factor was a report of
additional rain in the Southwest effectu-
ally breaking the long drought in that
section. May was a shade to "a &c low
er, at 91k @91Nc. The sentimental long
pit traders seemed to be decidedly bearish
and they inclined to sell freely. During
the first half hour prices declined rapidly
and May was soon selling at 91kc. Open
buying by the big bull operators temper
arily checked the downward tendency and
some recovery was made; but as soon as
the demand from that source slackened
prices again started in search of a lower
level On every break the prominent long
would send in buying orders in an en-
deaVor to support the market, but his
efforts We're of no avail. Prices con-
tinued to sink until May had touched
901Sc. a decline of 1%c from the open
ing, which was the high point of the day
The close was weak, with NAV at 9O15c.
July ranged between size and S3c, clos
ing at S1asc, a loss OF &c for the day
ClearanceS Of wheat and flour were de-
layed on account of wire trouble
Exports of wheat and flour for the week
according TO Bradstreets, were equal to
3,35S. 900 bu Primary receipts were 80S,-
400 bu, against 536. 800 bu a year ago
Minneapolis, Duluth and Chicago reported
cars last week and 97S cars a year ago.
Less Fearful in Corn.
Corn was subjected to about the same
experience as wheat, with the possible
exception that the pit crowd was less
fearful of selling corn than wheat. The
early market was comparatively steady
owing to the firm tone of cables and the
large shipping business done yesterday
With their break in wheat. however
weakness soon developed and prices de-
ciined sharply. The market received
good support at times, but it was suffi-
cient to cause only slight rallies and Of
ferings continued to come out on small
bulges. Closing prices were weak at near
ly the bottom figures. May opened a
shade lower to a shade higher. at 497s q
SOC. sold down to 4S7s @49c, and closed at
491s @49Ac. Local receipts were 312 cars,
with two OF contract grade.
Oats displayed some weakness early on
selling of half a million bushels of May
by prominent commission house. The
crowd was under the impression that the
big long had finally began to dispose of
his holdings, but when it was discovered
that such was not the case, fair de-
mand from commission houses and local
traders soon caused steadier feeling.
The market was affected somewhat by the
weakness in wheat and corn. After open
TO 42Ac. May sold off to 41asc, But tf5 ciosed
steady at 419sc. Local receipts were 145
cars.
There was realizing in lard on an un-
usually large scale, but in spite of this
selling provisions ruled firm. A strong
hog market was the principal bull factor
May pork closed sc higher at $13321a
May lard was up 1Oc at $7.45, and ribs
2%@5c at $6.75.
Estimated receipts for tomorrow
Wheat, 80 cars: corn, 235 cars; oats, 14O
cars; hogs, 10000 head
Range of Quotations.
The leading futures ranged as follows: