St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-12-09
MARKET HELD DOWN.
Weakness Caused by Sensa-
sational Change on the
Stock Market.
Quite Liberal Sales by Houses
With Northwestern Con-
nections.
Wall Street Market Active, r.
regular and Upon the
Whole Weak.
Money on Call Goes Away
Up Among the Pict-
uPeS.

CHICAGO. Dec. S.-Wheat bordeTed upon the
lowest price IL has been since the financial
outlook first began to cause serious alarm,
May selling down to 963461965sc. IL closed
at 97$Sc, or s4c lower than on Saturday.
Corn was well held, and made slight adj
varce and the oats deal was in accord with
the other feeding material. Provisions
started strong, and closed steady at q slight
Improvement OH Saturdays final quotations.
The wreekers of the stock are again at work,
and have once more manipulated a corner on
the ioanable funds in New York. Wheat
started strong in sympathy with an apparent
recovery i'll the New York stock market, and
the expectation of quite small increase, if
not an actual decrease, in the visible supply
The May future, which on Saturday closed
at 9Sssc, opened with buyers at 9SLc. and
from lhat up TO 9S5sc, and sales were made
a second later at 9Ss4c. In the
course of the first half hours
business the price had receded to Csc. in
one-half hour thereafter it was 97lsc and
then again by l O'Clock it had recovered l2c-
of the latter decline. The cause of the weak
ness which thus so quickly superseded the
figures at the opening was due TO the stock
market having made similar change of
front. The announcement was made from
New York while the decline in the wheat
market referred 10 was in progress that the
firm OF Roberts, Cushman 4 Co., importers
of matters materials, had failed. with liabili-
ties of 81 ,OUu.0"0. The receipts at Mime
apolls and Duluth were received also at this
stage of the proceedings, and they were not
indicative of any falling off in the move
ment. ! he New York clearances also came
to hand at the same lnoppOrtune moment
for the bulls. and as no wheat appeared to
have been shipped from there on Saturday.
this added little to the bearish sentiment of
the moment. The returns which came TO
hand first from points which were Incluned
tons of upsettng the earlier expectations of
only small increase. In fact. there was no
fact or rumor of an encouraging nature to
the bull side of the market put forth or COM
mented upon during the time covered by the
fluctuations recorded above. That the Hes
sian fly has run its first parallel i'll its attack
upon the wheat plant of this state, was again
testified to By advices from the interior but
the Spectators were too much engrOssed
with questions of high finance to do more
than brush aside the fly report as they WOULD
have done to the live insects had these put in
q persona! appearance. Money was quoted
at 20 per cent in New York on stock collater-
ais. and the wheat SPECTATORS here acted as
II under the impression that contract for
the delivery of wheat in May was subject to
similar tax: The market was held down by
western connections New York, be-
sides making the atmosphere murky
with its reports of tight money and
rumors OF worse TO come, sent heavy selling
OTuerS 10 LnlS market. ana the local bears,
getting the market on the run, pounded it at
every sickly attempt it made 10 rise. The
latter half of the session was a continuation
OF the downward trend in prices which have
already been noted. The December delivery
widened out to a difference of .iI2c under
May at one period, and the two deliveries
closed sc apart. May declined to 967sc. and
December TO S9Ac. At the close May had re-
covered To 97ssc, with sellers at that as the
bell tapped. I he Corn market was firm first
ard strong later on account of the visible
supply statement showing shch meager
quantities on hand. The price of May started
at an improvement of &c over Saturdays
closing prices, but declined ssc in sympathy
with the weakness in wheat until firmed
up again from the cause already
mentioned. There was an advance in
May to 54ssc after selling down to
53ssc, and it closed at 54lsc, or an
improvement of &c since Saturday. Oats
were slow and unsettled. being firmer and
higher early. in sympathy with other mar
kets weakened toward the cluse, but fin
slight advance over Saturday,. Pork-The
market attracted considerable speculative al
tention. and trading vas quite active at an
Irregular range of prices. AT the opening
few sales were made at about the closing
figures of Saturday, but prices advanced l50
2uc, settled back again l2l20ll5c. and closed
rather tame at inside figures. Lard-TTading
was moderately active Early prices were
advanced 2l2c. Later the feeling was easier,
closed steady at short inside figuras. Short
Rlbs-A fairly active trade was reported and
the fluctuations in price were siisht OPEN
ing sales were made at 2l2G15c advance, but
prices receded and the market closed rather
steady.