St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-12-03
The Cereal and Provision Markets
Irregular, but Strong at
the Close.
The Large Increase in the Visible Sup
ply of Wheat Produces Tenn
pory Depression.
corn Gains Half a Cent and Pork Sees the
End Of the Session with Forty-fiye Cents
Barrel Better Prices.
The Bulls in Complete Command in Wall
Street, and win Check any Decline
Before IL Bee. mes Serious
CHICAGO.
Especial Telegram TO the Glohe.l


CHICAGO, Dec. 2.-AIthough not very
active the speculative markets On 'change to-
day were fairly strong at the opening and
close strong, with period Of depression in
tervening, due mainly to the large increa Sc
in the visible supply Of wheat Wheat was
quiet, with a rather easier opening, but
frmed up towards the morning close
and on the afternoon board, the figures being
about nc below the hi CHEST of the day, and
H@Hc higher than on yesterday. Corn was
much stronger for the near deliveries, and,
at the close, both year and May showed an
advance OF nc as compared with yesterday.
Oats held their own for December and went
up &c for May, and provisions, after quiet
opening, advanced sharply. pork going up
45c barrel aud closing 42JIc higher than ON
yesterday. Lard 12Ic higher and ribs l7Ic
higher. Closing quotations on the afternoon
board were: January wheat 74c, year corn
35ssc, May oats 2sAc, January pork
$l1.32X, January lard S6.S5, January ribs
$3.50.
The most favorable factors in the wheat
pit were foreign advices, which were again
strong. Liverpool still continued its up
ward march, with a further advance of l
penny per GENITAL for red winter and spring.
II appears that Liverpool is in reality bulling
wheat against France instead OF for America,
because we cannot export any wheat 10 that
country before the new tariff decree goes
into operation, but English dealers can, and
the demand for our wheat now in Liverpool
is so great from French buyers that holders
nat o.
the recent advances across the sea right in
the face of declining market here. Mark
Lane has again become quiet and probably
Liverpool will follow suit as soon as the
French import duty goes into effect. The
present large and prospective accumulating
stocks caused a weak feeling during
he early part of the session. Opening sales
were at about yesterdays closing figures, de-
cline H@Hc under vigorous unloading by
longs and increased selling by bears, who
regarded the situation as weak, but when
timid holders had realized and the bears who
were eager to increase their short sales had
finished dumping the offerings were smaller,
and the strong upward movement in pro-
visions and sudden tirmness developed in
corn created an uneasy feeling among the
bears in the wheat pit, and about noon in
creased buying by shorts and the execution
of moderate orders for outsiders started
prices upward, aud closing sales on the
morning board were 5S02lc above the low
est figures of the session, and the upward
movement was continued on the afternoon
board. though the advance made there was
not fully maint tanned. December closed Nc
higher than on yesterday at 1873, January
&c higher at 74c and May
&c higher at Sic. Adams was
among the leading sellers early In the day,
and Nat. Jones had much to do with the up
turn, buying literally from the lowest point
up. Lester also bought. Comstock, Lin
bloom and Stauffer were also buyers.
''In case wheat is 10c lower month
hence" remarked an operator, 81 should
not regret having sold it. To sell an article
short when that article is lower in prices than
ii ever was before, and lower than any of the
conditions influencing il ought to make it,
is a very bad principle to be guided by.
This feeling together with the knowledge of
the great risk person runs in selling wheat
at the present prices, is perhaps the most
prominent cause of the present stagnation.
for the risk in buying would seem equally
great. tits a very bad and unpromising
condition of things"
every consuming point is glutted with
both wheat and corn" said another trader.
'If there appears to be slight demand In
any quarter, wheat aud corn is shipped there
until the worst kind of depression ensues.
There is more produced than anybody knows
20 4
and wait till some of it is eaten up and not
attempt to do anything"
Corn was strong at the opening, but not
very active early. Later, however, there was
quite boom. Nat Jones was reported as a
buyer of amounts varying from 200, 900 to
100000 bushels, and Eldrdge bought
100000. ana Schwartz and Dupee sold
about 600,000 bushels, Adams about the
same and Carr, Love and Champln averaged
about 100, 900 each. From tue commence
ment of heavy trading values steadily climb
upwards until they were 5Sc above the low
est figures at 3534c for year aud &c above
for May at 3711c. At the close they eased off
little, year closing at S52Sc and May at
372Sc.
Oats were stronger, with tolerably active
speculative trading, confined chiefly to the
May options, which fuctuated between 27JSc
and 2S1lc, closing at the highest point. De-
cember closed unchanged at 255Sc.
Provisions were quite easy, but under
good demand for pork to cover shorts, prices
started up rapidly and January reached
$11.4O, an advance of soc over Yesterdays
close, but fell off 71Sc, and closed at S11 325S
February followed the course of January,
and closed at Sl1.45 against Sl1.02H yester-
day. Lard sympathized with pork TO some
extent. Fairbanks bought lot of the January
option. and with the aid of the other traders
succeededin putting the price up to s6 90,
from which it settled Sc aud closed at SG.S5,
1211c above yesterday. February followed
the same course, getting as high as 81, and
closed 10c above yesterday at Sc 921S. Ribs
were more active than usual, and closed
171Sc higher at $3.50 for January and S.. 90
for February.
At the stock yards the receipts Of cattle
were light and prices steady. There was
only SIN all number of Texans and westerns
among the fresh arrivals, but there WIS
Sarge number carried over, so that the supnlv
was about up to the average. Prices on Tex-
ans are tie lowest for this year, but again II
NAV be said the quality is about the poorest
for the year, so that the drop is not so much
in the pIice as in the quality.
There was an active demand for hogs, with
little or no change in prices rs compared
with Yesterday. The market closed strong,
with the turn rather in favor of sellers. Re-
eeipts were estimated at $4,000 to $4,000,
and the best sid as high as S4.35@4.40.