St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-12-11
The Price Of Wheat a Trifie
Higher Than at Tues
days Session.
January Corn Gains Seven-Eights Of
Cent and May Oats Three
Quarters of Cent.
Unexpected Liberal Receipts Of Hogs De-
mOralize Provisions, Pork Scoring a
Drop of Thirty Cents.
The Bears Have a Field Day in Wal
Street, the Bovine Gentlemen Being
Routed at Every Turn.
CHICAGO.
Especial Telegram to the Globe

hcIlOnB Delug cOnuneu mOSJly 10 LDe Scalping =
fraternity, who, however, managed to make
pretty active day Of it without affecting
prices much either way. The tone of the
grain markets was strong, wheat appreciat-
ing &c on near deliveries, and PC on de-
terred, the advance being due to a slight de-
crease in receipts and a demand from shorts.
There were light receipts of corn also, which
Tteadied this market. In view of the strength
Bning factors it was rather curious that the
year option closed at yesterdays figure, while
January closed at &c higher, and May Hc
higher. Oats went up 14c for December
and 35c for May. The provision trade was
demoralized to some extent by the unex-
pected liberal receipts of hogs, and pork
closed 30@321lc lower, lard 71l@10c lower,
and ribs 1211c lower. At the afternoon
close the feeling in grains was stronger, and
provisions were firmer. Final figures were :
January wheat, 72Ac: January corn, 355sc;
May oats, Csc; January pork, $1O.S5; Janu-
ary lard, SO. 65; January ribs, $3.50.
Wheat seems to have recovered its place
at the head of the list, as regards speculative
interest, and attracted the major portion of
attention to-day. The opening was at about
the closing prices of yesterday, 71Tc for
January, and weak feeling early resulted
in decline of &c, but the receipts showed
a heavy falling off, with the prospect of a
further decrease in the immediate future,
and the bears, who have been so persistently
hammering the market, concluded that they
might as well cover their contracts, and the
demand from this class, together with fair
amount of buying by scalpers for an upturn,
reversed the course of the market, and prices
went up &c from the lowest figures, the close
being at the highest point of the day, 7235c
for January. February sold as low as 72Ac,
and closed at 73c. May opened at 7S5kc,
sold down to 7S1Ic, then went up TO close
of 79 nc. Early in Cthe session Hutchin-
son, Crittenden and IMcHenry were selling,
but later they bought. Graham, Canther q
Champlin were putting out small lines Of
shorts during the first part of the session,
and Clifford, McFarlane and Hobbs were
large buyers all day. The export demand is
still light, notwithstanding there has been a
reduction in ocean freights equal to &c per
bushel in the last few days, and it is becom-
ing more and more apparent even at the
extreme low price. Liverpool was
quiet and steady, and Mark Lane the
same. Receipts were thirty-one cars of
winter and 3S3 of spring, which is
quite a let down from S11.07 yesterday.
There was a feeling that the big receipts of
the season thus far must have eliminated
yesterday, and that henceforward there
would be less wheat coming in and better
prices as a natural consequence. Receiv-
ers' advices indicate a much lighter move
ment in the country, especially in the North
west, and it appears that considerable part
of the late heavy arrivals were sold to arrive
at the higher prices Of a week or ten days
ago.
'The wonder is not that wheat does not
advance" said a somewhat bullish gentle
man this morning, "But that it does not de-
cline. Thirty days ago cash wheat sold at
70%c, yesterday it was 70Tc, and has not
been below that figure. Still, millions of
bushels of wheat have been received here
since that time. The market could not have
been very weak and hold its own with these
receipts and the influence of so much short
selling. l believe that there is 10000, 900
bushels of short wheat sold on this market,
and if it is covered before the close of the
year, as seems probable, you will see the
market several cents higher than it is now
before Jan. 1.''
''In an experience of twenty years." said
Bodman to-day, ~ have never known the
time when cheap wheat did not attract the at
teDtion of capitalists. Wheat is the one cereal
that has always been regarded safe property
for investment at low prices, but this year
seems to be an exception. 1 think the true
reason is that capitalists and monied specu-
lators have already lost all the money they
care to on the bull side of wheat, and now
are afraid to buy it at any price. 1t looks
now as If prices must continue to decline
until they strike point where the market
finds an adequate and legitimate consumptive
demand. These little furries, like the pres
ent have no significance, and think wheat
is still q safe sale on these hard spots for a
quick turn"
Corn was favorably Influenced by the light
arrivals and a good demand from the shorts,
who are getting apprehensive. Cables quoted
the Liverpool market strong and I'D per
GENITAL higher, while New York exporters
bought 150,00 bushels yesterday, taking all
the cash corn that was offered and even buy
ing some to arrive. 1t was thought there
that 1T would take the current receipts for the
next three weeks TO fill the export purchases
already made. Year opened at yesterdays
close 37$lc, sold off nc, and then up to
381zc under free bidding, but when the more
timid shorts had filed their was decline to
opening figures, at which the option closed.
There was also more buying of January
and long futures and prices advanced Xc
for January and Hc for May, closing at the
highest point. The failure of year to sustain
the early advance was attributed
by some to the free realizing
by longs who were disposed to close tn cir
sales. The query is frequently put, is there
a deal in year corn? The fact that it is at a
premium Of &c over January looks suspi-
cious. IT is generally conceded that this op-
ton has been very heavily oversold, and the
light receipts of corn and small percentage
of contract grade would make it very easy
matter to run squeeze if the long side is
not scattered too much. 1t is intimated that
Jim Love holds a good many contracts for
year delivery. 1t would not be surprising to
see another furry after the time passes for
the possibility for deliveries from surround
ing markets. Certainly the conditions are
all favorable for such game. The impress
sion is gaining that prices cannot be forced