St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-12-14
WagerS Being Made That Wheat
Will Sell at 60c Before
1t Reaches 80c.
Traders Find it Impossible to Shake
Of the Impression That There
is Too Much Wheat for
Better Prices.
Corn Labors Under the Weight Of Sympathy
With the Leading Cereal, and
Drops Fraction.
Wall Street Closes Quiet and Steady With
out Special Features-Chicago
Banks and ST. Paul Bonds.
CHICAGO.

CHICAGO, Dec. 13.-The old, old story OF
weakness and lower prices was again re-
peated on Aehange to-day. This was especi-
ally noticeable in wheat, which seems now
TO have lost all the friends 1t ever had. There
were no very potent weakening factors, but
the strain on the market Of the enormous
visible supply seems TO be telling, and values
sagged under the weight until January wheat
got down TO 7O25e, with bets offered that it
would touch 60c before it did soc. The close
was at the lowest point of the day aud 1 &c
under yesterdays close. Corn was pretty
steady under the circumstances, but with
values tending downward and year and Nav
closed sc lower, while January was &c be
low yesterdays last figures. December oats
ruled steady all day al &c below yesterdays
close, and May fuetuated &c either way
from the opening and closed &c lower than
yesterday. Provisions were rather quiet,
with prices again on the down grade. Pork
was 2OG22]1c lower, lard re lower aud
rios lO9l21Ee lower. Closing quotations
we're January wheat 70ssc, January corn
80 T, May oats 255Zc, January pork sIO.571<,
January lard So. so, January ribs 5.421l.
January wheat opened 5s@4e lower, with
very weak feeling in the market, receipts
being UNEXPECTEDLY heavy. A general un
loading Of long wheat commenced and was
carried on all day, depressing prices contin-
ually and resulting in break Of Ite from
yesterdays closing. January wheat sold OF
Ike from the opening TO the lowest price vet
touched, 7Osse, and. after a very slight re-
action, closed almost at that figure. Cash
No wheat has to-day sold at zoe. There
has been no special feature in the market, but
the dead weight OF an enormous visible sup
ply and stock in store here, with continued
heavy receipts and hardly any outside speeu-
lation to assist in carrying the load Just
pressed down prices. The feeling is very
weak at the close, but, should January wheat
touch zoe early on Monday. there
will probably be sufficient outside buy
ing orders on hand at that figure to cause
some reaction. Receipts are again expected
10 be heavy, being variously estimated al
from $50 10 900 cars, and further large in
crease is expected to be shown by the visible
supply statement, which are depressing in
huences, but it is question how far these
have already been discounted. May wheat
opened at 7s5Sc and sold down, with few
fluctuations, to 771Se, and at which it closed,
showing total loss, as compared with yes
terday's close, Of &c.
NO hody wants any wheat" said Bangs to-
day. The receipts continue 70 pile up too fasi
for anyone to think OF making money on the bull
side Of the market. There have been several
attempts OF this kind. The coUciusion has been
re l-htd that we are on bottom, and investors and
asila lists came n 20 buy for a long pull. These
little a. ersions have had no permanent effect on
the market, which has steadily gone down and
to day. with wheat in the vicinity Of zoe for Jan
uary. the sentiment seems more bearish than
ever
There was but little trading in the corn pit
to-day, the corn crowd being busily engaged
in watching the bottom being knocked out
of wheat Liverpool was quiet, and our re-
ceipts were I3l cars against 81 yesterday.
The grading, however, was not as good, for
out of all the receipts only six cars were put
with No. . Unless something can be done
TO induce more free arrivals Chicago bids fair
TO lose some Of its hitherto large corn trade
as shippers and spectators will prefer to
send their grain TO other markets, where It
will be treated better. The opinion is be
coming quite general that our present system
va AAS P~SNaSn ID NOo iAsiu, anu Is Working IN
jury to the corn trade of this market. Jim
Love and one or two of the old clique brok-
ers are reported to bold about all the cash
corn in Chicago, and are credited with at
least the desire to squeeze the market. but
the danger is not menaeing enough to cause
much Of rush to cover, else the short inter-
est is smaller than II is thought to be. Year
corn opened al yesterdays close, 345<c, went
down to 34Ssc, then up to a close Of 345<e.
January opened at S51ic, sold up &c, then
down &c, closing at S5c, against 352zc yes
terday. Love sold $4,000 bushels of this OPP
ton and offers some more. That's about all
there was TO the market
In the provision pit there was not much
excitement and lower prices prevailed.
February Pork opened sc off at s1O.s5, and
sold steadily downward zoe from the Open
ing, the local operators, who went short on
the advance, being the principal buyers. At
the close there was a reaction Of Sc, making
the last figure about zoe lower than on yes
terday. January pork opened re lower
and closed 221<e lower at sI0.57J<. January
lard opened 211c of, sold down IKE more,
then recovered 25<c and closed at Sc. so
against sG.57H yesterday. Baldwin and
King were buyers Of this option. Ribs were
dull, but weaker. January opening and clos
ing 1Oc lower at S5.421<. February opened
re lower aud closed 121<c lower at IS. 45.
At the stockyards the market was slow and
weak on the few cattle on sale. Several
droves that have been carried over since
Thursday are yet on the market, q good
many statesmen preferring to carry them
over Sunday rather than accept the low
prices offered. Butchers stock holds fairly
well and the Texans on the market made a
good price. Stockers and feeders were also
selling at steady prices.
The hog market was slow and prices rather
weak, especially at the opening. The un-
settled condition of the provision market
and the decline in mess pork at the opening
of the market contributed good deal toward
the unsettled feeling, yet prices underwent
little or no change, and at the close choice
heavy sold good nickel higher.
CHICAGO FINANCIAL.