St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-12-23
MAY WHEAT |FELESS.
Dead Heaviness the Prevail
ing Feature in the
Grain Pit.
No Electricity in the Market );
No Buying on the i
Break.
Wall Street Market Retains
Its Purely Political Char .
actep.
There Is q Much More Settled
Feeling in Financial
Circles.

CHICAGO. Dec. 22.-The wheat pit was oc-
cuDled by sellers at the opening to the eX-
cluSion of buyers at the prices prevailing
when the market closed Saturday. There
were offers to sell May wheat at 99sSc, but
until those had been reduced 10 9934c, no
buyer lifted up his voice. although some few
transactions may have taken place at 997sc
The selling impetus at the opening carried
the price of May TO 993sc C. after short pre-
liminary struggle around 99lac. There was
reaction to 997sc after the first dip and for
time there was enough buying against puts
to prevent further break, lasting until
The first half hour of the session had been
passed. The buying, which was influenced
by the security afforded to the purchasers by
the possession of puts, not having advanced
the market above the opening price. the sell
ing pressure was instantly redoubled and a
sharp decline TO 99lsc took place. There
was an animated trade on this break and
heavy orders were executed on each side
of the market. The selling preponder.
atlng, the decline continued and be-
tween long wheat being abandoned
and further pressure from the shorts,
the price was, after short struggle,
forced down to 9Ss4c, and for a long time
thereafter the fighting ground was MAIN
tanned around 99c. Fresh ground was broken
about II o'clock. There was no elasticity
III the market, and no buying on the break
OF sufficient account TO give token of any
underlying confidence. The decline in the
instance referred to carried the price of May
to $3.50, where numerous stop-loss orders
and buying orders appeared to have been
struck simultaneously There was slight
recovery from the last named price to 9Ss4 C,
but, as before, there was no spirit in the buy
ing through which this result was brought
about, and the price slid off easily and rap
ldly as soon as the parties who were onerat-
ing on the bear size had satisfied themselves
that the inherent heaviness of the market
had been unrelicved by tine severe shaking
out which had already taken place. The
visible supply statement was no surprise or
ASSISTANCE to either side being close to gen
eral expectations. Partridge was seller,
and Hutchinson was likewise on that
side. while those who usually ex-
press their confidence in higher
prices for the future showed in
the freedom with which they dumped their
holdings but scant faith i'll the Immediate
outlook. The DEAD heaviness continued up
to the last moment of the session. The low
est price OF the day was 9Slsc, and that was
made just as the closing bell separated the
still eager operators. The tendency of the
corn market was almost steadily downward
from the commencement to the closing of
business. There was 10 support, but, on the
contrary, SO far as local opinion EXPRESSED
Itself through the operations of the scalpers
the decline was assisted by an apparent as
sent in the correctness of such course. The
opening price of The May future was 53Ac,
with one or two sales at 53ssc, which was an
immediate drop below the price of puts. The
opening price was the highest of the day.,
and the closing quotation, though not the
extreme lowest, was near enough to be
virtually so called. There were q few
sales at 5l5sc, while at the close
5lAc was bid. Heavier receipts in the near
future and more favorable weather for grad
ing were the changes in the situation which
operated in favor Of the changed sentiment
from the previously prevailing steadiness.
The most remarkable change was in the Dec
cember future. which from 52c at the close of
Saturdays market had dropped to 49c in the
course OF to-day's trading. ALI of the infiu-
ences in the oat pit were bearish. There was
prospect OF heavy receipts, there was all in
crease in the visible supply, and the slump IN
corn caused break in May to 1873 against
44S4c at the opening. The provision market
orened fairly steady on the smaller number
OF hogs reported at The yards than had been
estimated. There was an immediate offering
OF such quantities OF product more especial
ly of pork. as caused the latter article to de-
cline RAPIDLY from 81 for the May delivery
TO 81 g -t2 after sale or two at the start at
S11O2l2. The closing pfice shows O decline
OF I2l2c per barrel. Lard was weak, but the
decline was only 2Wc. Ribs only suffered to
an equal extent with lard. Packers were the
sellers for the most part and shorts the buyers,
The leading futures ranged as follows.