St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-12-24
No Squeeze Now Expected in Year
Corn, and That Option Scores a
Decline Of a Cent.
Oats Continue Almost Unchanged, and Pro :
visions, After Considerable Fluctua-
tiOn, Close Higher.
The Wal Street Bulls and Bears Very
Much Mixed-St. Paul and Lacka-
wanna Advance Somewhat
CHICAGO.
Especial Telegram to che Globe. !

increase in visible supply, but rallied later
only TO go down again toward the close, which
was N(03sc below that Of yesterday. Year
corn dropped down another cent and Janu-
ary &c, while other options were about
steady. Oats remained at yesterdays
figures. Pork opened higher, but closed at
the lowest point of the day, which, however,
was 1Oc above Yesterdays close for January
and 21Ic above for February. Lard and ribs
were higher during most of the day, but
closed at the lowest point and 2Lc off for
February. Lard and January ribs, with the
other options steady. Closing quotations on
the afternoon board were: February wheat
725Sc, year corn 352I, January 35c. May
oats 2SAe, February pork SlL15, February
lard SG.721l, February ribs S5.721l.
Wheat was a shade weaker at the opening,
and the slight upturn inaugurated yesterday
afternoon was crushed by the big receipts
and the tremendous increase in visible sup
ply. The talk of the past week or two has
been about diminished supply and swollen
receipts at the primarygpoints, and certainly
the daily postings for 4 little while did show
smaller figures on the board, but with all the
diminution there was still enough to make
an increase during the last week
of 1,941, 900 bushels over and
above the exports and the current de-
mand. This was certainly disheartening
to the friends of the rise, and many Of them
fastened to sell out their holdings, which
were purchased in the hope of a continued
bull movement. The New York statement
of increase was about 10000 bushels less
than ours, still each was sufficient to make
over 4S, 900, 600 bushels of wheat in signt
The market, however, showed a surprising
amount Of strength by being able to stand
up under all this load. Liverpool quotations
to-day were steady and the general tone OF
foreign advices was rather favorable TO sellers,
but that was about all in the way of legiti-
mate sustaining factors that the market
had. February opened at 73c, and
weak feeling caused increased
selling by shorts, which carried the
market down to 721Ec, but there was not
much selling at the decline and fair buying
on long account, which resulted in gradual
advance to a close of 7224e on the morning
board. In the afternoon the feeling was
easier and prices dropped off 1s@4c, Feb
day. Hamill was a large buyer at the open
ing aud Lester large seller at the close.
"The unknown parties who have been
buying forthe last week or so,' said G. s.
Everingham, "appear to be satisfied to let
the market take its course, while they loa6
up at prices which they seem to consider
cheap enough for wheat on its merits"
1.-The impression prevails that those who
commenced buying last week are still trying
10 bull the Market" said a. NJ. Wright, ''and
although the apparent operators on that side
are not calculated to inspire confidence, the
present low prices and prospects that the
chances from this time are likely
to be more favorable to an advance
than decline, lead me to ad
here to my previously expressed opinion that
purchases made on breaks and well margined
are likely TO pay profit"
''The market looks strong" said another
broker, ''and it is TRANCE that figures should
keep up so well with SO large an increase in
the visible supply, but believe the record is
very well evened up now, and that the next
movement will be down and not up.'
Corn was rather quiet to-day, notwith-
standing the heavy deliveries of year. Liv-
erpool was dull and Id per GENITAL lower, and
the receipts here for two days were 577 cars,
of which 11S graded No. 2. These heavy re-
ceipts and large percentage grading contract
or higher have caused the anticipation of a
squeeze in year to be pretty ge neraEy given
up, and there has been a consd .rable selling
out and changing over of that option. De-
l;variec of vpar o,,tinus hare haau haavv
pecialy on the part of the clique, but
this may possibly be only a ruse,
the corn being bought back again through
other brokers, or the deal may have been
transferred to January. The effect on the
market. however, was to depress year full
cent from the opening and 1 Il below yester
days's close, there being, however, reaction
of 3Sc towards the close of the morning ses-
sion, followed by a decline of &c in the
afternoon, making the close 352[c, or 1c
under yesterday. May corn was steady with
slight upward tendency and better de-
mand, though the close left this option just
where it was yesterday, 375sc. The firm
ness of the deferred options inclines some of
the conservative operators to the belief that
whenever the market becomes more active
some advance vii be realized. Love de-
livered this afternoon about $4,000 bushels
on his year contracts and is said to have
bought in his January shorts.
C"The delivery of large lines of No. 2 corn
on year contracts said Geo. Brine, ''was a
noticeable feature, inasmuch as holders of
contract grade in store had heretofore held it
entirely off the market. There is vet large
proportion held by parties who paid for it in
October, and the fact that no large percent
age of stock in store came To light even when
81 per bushel could be gained by changing
It into January has been, and yet is, the
source of much discussion anc speculation.
There is. however, no Indication of severe
manipulation, but, while improbable, it is not
impossible that the demand for year delivery
NAV next week. widen the existing difference
between that and January delivery"
In the provision pit the most attention was
devoted to pork and lard, both of which were
stronger. Pork opened l5c higher for JAN
nary and Zoe higher for February, the latter
at sI1.I71S. aud under good specu-
latlye demand, chiefly from the short sellers,
the price was run up to sl1.35. Some were
inclined to attribute the strength OF pork to
the influence of Hutchinson, but it could not
be ascertained that he had been buyer al
any time. Bangs, however, was prominent
rs a buyer of the article, and before the close