St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-12-09
CHICAGO.
1snecial Telegram TO the Glnhe. 1

Vas weak ali around, and closing figures
were about the lowest of the day, and con-
siderably below Saturdays closing. The con
tinued heavy receipts OF wheat were the prime
cause of weakness in this cereal, which
closed full cent lower than
on Saturday. Corn was relatively steady,
and though the tendency was downward the
decline ON year was only &c, and on May
nc. Oats dropped &c for December and
39c for May, and provisions were weak under
free offerings and lack Of adequate sup
port by the packing houses, TIE result being
close at the lowest point OF the day, and a
decline as compared with Saturdays close Of
35Gl3719c on pork, 1O@121Zc on lard and
171zc on ribs. Closing quotations on the
afternoon board were: January wheat II nc,
year corn 3635c, May oats 27Ac, January
pork $1O.O5, January lard S16.7o and jan
aary ribs $5.57H.
Speculation in wheat was more active than
in any other article on the list, but the feel
ing was one of weakness throughout. The
continued large receipts are so discouraging g
to holders that many of them have let 20 on
the continued weakness, concluding that il
the farmers cannot afford 10 hold their prop
erty where it costs them no storage, that they
cannot be expected to carry the constantly
Increasing accum ulations and sustain prices,
paying the expensive carrying rates that are
charged in this and most Of the other mar
kets of the country. The quotation
of prices is now simply question
of receipts. AS long as they
continue so large, no improvement in values
can hold, but as soon as there is any indica-
tion of permanent decrease there will be an
active demand from spectators and inves-
tors and a sharp advance will follow From
present indications the movement from
Northwestern points is likely to continue
free from two to three weeks longer. The
offerings of long we're large early, becoming
very heavy later in the day, when it was
learned that about l 200 cars were estimated
as to-morrow's receipts. The scalping
crowd, almost to man, were sellers. The
more prominent individuals who figured
on the bear side of the deal were
Dwight 81 Gillette. Hamill o. Brine, Stauf-
fer, Poole and Sherman 81 Co. Canther Il
Hobbs were buyers. The last named ope-
rator is credited with having bought in at
least 100000 bushels of short wheat. 1t was
thought probable that about all the wheat
bought was to cover short sales. 1t 10 not
generally the impression apparently that no
tower point will be reached, but no one can
fail to make profit by covering their short
January wheat at to-day's low prices, and the
bird in the hand theory holds about as good
in the wheat pit as elsewhere January
opened sc lower at 72Ac, advanced
sc after the opening and then sold
down 15c with very little reaction, closing at
the lowest point of the day, 714c. May
opened at Saturdays close, 7914c, went up
nc, then steadily downwards to 7S15c, re-
acting IS C and closing at 7S4c.
''The situation" 4" said Geo. Brine, "seems
entirely devoid of encouragement to investors
who held back leaving the market almost
wholly to local operators. These lover short
contracts only to put them out again upon
the failure of the market to strengthen, and
taking the outlook to-day as compared with
that of any previous day since the new crop
came in, there exists much less confidence
in anything like serious advance in the
near future. Such depression often precedes
rally, and such may now be the case, but,
from the standpoint of the Chicago market,
/ can see no indication of it.n
''The fact that prices are unprecedentedly
low,' said A. NJ. Wright this afternoon.
"seems to offer very little encouragement to
buy so long as the receipts are enormous for
the season and stocks continue to pile up.
hence l think that any marked or healthy
appreciation is unlikely, if not
impossible until stocks cease to
accumulate, and the consump ption and
exports assume sufficient magnitude to cause
diminution in supplies in sight. Until
that time operators are likely to make more
money by buying on sharp breaks and selling
on corresponding bulges than by buying or
selling large lines and standing on them.
The Chandler-Brown company say: 1--WE
think the short interest larger than at anv
time for some weeks past, however, do not
look for any immediate improvement in
prices on this account, believing the very
weak feeling and the fact that investors show
great reluctance to come into the market in
the face of the enormous and rapidly in
creasing stocks will result in a still lower
range of prices.'
Milmine, Bodman g. Co. say: "We see
DOIHihS hHdJeNer yet on Wnlcn 10 Ouy Nneat,
We fear, If the receipts continue it will re-
suit in general panic and a further bad
break in prices. Some are predicting 6Oc
for this cash wheat, and we dare not say that
it is not q possible figure. At any rate we
see no bright side to it and do not know
where to set a limit to the decline. The
trade generally are pretty well disgusted, and
are gradually giving up all idea of making
money on the bull side, and at the low prices
few dealers have the hardihood to sell IL
short, but after all we think that is the safest
side to take, at least until after the turn of
the new year. We think it must continue to
decline just so long as we have these large
receipts, and it looks like they will continue
to come right along"
The situation in corn is wholly different
from that of wheat. There is no surplus of
old corn in existence, and the new crop is
not quite ready for market yet. Prices are
very low, owing to the low price of wheat
and to the expectation of big receipts when
the new crop once gets in motion toward the
market Other things affecting the price of
corn are these: First, the splendid pastur-
age of a late fall, the low price of sugar and
the diminished amount of glocuse used, the
overproduction of whisky for several years,
and the restricted quantity of corn now
sllled for the distilleries, and the feeding of