St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-12-13
Wheat FluctuateS Conside rably,
and Closes Nearly Half
a Cent Lower.
The Year Option in Corn Shows a Dis
position to Hold It's Own. Making
a Slight Gain Over Thursday.
The Provision Pit Suffers With the Rest, the
Last Quotations ON All Hog Products
Being the Lowest of the Day.
Wall Street in an Unsettled State---St.
Paul Attacked and Plenty of it
Found for Sale,
CHICAGO.
Especial Telegram to the C1loho

markets ruled steady early, with some exhi-
bition Of streng th, but unfavorable foreign
news and depressed eastern markets brought
a decline later, with wheat heading the list
on the down turn, the decline amounting to
&c from the highest figures, and the closing
being being X@35c under under yesterday.
Corn was stronger than wheat, and the year
option climbed up lc over yesterdays close
early in the day, but sympathetic weakness
caused decline and the close of that option
was &c above yesterday, with January un-
changed and May &c lower. Oats closed
unchanged. Provisions opened stronger,
but Joined the downward procession later,
and at the close pork was 10@12lc, lard
2H@712c and ribs 25Sc lower. Closing quo
tations were: January wheat 7155c, year
corn 3794c, May oats 277sc, January pork
S10.SO, January lard So 6.5715, January ribs
S5.521l.
The wheat market opened 55@Hc higher,
under an anticipated boom from a reported
increase in the export movement at the sea-
board. Under good buying it rose 3Sc more,
but the financial panic abroad and demor-
allied stock market at New York operated as
damper to the buying enthusiasm and the
market declined, under free offerings, below
the opening. Liverpool was quiet and steady
and Mark Lane the same. Receipts were
larger at Milwaukee, less at Toledo, and 352
cars here against $40 yesterday. New York
early was higher, but lost the advance later
in the day, and the same was true of St.
Louis. Every possible effort is being made
to put the market up and keep it there, but
something or other happens nearly every day
TO knock it down again. There is a pretty
good export movement at New York, particu-
iarly in corn, and all available ocean freight
room is taken nearly to the close of
January. Under this steady consump-
ton of receipts it is only a question
of time when it must tell more or less
on prices. Especially would this be the case
II our receipts should materially fall off, as is
anticipated within a few weeks Still it
would not be wise to expect too much of a
boom until prices and the demand increase
materially on the other side of the sea, where
our surplus crop must eventually find its
market Several vessels are now loading
with grain in New York, and this will in
crease the amount aloat. 1t is also ex-
pected that the present amount of contract
wheat in New York will show large de-
crease next Monday. January opened at
72c, yesterdays last figure, sold up to 723Sc,
and closed at 715Sc the lowest point of the
day. May opened at 79c, sold up 5sc. and
closed at the bottom figure, 7S1lc. Wood
bury was the most prominent bull in the pit
Dupee, Lindblom and Canther sold in small
quantities.
Everybody expects to make money on this
crop of wheat" said Frank Kennett, ''by buying
1t whenever it touches bottom, and soundings
for that point continually being made, but
the impression seems to prevail once more that
the bottom has not yet been reached
''We may expect a continuance of moderate
fluctuations in values here for some time,' said
George Shepherd. ''but believe in purchases on
weak markets as the safest method of operating,
but think it good policy to take moderate profits
for the balance of this month";
'There is feeling that prices are dragging
near the bottom" said A. NJ. Wright, sand while
no one seems willing to take large lines and hold
them for good advance the low values render
the bears nervous and they run to cover on th e
slightest signs of strength. Hence, while see
little to cause an early and permanent upward
movement, feel, with many others, that prices
are not likely to 90 much lower, and that the
time when values must move up ward is rapidly
nearing
Milmine, Bodman & Co. say: "The markets
this side are in no condition now to stand ad-
verse news from any quarter. We see no good
IN buying yet. 1t Is poor sickly child at best
and we are about ready to give up all hope of
ever seeing 1t assume more healthy co ndition -
The corn pit was even duler than the
wheat pit, and the feeling was more or less
in sympathy with the superior cereal. Year
opened sc lower at 3719c, but free buying
early by short sellers induced a temporary
strength and forced prices up to 3S9sc. but,
this demandsflled, there was reaction until
3775c was reached, the close being 4 above
bottom figures at 379lc. Fluctuations were
narrower in the more deferred option. Jan
uary ranged from 352l@36c, opening and
closing at the lowest point. May opened
and closed at 371sc, the highest point reached
being 371Sc. Receipts are much lighter than
most of the traders anticipated, and the
grading of new corn has been very disap-
pointing, only three cars of the eighty -one
received to-day inspecting No. 2. The ques-
ton of local inspection of corn is q sore
point with many operators here.
''Why,'' said one, 'slast Monday we got pal
try 156 cars, while 496 cars went to st. Louis.
What kind Of trade do you suppose we can
have here underthat kind of treatment? We're
left to the mercy of the manipulators and bulls
generally. It's pretty tough, tell you
Mr.. b. Fowler, leading receiver and shipper
Of corn, said on the subject: ''There is no
market in the United States where the inspection
of corn is so high as here. The inspectors is a
state Office, you known, and the state appears to
be ambitious that Chicago corn shall
be considered the superfne grade of
the country. The inspectors have
been educated up to the highest STANDARD in this
work, and it has to be very good corn indeed that
gets through No. 2. Such rigid inspection drives
trade from Chicago and is splendid inducement
for manipulators TO make corner at almost any
time.
The Chandler-Brown company say: sIndica-
tions are that the parties in control of the cash
in store here will attempt later in the month
to bull seller the year. Even with a compare
lively small short interest This is more than
likely, as receipts continue remarkably small,
while advises of shippers indicate no immediate
increase. Should the prospective bull movement
thize to some extent, and purchases for Janr-
ary we think would result prohtably.''
Provisions opened stronger and pork ad-
vanced 1Oc under a good demand. This
improvement, however, was soon lost, and,
as prices weakened, holders sold freely, the
result being total decline Of about 221zc,
February closing at 5000, 121Ec below yes
terday, and January 10c below at $10.SO.
January lard opened 21Sc higher and sold
down 10c Later there was recovery Of sc,
but this was again lost and the close was at