St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-12-22
FAITH IN THE FUTURE
An Impression That the New
Year Will Bring Better
Prices,
Enough There is No Good Reason
Advanced for Expecting
q Boom.
Wheat Opens the Day Weak. but
Gains Steadily and Closes Half
Cent Higher.
Year Corn Drops Away Cent, Other Deliv-
cries Remaining Unchanged-Pro-
visions Stronger.
Vail Street Very Quiet at the Finish, with
Indications of Bear Raid
on Monday.
CHICAGO.
Especial Telegram to tho Globe. 1

trading was Ialrly acuVe, anu tue H"AAS'
manifested considerable strength. Wheat
ruled weak early, but strengthened up, and
at the close was &c above yesterdays last
figures. The deferred deliveries of corn were
steady and closed unchanged, while year
broke 1c from yesterdays last figures ana
closed &c lower Oats were strong and
closed nc higher for December and I'M
changed for May. Provisions, though but
lightly traded in, were stronger, and pork
closed 1716c, lard 5C97c and ribs lOc higher
Closing quotations on the regular board
were: February wheat 73c, year corn oo59c'
January 35Ac, December oats 241sc, May
283Ec; February pork 5000, February lard
e6.721I, February ribs S5.621s.
On the curb wheat was shade stronger
and other articles unchanged. The wheat
market opened steady and firm, but, under
some realizing, sold off sc, after which 1t
rallied and became quite strong. The bull
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 off in the future, and prices
are so very low in comparison with former
years that good profit is thought to await
the investor. The receipts were smaller than
anticipated. Lighter arrivals were 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 or 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 a
growing belief, even among the bears, that
prices have about touched bottom. January
opened at 713Sc, sold down to 7119c, up TO
723Ic, and closed at 72Ac. February opened
at 7219c, sold down nc, then up to a close
of 73c. 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 a broker gave up their name,
which had a strengthening influence
on the market, but on the advance
the same broker sold May, and the transac-
tion has no other significance than a we'll
managed change of the January sales into
May, simply to make good carrying charges
Little Nose Fraey was 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 a very general impression that after
the first of the year it will be safe to buy
wheat for an upturn, and partly on this ac-
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-
ton, large increase of outside buying
orders is expected early next month.
1.-THE feeling appears to be growing little
Il W
hard to see why it should. 1t is true prices are
lower than they ever were before, but there is
more wheat than ever before and less proportion
ate demand. / suppose that rich would
make money by buying and putting away the
grain. 1t is hard, however, to give satisfactory
reasons now for taking either one side or the
other of the market" ... .-...... .......
The present corn market is very unsatis-
factory to everybody. and consequently there
is but little trading in corn as compared with
wheat. No one knows what will be done
with year, and the uncertainty in regard to
this option affects the whole business. The
small amount in sstock involves manipula-
ton of some kind, and few parties
are standing back like crouched panthers
waiting to spring upon any unfortunate
shot who dares to show his head. Receipts
continue light, but it is thought they will in
crease as soon as the cold snap has dried out
corn sufficiently to grade, and parties in the
country can't hold their stuff forever 1t
will be a good thing if the corn trade ever
gets settled down again on regular. legiti-
mate business, such as obtains in the wheat
pit This will be accomplished when
enough corn comes in here to prevent so
much mysterious manipulation and tom
foolery with the near options. Receipts to-
day were $50 cars, 20 of which graded No. 2.
Year opened unchanged at 3~14c and got up
to 375sc, but broke off to 3614c, and finally
closed at 36Ic. January ranged at $3.50
35$5c, and closed at 351<c.
Provisions showed good deal of strength
throughout, but the market was quiet Feb
ruary pork opened higher at S1o.77.1S, and
went up steadily to $1o.925S, dropping off
215c at the close. February lard showed an
equal advance at the opening, and sold up to
$6.72}5, closing at that figure and 71Tc
above yesterday. Ribs shared in the general
strength, though business was moderate,
and at the close showed an appreciation of
Toe, February closing at S5.6255.
At the stock yards there was a brisk hog,
market, with an advance of strong Sc on
packing grades. The receipts of cattle were
moderate, as is usual on Saturday, and about
all the fresh arrivals were disposed of at an
early hour at steady prices. Receipts of cat
tie for the week were $4,000, aud of hogs
30, 600. The estimates for the next weeks
receipts of hogs range from 175,oOo to 2Oo.-
DOC. ......,.... .........l.'. j
CHICAGO FINANCIAL.