St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-12-12
SPECULATIVE SPARKS
The Grain and Provision
Markets Easy, the For
mer Tending Down
ward.
Wheat Drops Off Half a Cent,
While Corn Loses a
Quarter.
Hay Oats Little Lower, a December
a Trifle Higher-POrk Makes
Gain of Five Cents.
Share Trading in Wall Street Unsettled,
With Late Advance and Firm
Closing.
CHICAGO.
Especial TELEGRAM to the Globe. |

OHlCAGO, Oec, Lille general mdTkeLs
Today were rather slow, but values in lead
Ing grains were rather easy, and tended
downwards, the feeling on the afternoon
board especially being weak, with further
decline in prices. Wheat dropped of
35@1Ic, corn 1s@Hc on near deliveries,
and May oats &c, while the December op-
ton of that grain varied the monotony by
closing at nc advance. Provisions, though
not very active, were stronger, both at the
opening and close, the advance over yester-
day being 21zc on pork and sc on December
lard, with other options stationary, and 21S
95c on ribs. Final quotations were: Jan
nary wheat, re, year corn 375Sc. May oats
275sc, January pork 5000, January lard
$6.65, January ribs S5.55.
Some Of the large commission houses had
brokers on 'change this morning to purchase
wheat to fill outside orders. The house of
A. NJ. Wright among others did more in
Chat line to-day than for some time past
Such purchases naturally had the effect of
strengthening the market and making the
shorts somewhat anxious. The opening
was steady at 72zlc for the January option,
and during brief period of weakness the
price went down to 72c. The subsequent
speedy recovery to 725Sc was due to the
causes above mentioned. Foremost among
the buyers Of short wheat was Murray. He
is believed to have nearly, if not quite,
covered his sales for January. Pickering,
who has been rather prominent as bear,
was rather conspicuous as buyer, as were
also Dwight aud 'Gillet. About noon the
market grew weaker under realizing by the
longs on cheap wheat, and scalpers took ad-
advantage of the occasion to sell for reac-
ton from the advance, the result being a
close Of 72115c on the morning board. The
disposition to sell continued on the after
noon board, and there was a further
decline of nc, with a close at 7I5S072c
New York showed more strength early, but
free selling on cable orders was reported
from that market. At the decline there was
good export inquiry, however, twenty-four
boat loads having been taken, but the close
there is at bottom prices. Wheat was quoted
firm at in Liverpool for spot, but floating car
goes for near and distant delivery were quiet
and red winter to arrive was Cd per quarter
lower. The French markets were quoted a
shade better, with fair demand for cargoes
The receipts here were forty-one cars less
than yesterday. A further decrease was pre-
dicted for tomorrow. There is a probability
of lighter receipts here owing to the order of
the st. Paul railway to take shipments to
Milwaukee only, as their warehouses are
full. While the movement from the inte-
rior is not as yet decreasing, the effect of di-
verting part of the wheat from this market
may harden values to a moderate
extent. 1t is becoming the prevail
ing opinion that the limit of the
depression has about been reached, and con-
servative operators and investors are dis
posed to buy on all depressions, not expect
ing any immediate and decided advance,
but believing that by the end of this month
the large proportion of the wheat crop will
have moved from first hands and that higher
prices will surely follow a decreased move
ment from the country. Seaboard stocks
are steadily decreasing. The surplus of
winter wheat has about been marketed, and
the last depressing influence will have ceased
when the spring wheat movement mod
erates.''
"The buying in the wheat pit,' said q
broker this morning, 'fs beginning to take
on the character of investment buying. A
good deal Of money has been lost this season
on the bull side of wheat, and capital of late
has been disposed to hold off. The resistance
which the cereal has held out to the pound
Ing of the bears in the face of heavy receipts
has developed confidence again.'
Corn was firm early in the day, many of
the shorts being frightened into covering by
small arrivals and the fact that among them
there was but one car grading contract
Year corn opened &c higher at 375Sc, and
with fluctuations of &c went upto 9SAc, but
when it reached this figure the demand from
the shorts fell off, and with it the price,
which settled down gradually to the lowest
point reached, being 3755c in the afternoon
and the close 375Sc, or 7sc below yesterday.
January followed the same course as far the
decline was concerned, but showed better
recuperative powers and closed 56c higher
than on yesterday, at 35%c. May opened
&c higher, fuctuated &c either way and
closed at the same figure as on yesterday,
3714c.
1.-THE shortage in the option is, 1 think. ,"
said leading operator, ''quite largely liqui-
~aUeui anu Lnere is GOT enough on Wnlcn 10
build corner or even good sized squeeze.
January has all along been regarded as
safe month to sell, aud have no doubt that
this option is heavily short now, and if we
should have unfavorable weather and light
receipts, we may have lively music in it. l
think 1t a safe purchase for cent or two
profit anyway
Provisions were uninteresting. Nat. Jones
was in the pit part of the time, but, if the
crowd expected great things of him, it was
disappointed. The market was a little
stronger under lighter receipts of hogs.
January pork opened 21lc higher at $40. SIX,
advanced to S11, lost 10c, but advanced and
closed at $11.9o. February was about 121Sc
above January and closed at s11.O2H. jan
nary lard opened 21Ic higher, but lost the
advance and closed the same as on yester-
day. January ribs ruled dull at an advance
of sc, closing at S5.55.
Receipts of hogs were hardly up to the ex-
pectations Of operators, although quite lib
eral-45. 900. These, with 81, 900 left over.
were, however, freely taken by packers at
about 1oc advance over the closing prices of
yesterday.
CHICAGO FINANCIAL.