St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-12-08
The UnfavorabIe Weather Having a
Depressing Effect Both on Quota
tions and the Spirits ~
the Spectators.
The Enormous Visible Supply, increasing
Thousands of Bushels Every Day:
Steady Check to Any A6-
vance in Wheat
Trading in Corn, Oats and Provisions
Very Light and Prices Almost I'm
changed-No Disposition to
Trade in Shares.
CHICAGO.
rsnecial Telegram to the Globc. I

CHICAGO, Dec. 6.-The grain markets to-
day were generally heavy, and lower prices
were the rule on all leading options. Wheat
was especially weak, the supporting features
seeming to be entirely lacking, and the bears
made the most of the situation, pounding
the market mercilessly. The result was a
sharp decline of from S@11sc, 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 70 lower at the close and May un-
changed. Oats joined the downward process
sion, and closed &c lower for December, and
&c for May, while provisions varied the mo-
notony by remaining fairly steady, pork
closing 21lc higher for January, lard Sc
higher all around, and ribs 21zc higher
Closing quotations were: January wheat
7235c, year corn, 36Mc, May oats, 271Ec,
January pork, S11.421l, January lard, $3.50,
January ribs 1878.
There was not much activity in the wheat
pit, and the outlook for believers in higher
prices was decidedly gloomy. All the in
1ucnces seem adverse, including receipts for
the week much larger than any week for
several years past, while in other points the
deliveries were heavy, and the prospect is
good for 1000, 600 bushel increase in next
Wednesdays statement. New York was
weak at I001c decline, and cables reported
liverpool quiet but steady and Mark Lane
the same, with decline of pence per quar-
ter for red winter off 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 off with slight huctua-
tons &c, closing at the lowest point of the
day, 1890. There we're some outside orders
for January at 73c 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 &c, but declined
pretty steadily from that point to close of
793l.
c. A. King q Co., of Toledo, says: 1.-THE
present exportable surplus of wheat in this
country, out of a total crop of $40, 900, 900
bushels, is over 50,000,000 bushels larger
than the probable export requirements for
the remainder Of the present crop year, and
over $1,000, 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. If it does not, the reserves from
the previous crop of 10000, 900 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 advance"
Optional trading in corn to-day was very
light outside Of the movement in year, and
the range Of fiuctuation in that was covered
by &c. Liverpool was strong on corn and
half penny per GENITAL higher, and our re-
ceipts were only 165 cars, with ten grading
No. ., 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 win not bid up the market or take on
any more than is wanted for immediate uses,
is nearly at a standstill for the want of
healthy and normal conditions. Year opened
at 369c, yesterdays last figures,
and, under purchase by Sam Adams, went
up to 3714c, but declined &c after that sup
port had been withdrawn, and closed 1Ec
lower than on yesterday, at 362lc. January
opened at 35c, declined to 342lc, and closed
at 345Sc, while May iuctuated * either way
from S74c, opening and closing at that
figure.
'This weather is bad" said Jim Love,
''but 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 a decline of sc a bushel. Freight
rates on the Union Pacific have been reduced
21ac, and corn on track is higher than it was
few weeks ago. Here's an advance of
nearly &c. Two weeks ago we were getting
800 cars of corn day. This &c more
bushel will start corn movement that will
result in receipts of 1000 cars of corn day
within the next fortnight"
c. E. Culver, as receiver, said that he ex-
pected /, 800 cars of corn to arrive daily about
the last of December.
Oats were fairly active, but the feeling was
heavy and prices sought lower level FL
bridge, Jones, Catlin and Press were selling
mostly on short account. The sales of Jones
amounted to 100000. Press says May oats
are good for decline of Sc. December
opened &c lower, at 24c, went up &c, and
then down to 2311c, closing at 235Sc. May
opened sc lower, at 273lc, and sold down
to close of 271Ic.
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
nc. then off &c, closing at S11. 421I or 215e
above yesterday. Lard opened 21lc better
for January, sold up 1Oc, and closed SC
higher than yesterday at $780, Ribs i'm
proved 21lc, closing at SIS rs for January
and S5.S21E 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
low figures. Natives were scarce and shade
higher.
Receipts of hogs were rather above the
average for Saturday. The market opened
rather weak and 5(910c lower, but closed
irm. with the loss Of the morning regained.
Receipts of cattle for the week were about
$4,000 and of hogs 276, 900, and for the com
Dg week the estimates are from 200, 600 to
100000.
CHICAGO FINANCIAL.
Especial Telegram 10 the Globe.
CHICAGO, Dec. General business at the
hanks was very olliet owing nartiallv IN tho