St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-12-10
Lighter Receipts and a Favorable Re-
port on Supply by the Secretary
Produce Better Feeling
Among Corn Buyers.
Matters Rather QEiet in the Provision Pit,
With an Advance Of Few Cents in
All Products
wall Street In a State of Dire DemOraIi-
ration, Nobody Being Able TO Forsee
the Direction OF the Wind.
CHICAGO.
Especial Telegram 10 the Clohe. !

rather tame, but liyened up when the visible
supply statement was posted, and showed
greater strength during the balance OF the
day. There was less Of an increase in wheat
than anticipated and marked decrease in
the figures for corn. THIS induced higher
prices and covering by the shorts, and wheat
closed 1<9@se higher, year corn l5se higher,
May Ne higher, and oats Sc above yester-
DAVIS close. Provisions were comparatively
quiet, but, under the influence of lighter re
eeipts Of hogs and lower prices at the stock
yards, there was an improvement in prices
all along the line, pork closing lO@1a11c
higher, lard 2l<@7ISc, ana ribs sc higher.
Prices At the close of the afternoon hoard
were IS follows: January wheat 715Sc, year
corn $3.50, January 34@c, May oats 2T5Sc.
January pork sli.I715 January lard s6.72il55,
January ribs $5.621{.
In the wheat pit there was free selling at
the opening at shade under the close OF
yesterday, the depressing influence being
enormous receipts, which aggregated 1,IOI
cars, the largest receipts on record kept hy
the secretary Of the board. The belief,
however, that the heavy receipts bad been
discounted by the decline of yesterday, and
the fact that the increase in the visible sup
ply was only !, 800, goo bushels where 2, 0O0.-
600 had been expected, induced some good
buying on long account and checked the
down turn. Liverpool had q downward ten
deney, while Mark Lane was slow and
easier. The weather In England was wet.
Another pence per quarter decline was re-
ported for California and red winter off
coast, the same for California on passage
and the same for on red winter
for prompt shipments. Arrivals
of coast were said TO be small.
1t was expected there would be a sharp
break When TIE large receipts were posted,
out there was not, and, after the first few
sales at the bottom, the market soon became
strong, and dealers generally were surprised
10 End the whole list advancing. The trad
ing WAS large aud shorts covering freely, but
at the same time there was no doubt liberal
purchases in expectation Of some reaction to
follow in the next day or two. 1t is possible,
we may get a reduction Of nc or &c, per-
hsps 1c, but the time seems hardly ripe for
material and sustained advance. January
opened &c lower at 711S, sold at Tie, and
advanced on covering by shorts and pur-
chasers on long account for a scalp to re,
aud, after frequent fluctuations, closing on
the morning board at 711<c. On the after
noon board reports were received from New
York that twenty boat loads had been taken
for export, and the market advanced 5z@9sc,
January closing at 71SSc, and May at 7s5Sc.
Lester was large buyer for New York
account. and Crittenden & Harvey, Everiug-
ham and COunselmAn were also free buyers,
while Nat Jones aud w. T. Baker were the
heaviest sellers.
whats firming the wheat marketl" was
asked by J. NJ. Ball.
''You tell me,' was the response. ''There
are 1,l07 cars OF wheat in to-day, with be-
tween 400 and 500 bushels 10 the ear, no
shipments to speak of and the elevators pretty
nearly full. / cannot, for the life of me, see
why there should be an advance"
at Is one Of the peculIarities of the mar
ket-" said Broker Thomas. Everybody had
prepared for a decline, so, as Is not unfrr-
aueDtly the case, the market disappoiuts
everybody and goes up"
"Fiigh prices" said a broker, ''are Just
what you may always expect on the day tn,
visible supply is announced. 1t has been
this way for more than forty weeks. About
Friday the bears begin 10 discount an ex-
pected increase in stocks, by Monday the
market has been forced down as much as II
will stand, and on Tuesday the reaction
comes. To-day the upward tendency is aided
by the fact that the supply is not as large as
was expected"
The receipts Of corn were much lighter
than anticipated, and the feeling was strong
early in consequence, but the real business
Of the day did not commence until the visible
supply was posted on the bulletin board BY
the secretary. The secretary's advent was
observed by j. j. Bryant among others. He
vacated his position in the corn crowd, took
a look at the secretaryis statement, came
back very quickly aud appeared 70 purchas,
corn. I. NJ. Baxter became similarly af-
feeted. Upon learning the cause Of Mr.
Bryant's sudden streak Of bullishness, they
all, by their active bidding, induced rapid
advance. The market had opened steady al
36Xc for the year option. Having observed
that, according to the statement, TIT
visible supply of corn had been dimin-
ished during the week by the
amount Of about l, 1s7, 700 bushels. Messrs
BTy4nt, Baxter, and Hepburn, together with
few scattering scaipers throughout the pit.
bought the article until Il had advanced to
3SZc. About this time ii was reported thai
the statement was all wrong and that the
New York figures would show an increase OF
240, 600 bus hels or more. After this Their,
seemed to be less anxiety to buy. Sam
Adams and w. W. Catlin sold few good
sized jAgs al the top price, and broker
said to DC doing business for Fraley, Carter
6 Co.. was also q seller at this stage Of the
proceedings. The price eclined under this
selling movement to SIC for year, but re-
covered to about 3755c before noon, aud in
the afternoon advanced further to a close OF
3TX.e January opened at yesterdays close,
34Ze, and went up &c TO close Of $3.50,
while May advanced Nc aud closed at 37c.
There is Ime improvem mt noticeable to the
grading. The wet weather seems over for
the present. and is now clear aud cold in the
west and very favorable for the moving of
crops, so we may expect an increase in re-
ceipts soon.
In the provision there were no develop
ments of special importance, the most no
ticesb.e feature being the fact that the pack
ing company was selling quietly, giving the
crowd all II would take at current prices.
The whole list was active and higher, With
liberal amount of scalpiug, in which Carr,
Baldwin, Gsynor aud Wolf we're the most
prominent January pork opened at s11.171<,
got up to s1i.20 aud down tn s1l.071S, and
closed Just where il opened, but 121<c above