St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-12-20
Corn Goes Both Ways During the
Day, But Shows a Net Adj
vance Of Quarter
Of a Cent.
Oats Go Fraction Higher, and Provisions
Climb Upward 70 the Extent Of Two
and Half to i've Cents.
The CoaIers the Center OF Attraction in
Wall Strees-An Stocks Rule
Higher at the C.ose-
CHICAGO.
rsn.,,,l relegram 10 The Glo,.. !

Was exhibition Of strength all around, the 4
close being higher on all leading articles. l
Wheat was quite hrm and advanced slowly /
all day, the close being H9I<c above that Of /
yesterday. Year corn opened / 1Sc higher,
but the advance was soon lost, values sink 4
ing &c below yesterdays close, and re-
covering % a Close of &c above, other op- /
tions closed ~ higher. Oats were strong 4
and &c higher, and provisions ruled very I
dull, but, in sympathy with cereals, showed I
an advance at the close OF exc on pork, and |
2JE@5e on lard aud ribs. Closing quota
tons ON the afternoon board were: February
wheat, T2Ie; year corn, 37Hc; January, |
354e; May oats. 2ssEc; February pork,
SlO.72H; February lard, s6.65; February
ribs, S5.52K.
The wheat market opened higher, and
prices improved sharply during the day.
The two inspiring causes Of the advance
seemed to be falling Of in receipts here aud
hrmer foreign adyiees, although, for some
unseeountabe reason. the usual board Of
trade cablegrsm omitted TO send any report
Of the state OF the market at Liverpool to-day.
Mark Lane, however, Was firm and Cd higher
for California wheat Tor future delivery,
which looks as though they began TO realize
over there that they might want more Of our
wheat after little. Moreover, every time
the market declines now there are some
waiting 10 take hold OF 1t around what they
consider the bottom, aud, as the market
reached that reghborhoOd yesterday after
noon, these waiting ones jumped in, aud an
advance of a crnt OF more was the Natural
result to-day. Receipts seem TO be lessening
all around the horizon. al Milwaukee, Toledo,
the northwestern grain receiving points and
here, and it may prove true that the bulk of
the surplus crop has already left
farmers hands. A private dispatch
from New York said the market there was
waiting for outside orders Of some kind and
would be glad to 90 either way If outside or
ders would compel it. January opened &c
higher at 70%c and Immediately started up
ward and Al about 7l@7I5Sc the market
hung for some time. There was good buy
/ Ing on local account, though the volume Of
outside orders was not great. There was
more selling short by sealpers and a little
long wheat was closed out, aud the advance
resulting from the heavy buying was aided
by the covering of the shorts put out earlier,
and proved a sharp one, January selling to
nc aud only reacting to 7ls{c, the close at
the last There was more readiness to sell
on account OF realizing on purchases, and
this may cause a reaction early tomorrow.
Baxter, Hepburn, Murray, Champlin, Han
cock aud Woodbury. were about as prominent
as any among the bulls. Adams was heavy
buyer Of ths Nay option.
1.-The feeling was nervous" said A. NJ Wright,
land there was little In the character OF the 6uy
ing 10 stimulate confidence among operators,
! who take large lines aud hold them OF the mar
ket FOR good adv e / think that trading
Until after the holidays will he closely restricted
10 scalpers, who will operate on shap turns and
keep evenej up nearly possioie until after
the opening OF tn year
81 think that any increase OF receipts will be
OF short duration" SAID Geo. Shepherd. land
strongly favor purchasing any decline in
prices. have reasons 10 believe that strong
parties are buying large line. Of wheat quietly,
and increasing their holdings daily, and intend
holding for large advance"
1.-The movement In the northwest has stopped
pretty suddenly. = said Frank CritIenlen, "and
the crowd thinks II has stopped for good II IL
should start up 10 morrow, prices would turn
about aud 90 back down again"
Tra1rrs in the corn pit were as badly puz-
zled AS ever over the uncertainty which pre-
walls in regard 10 tue future Of year corn.
That option opened at l &c higher at 3Sc,
soon after sold down lI4c, reacting a little
later and closed al 37I4c. Love is still tax
ing the cash corn and offering too to take
the year option In settlement OF other trades,
a sign that there is some design still in hold
ing possession Of the market It is ot easy
to guess what this design is unless there are
still enough out to make it profitable to
squeeze them.
"Love. or his-principals." said broker, ''has
got pretty soft thing OF IL. They probably
bought all their hlliugs exceptfIhe little they
bought recently az about 340ts5c, andhave IL all
sold for January. At least they could have sold
all out for January. and have what they squeeze
out OF their shorts for clear profits"
January and May ruled pretty steady at a
slight advance over yesterdays figures, clos
ing Ne better at 35l{e for January aud 975sc
for May. January and May continued steady
at about previous figures. The receipts here
were I25 ears, against 1876 yesterday, with
Is Of them grading No. .. New York early
was 1<e lower for December, and H@4c
higher for January, while ST. Louis was &c
better for the latter month. There does not
seem to be much disposition 10 sell down
tie future options in corn, because IT would
be unwise TO do so until there is a large in
crease Of receipts. From the present outlook
there is mUre probability Of an advance IN
all kinds Of grain than further decline from
existing fsurrs, but the upward movement
will most likely be slow and gradual rather
than rapid and sudden, unless some hidden
syndicate comes in on the market suddenly.
IL see no reason 10 change my opinion said
G. S. Everinghsm, "that the further oP;io.s oil
corn are likely To yield profit in purchases al
: about present prices"
Minnie BOdman q 70. say: ''The corn
market looks very b. althy 20 Us, and think
January, Fe hruary and May options safe pur
chases at present prices. The farmers west are
not free sellers at present The OF grades herr
now selling for EXPORT well CD to the price oil
the contract grade, adding no little real strength
10 the general sitnaIion.''
Provisions have ruled very dull. Opening
] transactions were at about the closing figures
of yesterday, but after very light trading
business was about altogether suspended.
This afternoon there was a slightly better
feeling, but the close is dull at q shade over
that OF yesterday. The extreme range o.
prices in mess pork was 121<c, with the las
sales about exc higher than those of las
! evening. Lard was without essential change
closing steady.
AT the stock yards business ruled quiet
with little or no change Of values on .eithe
cattle OF hogs. The stock trains were de
layed on account of the cold weather. Tn,
7. stock in sight was considerably below tn
average for previous days Of the week, anC
3. no reliance could be nlaced on estimates az