St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-12-06
And Force an Otherwise Strong
Provision Market Down a
Few Cents.
The Bulls and Bears of the Wheat
Pit Fight Drawn Battle Over
the Leading Cereal.
Year Corn Takes a Tumble of Cent, While
all the Other Options Nearly Hold
Their Own.
st. Paul Leads Decline in the Stock
Market---A Slight Gain in Cen
trail and Texas Pacific.
CHICAGO.
Especial Telegram to the Globe. |

CHICAGO, Oec. o.-lne provision ueaI is
still the absorbing topic on Change, and the
belief is general that prices are going to be
pushed up a great deal higher, though the
manipulators received a temporary set back
to-day in the enormous receipts of hogs, the
receipts of which are estimated at 68, ,000 the
largest arrival in one day since the opening
OF the stock yards. This factor depressed the
price of pork 20025c, but the feeling was
quite firm at the decline Lard and ribs
were only moderately active, closing 100
12%c lower. Wheat was vigorously pounded
by the bears, but offered very stubborn re-
sistance. December closing &c lower and
deferred options ssc lower. Year corn broke
sharply, closing 1c below yesterday, while
later deliveries ruled comparatively firm and
closed only II shade lower. Oats were weak
and slumped off &c on December and sc
on May Closing quotations on the after
noon board were: January wheat 1870, year
corn 36Xc, May oats 275s, January pork
$114O, January lard S6.75, January ribs
$5.721%.
Bulls on wheat have pretty hard row to
hoe and the bears are in even worse luck,
for, while the former class are buoyed up
future, the latter cannot hope for more than
slight reduction in values and all the indi-
cations are that if such a decline comes it
will be only temporary. The market is
very stubborn one and refuses TO be forced
violently either way though the resistance
offered to a down turn seems greater than
that to an up turn. The receipts continue
excessive, and in this factor the bears place
their chief reliance, and if present arrivals
keep up their reliance is not so badly placed.
But the bulls don't believe this condition
of things will last forever, and to-day they
found some consolation in rumors of some
falling off in farmers deliveries in the
northwest, which rumors had some conflrma-
tion in the purchases Of parties
closely identified with the business OF
that section. The only fact
that initiates against this confiI nation is the
fact that large sales were made some time
ago on account of the northwest, and the
buying for the past day or two may have
been to provide for these sales and not pur-
chases for an investment. In that event. it
merely shows that the speculators in that
section do not believe in much lower prices.
Foreign advices to-day indicated a firmer
feeling in Liverpool, and spot deliveries were
a shade higher with a fair demand for car
goes off coast and on passage. The large
receipts, however, encouraged the bears to
vigorously hammer the Market but they
failed to make very signal success of it,
notwithstanding the fact that their main
argument was reinforced by reports of the
failure of large grain house in London.
January, which continues to be the leading
speculative future, opened sc lower, at
7319c, and persistent hammering during the
early hours only sent it down &c. About
noon there was a reaction, and prices went
mp to 1890, and the close on the
morning board was at precisely opening
figures. In the afternoon there was a greater
desire to realize, one of the most prominent
bulls on the floor selling out 500, 900 bushels
of January at 7414c, and at these figures the
market closed. February closed at 74c, and
May, after touching SO%c, closed at SO4c,
the lowest point of the day.
''At present cannot see any encourage
ment for the long side," said Frank Kennett
this morning, shut l believe that purchasers
of May at soc will eventually pay good
profit"
Said A. NJ. Wright: ''The fact that the
bears, who for the past thirty days have been
using every effort at their command to break
the market, have only been able to secure
decline of 29lc on January wheat, although
aided by large receipts and accumulating q
stocks at all points, induces many well in
formed and conservative parties on and off
he board to think that prices are down
where it is impossible to force and hold fur
ther decline. This feeling is encouraged
by the improved tone that pervades business
generally, the general impression in mer-
camille and financial circles being that, while
no great boom in prices is likely, bed rock
figures have been reached, and that all
branches of trade will work on to a more
healthy basis, from whence values will gradu-
ally appreciate and adjust themselves TO the
cost of production
''The increase in receipts of spring wheat, -
said broker, ''has very depressing effect
on outside buyers, and they are not likely 10
buy freely until they see some signs of
falling off in receipts. There are plenty of
operators, both outside and local, ready to
take strong hold Of this wheat the moment
SSS any ShahSO W JUL IL ouSSCSoAuiig1
but this they generally admit cannot be done
on increasing receipts with such trifing de-
mand as we have had so far. Foreign buy
ers do not seem willing to take more than
1000, 900 bushels per week from us, which
is entirely too small an average to bull the
market on in the face of such liberal receipts
and large stocks.''
Corn opened irmer under the small re-
ceipts--1S4 cars, of which but three graded
coutract-and the soft weather, which, if it
continues, will materially delay the arrival of
No. 2 corn. This induced brisk demand
from shorts, who bid the year option up to
3s5Sc, or &c above Yesterdays close, bat
when the more apprehensive had filed there
was lull, followed by break of l1Scs from
top figures, and then rally Of &c, with a
close of 3754c on the morning board. In
the afternoon there was another severe break
and the final close was 1c below that of yes
terday and Nc above bottom figures to-day
Of 365Sc. There seems to be some expecta-
tion of squeeze toward the close of this
month and the deal is popularity supposed n
be run by Love Bros, who were the CHIEF
sunporters of the market to-day, but, as will
be seen by the course of the Market this ex-
nectation has not yet developed into
scare. The deferred futures were moder-
ately active in a scalping way, pul