St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-12-28
WHEAT Hello STEADY.
Dizziness Early in the Day
Relieved Later by In
creased Selling.
Local Professionals Press
Their Advantages on Dis
couraging News.
Che Anticipated Advance in
Freight Rates Forcing
Wheat Out.
Che Downward Impetus Wakes
Up the Selleps--GenePa1
Market News.

CHICAGO, Dec. 27.-The market for
wheat opened re higher than 1t closed
Yesterday. The first general trading
price was 971Ic. There were two or
three trades made at 975sc. but the
great majority of the crowd were
Vainly endeavoring to sell at that.
There was q gradual, Inanimate and
dragging decline, until the price struck
9714e, and, this point being reached.
business ceased almost entirely for
couple of hours. About 10 o'clock the
intensified dizziness of the proceedings
was relievad for 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
1t 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 t earlier, and this encouraged
others, who, though beariShly inclined,
had previous to the time referred TO
waited for break in the stagaation of
kho &..ai hlfn n
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
apoiis in anticipation Of that advance in
freights. Miliers outside of Mime
apoliS are bare of stocks. and it is sig
niiicant 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
-four 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
&E,Nf orrlvn Of r1roc art <NFS
having increased the duty on -four 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 9614 0963Sc, or about
&c per bushel below yesterdays closing
price. There was only slight recovery
toward the close, followed by cnntinu-
ton of the previous weakness. and the
market closed limp and weary at 964c
for May, and 9l55c for July. July was
maintained during the greater part of
the session at a 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 &c improve
ment on the prices at the close of the
preceding session. The fluctuations
were confined between sligo and SIG
during the forenoon, but when the
break started the price quickly settled
until it touched 505Sc. The closing
price. 5Os4@50Nc. shows a decline
since Friday of about 15c per
bushel. Oats were quiet and
steady around 3A@44c for May
until the last half hour, when
Partridge raide6 the market, causing
decline to 4314c. 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 a 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. Ielmboid was buyer Of
pork early, while Cudahy was seller
of the same for May delivery. William
Dunn q 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 20(02215c, lard
216@5c, and ribs 10@1215c.
The leading futures RANGED nc follovs,