St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-12-07
The Unfayorable Weather Having q
Depressing Effect Both on Quota
tons and the Spirits of
the Spectators.
The Enormous Visible Supply, Increasing
Thousands Of Bushels Every Day,
Steady Check to Any Ad-
vance IN Wheat
Trading in Corn. Oats and Provisions
Very Light and Prices Almost I'm
changed-No Disposition to
Trade in Shares.
CHICAGO
Especial Telegram to the Globe. |

was especially weak, the supporting features /
seeming TO be entirely lacking, and the bears |
made the most Of the situation. pounding |
the market mereilessly. The result was
sharp decline of from Ts@15sc, and close
at the lowest figures of the day. Corn |
shared in the heaviness Of wheat, but only
to slight degree in the decline, near options !
being but sc lower at the close and May IN
changed. Oats Joined the downward process
sion, and closed &c lower for December, and
sc Tor May, while provisions varied the mo-
notony by remaining fairly steady, pork
closing 215c higher for January, lard SC
higher all around, and ribs axe higher
Closing quotations were: January wheat,
12s5c, year corn, $500, May oats, 2T5<c,
January pork, $lL425E, January lard, $3.50,
January ribs, 1913.
/ There was not much activity in the wheat
pit, aud the outlook for believers in higher
prices was decidedly gloomy. All the in
huences seem adverse, including receipts for
the week much larger than any week for
several years past, while in other points the
deliveries were heavy, aud the prospect is
good for 1000, 900 bushel increase in next
Wednesdays statement New York was
weak at S[Gle decline, and cables reported
| Liverpool quiet but steady and Mark Lane
the same, with decline Of 6 pence per quar-
ter for red winter OF coast. On top of all
this was the gloomy weather, which was bad
enough in itself to make everybody take the
most respondent views possible. January
opened &c lower at 73c, went up to yester-
days close and then of with slight huctua-
tons Sc, closing at the lowest point OF the
day, 73sse. There were some outside orders
for January at 73e and some for May at soc,
but they were not numerous enough to check
the decline materially. The latter option
opened at soc, and went up sc, but declined
pretty steadily from that point to a close of
1889.
c. A. King q Co., of Toledo, says: THE
present exportable surplus OF wheat in this
country, out of total crop of $40, 900, 600
bushels, is over 80, O0O,O 600 bushels larger
than the probable export requirements for
the remainder Of the present crop year, aud
over 30, 900, 900 larger than the entire import
wants Of the United Kingdom during the
balance Of this crop year. The depression in
business will affect any increase in consump-
lion, which would otherwise occur from the
low price. IL it does not the reserves from
the previous crop Of 4O,OOO,OOO undoubtedly
would. Present prices are exceptionally low,
and may revive speculation, but there is
plenty of wheat, and only disaster to the
growing crop here or war abroad is liable to |
cause any decided permanent ADVANCED
Optional trading in corn to-day was very |
light outside of the movement in year, and |
the range Of fuetuation in that was covered |
by &c. Liverpool was strong on corn and |
hall penny per GENITAL higher, and our re-
ceipts were only 165 cars, with ten grading |
No. 3 but for all that persons cannot be |
found who are willing TO put up the price of |
corn In the face of the big crop. The pres
ent scarcity is caused by a tussle between |
producers, shippers and Spectators. with |
high freights standing in the foreground as /
an obstacle to a free movement But the /
corn is in existence, and people know it, and |
they viii not bid up the market or take on /
ans more than is wanted for immediate uses,
and so the speculative corn trade on 'change |
is nearly at a standstin for the want of |
healthy and normal conditions Year opened |
at 365Sc, yesterdays last figures, |
and, under purchase by Sam Adams, went |
up TO 374c, but declined &c after that sup |
port had been withdrawn, and closed 4 |
lower than on yesterday, at $3.50. January /
opened at Soc, declined to 1880, and closed |
at S45Se, while May fiuctuated &c either way |
from 3T4c, opening and closing at that /
figure.
''This weather is bad.'' said Jim Love, |
SHUT it will probably be followed by sharp |
freeze, and corn will grade much better after
that Corn has started TO go down, and it is |
good for decline of DC bushel. Freight /
rates on the Union Pacific have been reduced /
exc, and corn on track is higher than it was
a few weeks ago. Here's an advance of
nearly &c. Two weeks ago we were getting
500 cars OF corn a day. This &C more a
bushel viii start corn movement that viii
result in receipts of 1000 cars of corn day
within the next fortnight"
c. E. Culver, as receiver. said that be ex-
pected !, 500 cars of corn to arrive daily about
the last of December.
Oats we're fairly active, but the feeling was
heavy and prices sought lower level e.
bridge Jones, Cstlin and Press were selling
mostly on short account The sales OF Jones
amounted TO 500, 900. Press saws May oats
are good for a decline of &c. December
opened &c lower, at &c, went up &c, and
then down TO 231zc, closing at 23%c. May
opened Sc lower, at 273<c, aud sold down
to a close Of 271<e.
Provisions attracted less attention, but the
price was firmly sustained by the Packing
company, who appear to be sure Of their
position. Pork opened unchanged, sold up
71Se then off sc, closing at s11. 421<l, or exc
above yesterday. Lard opened 21Sc better
for January, sold up 1Oc, and closed SC
higher than yesterday at $3.50. Ribs i'm
proved 25zc, closing at 1915 for January
and S5.S24 for February.
The stock yards business was active con-
sidering the bad weather and the last day of
the week. Receipts of cattle were fair, mainly
made up OF low grade Texas that sold at very
lo~ figures. Natives were scarce and q shade
higher.
Receipts Of hogs were rather above the
average for Saturday. The market opened
rather weak and 5@lOc lower, but closed
firm, with the loss Of the morning regained.
Receipts of cattle Tor the week were about
~, 600 and of hogs 2T6, 900, and for the com
ing week the estimates are from 200, 900 to
23O, COO.