St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-12-02
The Leading Cereal Slumps OF
and Closes Half a Cent
Lower.
Corn Declines Half Cent on Year and
O Quarter of Cent on
the May Option.
PROVISIONS Fairly Active and Strong, in
Spite of Heavy Receipts
Of Hogs.
Fhares Manifest Considerable Strength
Throughout, ST. p u and New YorK
Central Taking the Lead.
CHICAGO.
Especial Telegram TO the Close.I

generally weaker to-day with lower close,
but with tirlner feeling late in the day. The
heavy receipts and the weak feeling in New
York affected wheat adversely. resulting in
decline of about $4c and close &c under
Saturdays figures. Corn also was easier and
the temper of the crowds was bearish
The decline at the close was 15c on year and
nc on May. Oats closed unchanged for De-
cember and nc lower for May. Provisions
were fairly active and stronger in spite of
heavy receipts of hogs, and pork closed 21E
95c higher and ribs 215c higher, while lard
was 317@5c lower. Closing quotations on
the afternoon board were: January wheat
725Sc, year corn 343sc May oats CSC, Janu-
ary pork 5000, January lard $6.72T, Jan
uary ribs, $56215.
1t being delivery day the settling clerks
had it all their own way up to 1890. The
rules of the board excluding operators from
the floor an iii that hour, the clerks have un-
disputed possession of the premises to make
deliveries and receive the stuff which their
principals had concluded to carry over rather
than to settle by paying and accepting the
difference. The deliveries to-day were not
unus sua lily large, and in corn and provisions
about 1000, 900 bushels was delivered. The
larger part of this was made up by Flemmiug
d Boyden and was received by EggIeston o.
Poole and Sherman & Co. The clerks say
that good share of this wheat will be held
over to cover January shorts, of which there
appears to be quite heavy line out.
Wheat opened quiet at about Saturdays
closing figures, with a strong feeling induced
by favorable cables, British markets being
higher, and the demand at Liverpool and on
the continent good, but as the day advanced
this fact lost its strength in a great measure,
the general belief being that it was merely
temporary squirt caused by anxiety of for
eign spectators to get as large stock into
French ports as was possible before an i'm
port duty is imposed on
wheat. This conclusion was
strengthened by the failure of New York to
respond to the foreign strength. Even count
ing this strength of cables as a favorng
factor, the bulk of influences was against
higher prices, the bulls having to contend
against heavy arrivals and light shipments
prospective increase of 1000. 900 bushels
in the visible supply to- morrow, and the fact
Northwestern Millers' association had re-
duced the price of wheat for milling purposes
from &c to 4c per bushel. In spite of all
these unfavorable factors the market offered
stubborn resistance to any decline, and it
was only by persistent ham mering that the
bears won the days battle, and the feeling
at the close was firmer at the decline. The
December option was rather slow, with sales
largely in settlement and transfers to Jam
uary and beyond. 1t ranged between 731k
@73Sc, closing at 1880. January was the
most active future, opening at 7435c and de-
clining, under free selling by Billy Murray,
Clifford and others, to 735Sc, from which it
recovered at the final close to 73%c Clifford
is credited with the remark that the cables
were ''monkeyed with,' and no dependence
was to be placed on them.
More prominent operators were to be found
in corn than anywhere else on the floor to-
day, but it required good deal of patience
and leisure on the part of the person under
taking to record their transactions. To every
deal OF any importance there were a dozen
trivial operations, whereby Tom, Dick. or
Harry, by dint of much noise, was enabled
to sell 5000 lot Schwarz g. Dupee bought
some year and sold probably an equal
amount of May corn. Eidridge & Raymond
were also sellers At least one man in the
pit is doubtful of any marked advance in
corn inside of six months. That is he ap-
peared doubtful. for he briskly distributed
the advice Don't buy May corn" ''Were
he an operator of any particular standiug,n
remarked a bystander, ''the crowd would
take the pointer and buy all the May corn
they could get.' The opening was at &c
under Saturdays close, and the market ruled
easier under liberal receipts, the only sup
port apparently coming from the covering
of short sales. January opened at 3415c and
declined to 34c, closing at 341Ic, and Nav
was slightly more active, opening at SIC,
dropping to 365Sc, and closing at 365lc.
Roche bought about $50, 900 bushels on the
break.
Milmine, Bodman & Co. say: awe hear
good deal of talk that farmers will not sell
their corn at such prices. We heard the
same thing last August in regard to wheat
when prices were l0c to 15c higher than now,
but the stuff has come right along, notwith-
standing the large decline, and we think it
will be the same with corn, no matter much
what the price may be. The farmer requires
many things which he can't grow, and to get
these be must sell his crops. We have never
known the movement of large crops to be
stopped on account of low prices, but, on the
contrary, we think the movement is usually
larger at low than high prces.'
The Chandler-Brown Co. say: tsIn view
of the recent decline in the price of corn and
the fact that adVices continue to point to a
decrease in the volume of receipts, we do not
look for much lower figures and believe pur-
ehases on breaks likely to secure profit for
the present"
The appearance of Sid. Kent in the provis-
ion pit to personally handle the product of
the great Chicago packing company is the
only incident iu the pork crowd worth gos-
siping about Kent is on the floor, having
left, as everybody supposed, for, good years
ago, because young Love is partly broken
and because Singer threw the business over,
dom. 1t is remarkable that the great trader,
one of the greatest the provision market has
ever had, should feel that the exigen cies of
the time require him to come back into
field which everybody supposed be had left
for younger men and for good. Ten years
ago Sid. Kent was an active figure In the