St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-12-16
Wheat Drops Down Into the Sixties,
but Rallies to an Even Seventy,
and Closes There.
Provisions Move Up and Down the Scale
Irregularly, and Finally Close With
a Trifing Gain.
CHICAGO.
Especial Telegram to the Globe.I |

'cuan9e ccnJcTeu III year corn. OWlnR 10
light receipts and small stocks the shorts
were anxious to cover, and the brokers who
are manipulating the deals, saw a chance for
a squeeze. The result Of these influences
was an advance of &c from the opening
though at the close it settled down to 41zc
above the opening, and 419c above Satur-
days close. Other options closed X0Xc.
Wheat was weak early and got down to 692Ic
for January, the lowest point yet reached,
kbut frmed up later and closed at 70%c, or
Pc obove Saturdays close. Oats were quiet
and closed ]S@Hc higher. Provisions were
irregular, first going up then down, and
finally up again to a close of 21I@05c higher
for pork, 10c higher for lard, and 21&(05c
higher for ribs. The closing quotations on
ethe afternoon board were: January wheat,
70Xc, year corn, 4l5Sc, January 351Ec,
May oats 27Xc January pork $10.621z,
January lard $3.50, January ribs $5471z.
There was good deal of excitement in the
wheat pit early. Il opened at roc, or Zc
lover than Saturdays close, and several
traders, among them Wheeler and Stanley,
caused some short sales early, but these pur-
Echases were not enough to sustain the mar
Lket. The receipts were too heavy for the
bulls, who began unloading, and the price
quickly sank to 69$[c, at which figure there
was big rush to sell. Everybody seemed
all at once to have lost faith in the cereal.
Hobbs rush ed into the crowd and sold 50O,-
600 bushels at lowest point Dwight O. Gillette
and half dozen other large firms sold lots
ranging from 100000 to $50, 900 bushels.
The market, however, would not go below
69%c, and as the excitement passed away
began to go up again, before noon wheat
was selling a higher than at the opening,
and the people who sold at the lowest point
were sick. At the 1 O'Clock close the figure
had reached 71c, and in the afternoon it
went &c higher, but settled off Nc at
at the final close, which was at 7OXc,
7&c higher than Saturdays close. February
and May were also &c higher, the former at
7119c and the latter at 775Se. 1t is estimated
that the visible supply statement tomorrow
will show an increase of 1000, 900 TO l, ,2OO,-
600 bushels. The Manitoba road announces
the suspension of shipments of grain to Du-
luth, owing to blockade of cars on on its
tracks and lack of elevator rom there. The
result of this order will be to throw the ship
ments back on st. Paul, and as that city has
all the grain on its hands that it can take
care of, the surplus will of n ecessity have to
come to Chicago. Increased receipts on this
account are expected.
''The advance may be regarded as a natural
reaction after the recent severe break said
A. NJ. Wright, "and while it would seem that
prices are down where the investor who has
capital can hardly make loss, provided his
trades are in diciously handled, there is really
little apparent reason to hope for perma-
nent reaction until consumption overtakes
and passes the deliveries sufficiently to show
reduction of supplies in sight.''
"The feeling in wheat has completely
changed since Saturday." said Everingham,
''and think to-day prices are the lowest for
time and that there will be profit in pur-
chases on soft spots.''
''Do you know" said broker, ''that the
wheat market is being demoralized by the
new Dakota wheat fields? The exports are
small, but not so marvelously small. There
is very little speculation, but that is the re-
suit, not the cause, of low prices. In 1866
there was about the same condition of affairs
as exist now, and caused by the same cir
cumstances. There has been opened up
within the last two or three years vast acre.
age of new wheat land. This year, with fine
weather, the product of these new fields was
enormous, and it all came on the market.
overwhelming the buyers, filling ele-
Fators and smashing prices. Take an
old wheat raising country" continued the
speaker, land the farmers have their cribs
al the railroad station, the small shippers
have their little elevators, there are mills in
the locality, the wheat does not go straight
from the field to market, but is moved from
the threshing machine to the cribs. and
from the cribs perhaps to the shippers ele-
vator, and then from there to market The
movement is deliberate. 1t is not forwarded
In declining market, but is held for an ad-
vance, or sold for MAY or June, and held in
the country for months, perhaps for nearly
q year. Now in Dakota this year the farmers
have no cribs, at the railroad station there
are no elevators. The farmers have been
compelled to market their grain just as soon
as threshed, regardless of price. They had
no facilities for storage, and besides were
An debt Now it does not take much grain
q IL Oh AZ an
inopportune time. Here has this grain for
this vast new country been pouring in re-
gardless OF the condition of things--arriving
;Oftentimes when the temper has been
actually panicky. or course decentralization
followed
"Spring wheat to-day" said Dillingham;,
"was 27@2SAc under the price of twelve
months ago, and the men who we're very
certain in December, 1888, that 1Oc was a
perfectly secure margin for purchases at 97c
are trying to decide now whether or not to
buy in December at zoe. 1t certainly does
look as If to advise buying at these prices
was pretty certain and pretty cheap way of
getting up reputation for speculative clever
ness, but these appearances may be decep-
tive. The gentlemen who were fippantly
giving advice year ago at 97c are among the
most conservative in giving it now,
indeed, all the bulls are grow
ing exceedingly cautious, whereas they
once knew it all,' and are very positive that
they now know nothing at all, and are not
very certain about even this. Even if zoe
was TO be the bottom there would be nobody
on the bull side. Buying produce is like
'buckiDg' the bank. There is a percentage
against the player, interest, carrying charges,
insurance, which altogether are figured in the
premiums, so that If prices remain stationary