St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-12-19
Wheat First Advances and Then De-
cEnes Sharply, Mixing specula-
tors Very Much,
But the Closing Figures Show Deci
sive Victory for the Bear
Operators.
Corn. Oats and Provisions, in Sym
pathy With the Leading cereals,
show a Decline.
A Quiet Day in Wall Street Values
Declining, and but Little Trad
ing is Reported.
Chicago.
Snanio1 10 fha Globe

Special to the Globe
CHICAGO. Dec. 1S.-''The bulls had an
inning Yesterday" remarked one of the
wheat crowd. who can catch onto one side
as easily as the other and is therefore as
nearly unprecedented as they make them,
but question if they can do it again to-
dav. l shall be much surprised if we don't
have reaction" Later the reaction came
and made the guess good one, though for
the first half hour the market looked any
thing like breaking off. One potent reason
was that the crowd came on change con-
siderably long of stuff. bought early yeSter
day morning prior to the bulk of the adj
vance, and seeing a little profit
in it, something they were entirely
unused TO, were anxious to secure it.
Thus, when the strength showed reasonable
signs of keeping up offerings were quite
heavy. heavier. in fact, than the situation
COULD stand. Five times within the last
three months, since the May option began
to be traded in. it has touched. but not sold
under soc. The first trade in MAY was at
S1.03. From that it went to soc, then back
to above S1.0l, back to 90c again and so on.
Ninety-eight cents was touched twice after
9Oc had been grazed so that after this eX-
perience. whenever the 90c point is touched
there are plenty who buy, feeling that it is
4 sort of sacred spot. Wheat opened at
about Yesterdays closing prices, and on
spirited buying advanced &c for January
and February and &c for May. Crosby
mad very encouraging
FOREIGN MARKET ADvICES,
and as he was a strong buyer, he had good
following Public cables did not confirm
the news sent to Crosby, and private cables
1,
English connections fatty contradicted
tidingS of a better feeling abroad, and as
those messages were accompanied by selling
orders they received considerable consider
alton The temper of the crowd changed
and the market was sold down 5sc. the
bears raidng it sayagely, and considerable
long wheat bought III anticipation of a
strong advance, came out. Fresh strength
was impaired 10 the market later by receipt
of news that London was excited over a
possible failure of final negotiations
between England and Russia over the
Afghan question. The resurrection of this
issue. which had been considered safely
buried in the cemetery of ancient history.
caused some excitement and an advance of
15Q} &c. but the improvement was lost in
part. and quotations once more sought
lower levels. getting within &c of the bot
tom previously reached. Again good buy
ing turned the market upward. and at 1880
the price was almost the same as at the
opening and midway between the extremes.
The last half or three quarters of an hour
was tame and weak. The snap seemed to
have been pounded out Of the bulls and
they were very quiet, prices subSiding to
ABOUT THE BOTTOM,
the O'Clock closing being described as sick.
The latest consOf quotations registered a
fractional advance, while foOtingS for the
day show an eXperatingly low rate of dimi-
mutton in receipts at points of accumula-
ton on this side of the water. This after
noon there was an easier feeling. latest
prices being SAGE for January. SAGE for
February and 9O15c for May, a decline of
el@1c from yesterday. In the general
situation there has been no change. There
are no new elements that it seems possible
to bring forward having any important bear
ing on either side. The bears still claim
tbs visible is growing, and Will
show nearly as great an increase
this or last week. and that the bulls cannot.
for some time at least, hope for any aid
from war news, and nothing but war or an
active export demand can excite a suf-
ficiently strong buying activity to overcome
present oppressive influence. On the active
board the prepOnderance of capital is on the
buying side and fayorS it upon the theory
that all our wheat will be needed, that the
amounts at different sources of supply are
exaggerated by bears, and the movement
from the Northwest Will soon greatly
diminish and the time for the
visible to turn is near at hand.
Rather less attention is attached
to the corn deal than formerly, as is nat
ural. now that the year deal has run its
course. The opening to-day was steady in
all corn options at last nights closing
prices. but there was not. as in wheat, any
subsequent advance. The market was
more active and lower for all deliveries, a
decline of &c being noted. The large
receipts present and prospective. and the
rapid improvement in quality make buyers
timid and sellers courageous. The aggre-
gate of transactions was quite large. The
close was steady at 392ic for year, 9715c
for January, SIC for February and $3.50 for
May
Oats suffered decline of sc to-day.
New York and other markets were dull
and dragging.
Provisions opened strong and higher in
consequence of an advance in hogs at the
yards. and they held steady until packers
began letting go property in larger quanti-
ties than could be readily absorbed. The
result was drop of 25@20c in pork from
the best figures. and 715(010c from yeSter-
day gagged by to-day's quotations. Lard
closed &c and ribs 515@115c lower than
yesterday. The last weakness was partly
in sympathy with wheat.
PETER BERKEY. Pres. F. W. ANDERSON, Cashier.