St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-12-18
The Receipts Expected to Fall
Off Materially During the
Holiday Season.
The General Course of Year Corn
DOwnward-Jim Love Offering to
Dispose of 25O,0OO Bushels in
q Lot.
Provisions Remain About Firm, and Oats
Gain Half Cent for the December
Option.
Wall Street Unsettled, Delaware s. Lack
awanna Leading the Decline With
Per Cent. Drop.
CHICAGO.
Especial TELEGRAM to the Globe. /

Especial TELEGRAM to the Globe
CHICAGO, Dec. 17.-Although there was
fair degree of activity on 'change to-day, the
markets were slow as ompared with yester-
day. Wheat showed considerable strength
early and advanced nearly 1c above yester-
days close, but subsequently fell of and
closed at the lowest point of the day and nc
below yesterday for all active options except
May, which was unchanged. Corn ruled
stronger for deferred deliveries, but the gen.
eral course of year was downward. 1t opened
1sc lower, went up &c and closed 1Hc
lower. Oats were stronger and advanced nc
for December and &c for May. Provisions
opened frmer and higher, but weakened and
lost the advance later, the close being 21Ec
lower for pork and unchanged for other ar
ticles as compared with yesterday. The clos
ings on the afternoon board were: January
wheat Il 3sc, February re; year corn 37slc,
May 971lc; May oats 2S15c; February pork
$1O.S0; February lard $6.65; February ribs
$5.57.
Wheat was inclined to be strong early
owing to slight improvement in foreign
cables and smaller receipts here, and a
further decrease was predicted on account of
the cold weather, which, it is thought, will
check the deliveries of farmers. The signs
of strength developed induced many shorts
to cover, and an advance of 14@35c was
recorded. AT the opening 1Mc was bid for
January which was followed by a further ap-
probation of 35@1lc. But the buying
was not as rule by parties who take
large lines and stand for a good advance,
and when scalpers who had bought
early attempted to realize pro.
fits, there was not sufficient
demand to absorb the offerings, and a
weaker feeling developed, which was in
creased during the last hour of the session.
There were reports of failure in New York.
Tbet m8rzet was also reported dull, without
demand from exporters, and a desire to
realize brought decline of 1I@%c. The
closing sales we're at the lowest point of the
morning board, 711Sc for January. In the
afternoon an easier feeling in the New York
market caused free selling again, and the
close was at 715sc for January, the lowest
point of the day. February is steadily in
creasing in favor with traders who prefer it
to the January delivery. The opening sales
of this option were al 721lc, from which it
advanced to 725sc, declined to 71Sc and
closed at re. Hutch was again the most
prominent buyer, though the aggregate
amount of stuff changing hands was small
IMPAIRED to that transferred yesterday
Hepburn was also buyer of the February
option. A correspondent of the house
o. ~
about the middle of last week. said that the
lower prices lwheat was then about 70c)
would compel farmers very generally to dis
continue marketing it. Basing his
estimates on such information. Mr.. Wright
estimated that the receipts for Monday and
Tuesday would be about /, 300 cars, and after
that rapid decrease while very low prices
continued. So far these estimates have
proven very accurate. The course of prices
during the past few days, while demonstrat-
ing that the shorts feel insecure in their po-
sition and cover on short evidences of
strength, also shows that, although large
number of operators think wheat cheap and
are disposed to buy, they fail to see sufficient
evidence, or merit in the property to induce
them to hold when prices turn against them,
and it seems useless to look for much i'm
provement while these conditions continue
Milmine, Bodman & Co. say: ''Outside orders
seem even more scarce than formerly. There is
evidently more strength to the undertone, and
should anything favorable in the general situa-
uon occur we may look for large buying. 1t is
generally expected that receipts will begin to
show marked falling off during the holidays
We think it will be pretty safe to buy some
wheat during the holidays for some reaction
after the turn of the new year. 1t looks now as
if it might be safe TO buy on breaks for small
scalp only. as we do not think there is any big
thing in buying this wheat just yet
Jim Love was Offering year corn in quar-
ter-millon- -bushel lots at 3sc this morning.
Yesterday at about noon be was Offering the
same option in million-bushel lots at soc.
This was when smaller lots were going yes
terday at nearly &c higher. The drop was
occasioned, it is said, by the settlement of a
short line of 100000 bushels by Geo. c.
Eldre7 & Co. The story is that Mr.. Jones
and little Nose Fraley and two other gentle
men were short between them 1000, ,00O
bushels. Jones offered to settle his line on
Monday, but was refused unless he bought
the little st. Louisan in with him. The result
was that the whole line was bought in and
settled for. Billy McHenry has the manage
ment of the deal as be had the management
of the September operations. Perhaps he
has even fuller control now than he had
three months ago, for the maneuvering g
seems to be good deal cleverer There is
not SO much of sensationalism, less of hurrah
business, and more care in arousing the op-
position and the suspicion of the shorts.
The holders evidently do not want
to crowd the mourners too hard.
For this reason settlements are being
readily made at the market, thing that was
not done in September. That the holders
are identical with the holders In September
there is no longer much doubt The little
cash corn that comes IN goes down to Nc
Henry the very place where it went three
months ago. 1t is claimed that part of the
sales of the clique brokers yesterday were
sewash'' tran sactions, and that the late ad-
vance was premature and the reaction
forced to get the daily receipts cheaper, with
a sharp advance probable. Still, year opened
at Ss1Sc, declined to 3716c, and closed on
the regular session at 9794c, which was also
the last figure in the afternoon. The May
option is regarded with increased confidence,
and many operators consider it cheap. II
opened at 37Ac, sold up to 37s4c, down to
3714c, closing 4 C higher than yesterday. at
S71Sc. The principal transaction was the