St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-12-15
Wagers Being Made That Wheat
viii Sell at Zoe Before
1t Reaches zoe.
Traders Find it Impossible to Shake
On the Impression That There
is Too Much Wheat for
Better Prices.
Corn Labors Under the Weight Of Sympathy
With the Leading Cereal, and
Drops Fraction.
wall Street Closes Quiet and Steady With
out Special Feafures-Chicago
Banks and st. Paul Bonds.
CHICAGO.
Especial Telegram to the GlOhe.I

iIfNNA@~ ACA0FN1M ~ taC 1Aouo-l
CHICAGO, Dec. 13.-The old, old story Of
weakness and lower prices was again re-
peated on Change to-day. This was especi-
ally noticeable in wheat, which seems now
to have lost all the friends Il ever had. There
were no very potent weakening factors, but
the strain on the market Of the enormous
visible supply seems TO be telling. and values
sagged under the weight until January wheat
got down 10 70Zc, with bets offered that II
would touch 6Oc before it did soc. The close
was at the lowest point Of the day and Il
under yesterdays close. Corn was pretty
steady under the circumstances, but with
values tending downward aud year and Nav
closed sc lower, while January was &c be
low yesterdays last figures. December oats
ruled steady all day 81 5zc below yesterdays
close, and May fuctu4ted &c either way
from the opening and closed &c lower than
yesterday. Provisions were rather quiet,
with prices again on the down grade. Pork
was 2OtG221<c lower, lard IKE lower aud
ribs lO@l21<c lower. Closing quotations
were January wheat 70szc, January corn
S5e, May oats 275sc, January pork slO.571<,
January lard $3.50, January ribs 5.42X.
January wheat opened 5S9I{c lower, With
very weak feeling in the market, receipts
being Unexpectedly heavy. general un
loading of long wheat commenced and was
carried on all day, depressing prices contin-
ually and resulting in a break OF &c from
yesterdays closing. January wheat sold off
l1Sc from the opening TO the lowest price yet
touched, 70sse, and, after a very slight re-
action, closed almost at that figure Cash
No. wheat has to-day sold at zoe. There
has been no special feature in the market, but
the dead weight Of an enormous visible sup
ply and stock in store here, with continued
heavy receipts and hardly any outside specu-
lation to assist in carrying the load just
pressed down prices. The feeling is very
weak at the close, but, should January wheat
touch zoe early on Monday, there
will probably be sufficient outside buy
ing orders on hand at that figure TO cause
some reaction. Receipts are again expected
10 be heavy, being variously estimated at
from $50 10 900 cars, and further large in
crease is expected to be shown by the visible
supply statement, which are depressing in
fuences, hut it is question how far these
have already been discounted. May wheat
opened at 7S2sc and sold down, with few
fluctuations, to az SC, and at which it closed,
showing a total loss, as compared with yes-
terday's close, Of sc.
Nobody wants any wheat" said Bangs to-
day. The receipts continue 20 pile up too fast
for anyone 10 think OF making money on the bull
side Of the market. There have been several
attempts OF this kind. The conclusion has been
rearhed that xra nm ~ a
capitalists came in to buy for long pull. These
little diversions have had DO permanent effect on
the market, which has steadily gone down, and
to-day, with wheat In the vicinity Of zoe for jan
usry, the sentiment seems more bearish than
ever"
There was but little trading in the corn pit
to-day, the corn crowd being busily engaged
in watching the bottom being knocked out
of wheat Liverpool was quiet, and our re-
ceipts were l3l cars against 81 yesterday
The grading, however, was not as good, for
out of all the receipts only six cars were put
with No. ,. Unless something can be done
TO induce more free arrivals Chicago bids fair
to lose some Of its hitherto large corn trade,
as shippers and spectators will prefer TO
send their grain 10 other markets, where 1t
will be treated better. The opinion is be-
coming quite general that our present system
ofinspection is too rigid, and is working in
jury 10 the corn trade of this market. Jim
Love and one OF two of the old clique brok-
ers are reported to bold about all the cash
corn in Chicago, and are credited with at
least the desire 10 squeeze the market. but
the danger is not menaciug enough TO cause
much Of a rush TO cover, else the short inter
est is smaller than it is thought to be. Year
corn opened at yesterdays close, 349<c, went
down 10 34S5c, then up to close Of SAKE.
January opened at S51[c, sold up &c, then
down sc, closing at Csc, against 35sSc yes
terday. Love sold 10, 900 bushels of this op-
ton and offers some more. That's about all
there was TO the market.
In the provision pit there was not much
excitement and lower prices prevailed.
February Pork opened &c of at sIO.s5, and
sold steadily downward zoe from the Open
ing, the local operators, who went short on
the advance, being the principal buyers. At
the close there was a reaction Of sc, making
the last figure about zoe lower than on yes
terday. January pork opened re lower
and closed 221<c lower at Sos SIX. January
lard opened exc of, sold down 7I<c more,
then recovered exc and closed at Sc. so
against s6.571s yesterday. Baldwin and
King were buyers of this option. Ribs were
dull, but weaker, January opening and clos
ing 1oc lower at s5.421I. February opened
ne lower and closed 121fc lower at S.. IS.
At the stockyards the market was slow and
weak on the few cattle on sale. Several
droves that have been carried over since
Thursday are yet on the market, q good
many statesmen preferring to carry them
over Sunday rather than accept the low
prices offered. Butchers stock holds fairly
well and the Texans on the market made q
good price Stockers and feeders were also
selling at steady prices.
The hog market was slow and prices rather
weak, especially at the opening. The IN
settled condition OF the provision market
and the decline in mess pork at the opening
of the market contributed g good deal toward
the unsettled feeling, yet prices underwent
little or no change, and at the close choice
heavy sold good nickel higher.
CHICAGO FINANCIAL