St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-12-24
WHEAT PIT SLUGGISH.
The Leading Cereal Closes
Several Points Under Mon
days Figures.
London Cables Do Not Bring
Orders at Fairly Work.
able Prices.
Wall Street Market Maintains
a Holiday Dizziness
Throughout.
The Close Shows a Partial Re-
oovery Of Fractional
Losses.

CHICAGO, Dec. 23.-The wheat mar
ket put on an appearance of more stead
mess at the beginning, moved thereto
by decrease OF 376,0O0,0OO bu in the
amount of wheat on passage. The Liv-
erpool market was quoted easier at I'D
decline, but BeerbOhm reported the
cargo trade good and the feeling st ong.
George Smiths cable remarked that
there was good buying for the cOnti-
nent, and the senders of the dispatch
did not look for any further decline.
The adviceS from New York were to the
effect that the cables did not bring or
ders alta workable price, and only
small business was being done for ex-
port. The clearances of flour from the
seaboard were not heavy, and of wheat
they were very light. The St.
Louis operators sent bullish dis
patches and orders to buy wheat, while
New York and the Northwest were
beariSh. S. Y. White & Co. sold heavily
of wheat supposed to be on New York
account. A great many lines of long
wheat were dumped, and in fact one OF
the chief contributing causes TO the
recent spell of weakness in this free
adoption by the bulls OF the sentiment
of the old time cOuplet which says that
''he who fights and runs away shall live
to fight some other day" When there
was decline Of &c the entire bull con-
tingent have recently offered their
wheat for sale with so much unanimity
that the bears have had no trouble in
covering their shorts without causing
reaction of more than &c or &c per
bushel. The st. Louis dispatches re-
ferred to above noted the continu-
ance of the dry weather which is
so injurious to the wheat plant
and the yellow appearance of the latter,
which effect they ascribe to the work
of the HesSian fly. The carrying
charges are the most anomalous feature
of the business at present. Here De-
cember and May keep about &c apart;
at Milwaukee the spread IS about &c; at
st. Louis it is 4c; at Toledo sc, and the
December and May deliveries were to-
day being sold in New York at the same
price. The spread at Minneapolis is
about &c. and at Duluth &c, so that the
only approach to the carrying charges
are at the latter cities. The opening
price was 9S14c, and the trading for
some time after the start was lig Int and
fluctuations narrow, ranging from
CSC to 9S1Gc. 1t was not until
IL u COCk tudt tHS UuliS IUSG
all hopes of rally and
value. The decline was not stopped
until the price had declined to orc, or
111sc lower than yesterdays closing fig
ures. At the closing the trading was at
9756@9719c. The corn market was again
left TO the tender mercieS of the local
scalpers who are bearish. and, in conse-
quence, prices declined. There were
selling orders from st. Louis. The first
support given to values came from the
buying against puts, from which cause
there was temporary reaction, but it
was not of long continuance. The in
activity in the demand for cash corn
was the principal depressing influence.
No. 3 corn was sold for january deliv-
cry at 45c, and No. 2 was nominally
worth 49c early to 4Sc at the close.
Hutchinson and Partridge were both
credited with acting on the selling slde.
May corn opened at 515sc, declined to
slice, recovered to 51$l@51Tc, declined
once more, getting down to 5O%c
before there was much reaction.
Oats suffered further decline and
closed sc lower than on the previous
day. The market attracted a larger
number of traders. and showed rather
more than the usual amount of business.
while Baldwin-Farmer and Eggleston
bought. First sales of May were at a
decline of sc, the price being 1870
An advance followed to 44@ age.
Thence the price declined to 434c, but
hardened to 43115(04355sc bid on the close.
December and January remained dull
and inactive. The provisions market
was fairly active at times, but prices
were again lower. Packers we're on
both sides of the market, buying early
and selling later. Armour was reported
as having bought pork for January and
sold it for May. He was a buyer of ribs
to a moderate extent. Cudahy was a
very free purchaser of pork on the call.
Che lard and ribs deals were narrow
and dull. The fluctuations were con-
fined to about 214c, but the feeling was
heavy and the tendency downward.
The actual decline in price to-day was
slight.
IaadiDU fin o,,ood oc folI0,ue.