St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-12-19
Wheat Weak, as Usual, Scoring a
Loss Of Three-0uarterS
of a Cent.
Corn Manifests No Disposition to Rise,
Dropping Away Nearly Cent for
the Leading Option.
Provisions Slump Of Trihe, Pork and Ribs
Falling Ten Cents and Lard
Five Cents.
Wall Street Firm at the Closing, Delaware
g. Lackawanna and Western Union
Leading.
CHICAGO.
rspecisl TeIegram 70 the Globe. |

fSpeclal IelePrdm 10 tue GlODe.l
CHICAGO, Dec. 1S.-On 'change to-day
the markets have been dull and weak all
around, the only article not showing a decline
being oats. Wheat ruled weak all day, and
closed $lc lower than on yesterday. Year
corn went down 119c, but strengthened up
towards the close, which was TSc below yes
terday. Oats ruled firm and unchanged all
day, while provisions, after steady open
ing, started downward, and the close, as
compared with yesterdays, was 10c lower for
pork and ribs, and DC lower for lard. Final
quotations were: January wheat, 70Xc;
February, 71Hc; year corn, 36%c; January,
35c; May oats, 2s15c ;EFebruary pork, s1O.7O;
February lard, SO 60; February ribs, S5.4711c
1t was dull day in the wheat pit, and the
trading was almost entirely local, outside
orders being even scarcer than heretofore, and
1t begins to look as il there would be no sus-
tanned activity to the market until after the
holidays. The accumulations Of wheat pro-
mise to reach proportions never before
known in this country. Foreign buyers keep
very close watch of stocks all over the world,
and they are most important feature in
their calculations; and thus, taking an in
voice Of available supplies. it is not TO be
wondered at that they are slow to buy even
if prices are lower than ever known. Liver
pool vas again quiet and steady, but Mark
Lane was pence per quarter higher for
California wheat on passage. The weather
in England was cold and wet On passage to
the United Kingdom, of wheat and -four about
100000 quarters and $50 900 quarters OF
inf Dsrn ~
Milwaukee and Toledo, but here they keep up
well, $50 cars to-day against 2s1 yesterday.
The market to-day has been weak and de-
pressed, weighed down by the load of long
wheat taken on by those operators who looked
for a substantial advance during the latter
half Of this month. Yesterdays market was
a disappointment to them, and this morn
ing, after an intellectual attempt to put up
prices sufficiently to unload without loss,
which only resulted in an advance of sc,
they commenced to throw overheard their
holdings, and broke prices about 14c from
the highest point, and the weakness was in
creased by that of other places-especially
New York, where there was decline of 1c.
The decline here received no great help from
short selling, but was principally the work of
the longs. January opened at yesterdays
close, 719Ec, sold up to 71sIc, down to 7O1Ec,
and closed at 703sc. February opened &c
higher at 7216c, and closed &c lower at
71Hc. Old Hutch was the only prominent
seller, and he is said to have disposed of
100000 bushels. The crowd generally
bought it of him, and Hancock was the most
conspicuous among the bulls.
The corn market was dull and dragging
for the greater part Of the day. Liverpool
was little easier, but New York was steady,
with all cash corn offered taken for export. 1t
was reported that some corn, originally
shipped from New York, had been turned
aside to this market in the hope of getting the
late high price of year for it, and this may
account for the present increase of receipts
yesterday, and SO cars of it graded No. q 1t
looks as though the farmers were determined
not to sell their corn at present prices, and
in this they are encouraged by the voice of
the press and the general public. Specu1a-
tors. on the other hand, seem equally deter
mined not to bid up prices until they are
compelled to- and, therefore, the market
drags along without any decided fear on the
part of traders of being left with high priced
corn on their hands, and at every advance
they hasten to unload as fast as they can,
before the expected decline sets in. The
year option opened &c lower, at 371Ic, and
left to itself declined L Nc from opening
figures, but Immediately before the close was
bid up, with scarcely any trading, and re-
covered about &c of the decline, closing at
S6Ic. There was little more trading in
May and the other deferred options, in which
the weakness was not so marked, Nav
closing but sc lower.
''The market begins to look now, ;" said Charley
Morse, ''as if the year deal was closed out. There
is nothing very definite about 1t yet, but the
eigns are their way. When they settled the
100000 line with Jones and Fraley they got in
what they were laying for. They've sold good
deal since. They were the largest sellers to-day
Still there are good many who believe that there
will be another advance after the holidays"
II think said George Brine, 'that on all
weak spots, purchases of corn will show mod
crate profit, as receipts are likely TO continue
light while current values in this market and
the interior prevail. The developments do not
seem to me to indicate that the deal in year is
closed, and a squeeze appears to be still pos sbe
though would hardly venture to say probable"
The provision market was quiet. The
opening was about steady on pork and lard,
and at the highest point of the day for all
articles, but downward movement soon set
IL, and the close was at about the lowest
point of the day. February pork opened at
$10.S21s, 7and sold down to a close Of
$1o.7O. February lard opened at s6.65 and
closed at $500, while February ribs opened
&c lower at So. 5211l and sold down to close
of S5.471z.
At the stock yards there was an interrup
ton to the usual flow of business on account
of the bitter cold weather, which interfcred
with general outdoor work and delayed the
arrival of stock trains. Receipts of cattle
were liberal, with Gull and unsettled mar
ket, but no notable decline. Receipts of
hogs were also liberal, with a rather dull
market and prices 515@1Oc lower.