St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-12-21
Though There is No Good Reason
Advanced for Expecting
a Boom.
Wheat Opens the Day Weak. but
Gains Steadily and Closes Half
Cent Higher.
Gear Corn Drops Away a Cent, Other Deliv-
cries Remaining Unchanged-Pro-
visions Stronger.
Wall Street Very Quiet at the Finish, with
indications of a Bear Raid
on Monday.
CHICAGO.
rsnerial Telegram 70 the Glohe. |


Trading was fairly active, and the market
manifested considerable strength. Wheat
ruled weak early, but strengthened up, and
at the close was re above yesterdays last
figures. The deferred deliveries OF corn were
steady and closed unchanged, while year
broke 1c from yesterdays last figures and
closed &c lower Oats were strong and
closed &c higher for December and I'M
changed for MAY. Provisions, though but
lightly traded in, were stronger, and pork
closed 171Ec, lard 5@7c and ribs 10c higher.
Closing quotations on the regular board
were: February wheat 73c, year corn 3672c'
January 3514c, December oats 245sc, May
2S35c; February pork 5000, February lard
$6.721l, February ribs S5.62H.
On the curb wheat was a shade stronger
and other articles unchanged. The wheat
market opened steady and firm, but, nnuer
some realizing, sold off PC, alter ~hlch
rallied and became quite strong. Inc oun
feeling and movement in wheat is stronger
than at any time on this crop, and there Is
an evident determination to put up prices
A great many believe that the bulk OF the
surplus has already left first hands and that
receipts will fall of in the future, and prices
are so very low in comparison Win former
years that good profit is thought to await
the investor The receipts were smaller than
ANTICIPATED. Lighter arrivals We're predicted
for next week There was very little for sale
on account of weak holders, the latter
having been shaken on thursdays
break and when the shorts
who wanted to close up their weeks
deals attempted to buy, the unusually light
offerings and increased bidding started prices
on the up grade. The visible signs of strength
induced one OF two large operators who were
free buyers on yesterday to take additional
lines, and prices gradually advanced, closing
strong at about the highest figures. Although
the largest buyers were scalpers, and hence
their operations not calculated to inspire in
vestors with confidence. as they usually sell
on the first signs of weakness, there is
growing belief even among the bears, that
prices have about touched bottom. January
opened at 7136c, sold down to 711zc, up to
722lc, and closed at 72Ac. February opened
at 725@c, sold down 1lc, then up to a close
Of 73e. Armour 81 Co., who have been car
rying large line of cash wheat against sales
Of January, bought In considerable of the lat
ter, and broker gave up their name,
which had a Strengthening influence
on the market, but on fse"h advance
the same broker sold May, andAne transac-.
tion has no other significance than we'll
managed change of the January sales into
May, simply to make good earring charges.
Lift c Nose Fraleywas buying wheat both here
and at ST Louis. He was buying so much
that it began to be talked that little Nose
was bulling wheat. He is quoted as advising
sales at Chicago and purchases at St. Louis.
There is now among spectators not on the
board very general impression that after
the first of the year it will be safe to buy
wheat for an upturn, and partly on this &C
count and partly on account Of the release of
money by the payment of dividends, reduc-
ton Of stocks, etc, at the end of the year,
and the general balancing of books and max
ing up OF accounts, enabling merchants to
see how they stand and Just what they can
afford to invest, causes which every year
favor a commencement of active specula-
tion, large increase of outside buying
orders is expected early next month.
1.-THE feeling appears to be growing q lttlC
bullish in wheat said w r. Harvey. ''but it Ii
hard to see why it should. 1t is true prices are
lower than they ever were before, but there IL
more wheat than ever before and less proportion
ate demand. ] suppose that rich man woult
make money by buying and putting away thC
grain. 1t is hard. however, TO give sarisfactor,
reasons now for taking either one side or tbs
other Of the market
The present corn market is very uusatis
factory to everybody, and consequently Their,
is but little trading in corn as compared Will
wheat. No one knows what will be done
with year, and the uncertainty in regard K
this option affects the whole business. Thu
s.nall amount in stock involves manipula
ton of some kind, and few partie.
are standing back like croached panther
waiting to spring upon any unfortunate
shot who dares to show his head. Receipts
continue light, but it is thought they will in
crease rs soon as the cold snap has dried on
corn sufficiently to grade, and parties in thu
country can't hold their stuff forever. /
will be a good thing if the corn trade eve
gets settled down again on regular, legiti
mate business, such as obtains in the whea
pit This will be accomplished wheI
enough corn comes in here to prevent 81
hhNh oISlAOOS AdN VIM
foolCry with the near options. Receipts to
day were $50 csrs 26 of which graded No.. 2
Year opened unchanged at BIZ and got al
to 375Sc, but broke off to 3614c. aud fuali,
closed at 365Sc. January ranged at 80 SO
353gc, and closed at 351c.
Provisions showed good deal of strengtl
throughout, but the market was quiet Feb
ruary pork opened higher at S10.775S, an'
went up steadily to Sl0.9216, dropping OF
2155c at the close. February lard showed al
equal advance at the opening, and sold up t
$6.721l, closing at that figure and ~
above yesterday. Ribs shared in the genera
strength, though business was moderate
and at the close showed an appreciation o
Zoe, February closing at S5.6215.
At the stock yards there was a brisk ho
market, with an advance of a strong sc OIL
packing grades. The receipts of cattle wer
moderate, as is usual on Saturday, and abou
all the fresh arrivals were disposed of at al
early hour at steady prices Receipts of cal
tie for the week we're 10000, aud of hog
100000 The estimates for the next week.
receipts Of hogs range from l75, 600 to 200,
BOO.
CHICAGO FINANCIAL.