St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-12-29
WHEAT Hello STEADY.
Dizziness Early in the Day.
Relieved Later by In
creased Selling.
Local Professionals Press
Their Advantages on Dis
eouraging News.
The Anticipated Advance in
Freight Rates Forcing
Wheat Out.
The Downward Impetus Wakes
Up the SellePS--General
Market News.

CHICAGO, Dec. 27.-The market for
wheat opened &c higher than 1t closed
yesterday. The first general trading
price was 9715c. There were two or
three trades made at 97%sc. but the
great majority of the crowd were
Vainly endeavoring to sell at that.
There was n gradual, lnanimate and
dragging decline, until the price struck
9714c, and, this point being reached,
business ceased almost entirely for a
couple of hours. About II o'clock the
intensified dulineSS of the proceedings
was relievad for a short time by slight
increase of selling pressure, during
which the price fell to $3.50 in few
minutes. There was nothing in the
days budget of news to encourage buy
ing, but the inertia of business
was such that selling, although
it was invited by such items as
were made public was for the greater
part of the session held in check by the
absence Of orders from outside. The
local professionals, however, among
whom Partridge was conspicuous, after
the session was more than half over,
began TO press the advantage of the
rather diScOuraging news and offered
enough beyond the immediate require
mentS of the crowd to cause a general
unloading of holdings by such as had
bougl earlier, and this encouraged
others, who, though bearishly inclined,
had previous to the time referred to
waited for break i'll the stagaation of
the earlier trading before committing
themselves to the selling side. The
movement on Minneapolis continues
fairly liberal. This is largely due to the
fact that railroad freights will advance
on the 1St and country elevator stocks
are being pushed forward to Mime
apoliS in anticipation of that advance in
freightS. MilierS outside of Mime
apoliS are bare of stocks. and it is a sig
niticant fact that few days ago one
miller was unable TO buy wheat to fill
an order for -four from Glasgow. be-
cause he could not buy the wheat from
tributary points. A very large line of
flour has been sold for shipment to the
United Kingdom during the next sixty
days at full prices. So far as the Situa-
ton abroad is concerned, good de-
mand for European account Is expected
in January, February. and March, based
on the statistical position of the trade
there, and it is probable that during the
next ninety days local milling demand
will manifest itself for our domestic
trade, south, southeast and east OF US.
There were no cablegramS from Liver
pool or London, the holiday abstention
from business still continuing at these
centers. The only piece of European
Intelligence which had any influence
upon the market was report of Spain
having increased the duty on flour from
1Ss to 25s Cd. The downward impetus
impaired to the market woke it COM
pletely from its previous somnoleScent
condition. and there was moderate de-
gree of activity, while prices retreated
before the onslaught of the sellers until
May was quoted at 96A @96s6c, or about
1c per bushel below yesterdays closing
price. There was only slight recovery
toward the close, followed by a continu-
ton of the previous weakness, and the
market closed limp and weary at 96Ic
for May, and 915sc for July. July was
maintained during the greater part of
the session at discount of about 400
45sc under May. The corn market was
moderately steady, but fearfully and
wonderfully dull until wheat began its
tumbling, after which no one had any
use for corn but as an article to be dis
posed of on the shortest possible no
tice and without any particular re-
gard to the price attainable. The open
in price for May was about nc improve
ment OH the prices at the close of the
preceding session. The fluctuations
were confined between 515sc and 5114c
during the forenoon, but when the
break started the price quickly settled
until it touched 505sc. The closing
price. 5O94@501sc, shows decline
since Friday of about 1zc per
bushel. Oats were quiet and
steady around 43%944c for May
until the last half hour, when
Partridge raided the market, causing a
decline to 43Lc. The trading was light,
and all on local account. The provision
market started lower, apparently be-
cause there were rather more hogs than
had been looked for, and they were
bringing lower prices at the yards.
There was steady feeling during the
earlier hours of the session, but later
decided weakness was the rule, and
prices made an easy descent from which
there was no subsequent recovery,
weakness being the prevailing feeling
at the close. Helmbold was buyer of
pork early, while Cudahy was seller
of the same for May delivery. William
Dunn IL Co. were buyers of about 5000
bbls early, but were reported to have
Tesold them later.
The packers were free sellers of ribs.
Closing prices were lower considerably
~-than on Friday for all descriptions of
products. Pork declined 2O022Ic, lard
21905c, and ribs 10@1212c.