St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-12-22
WHEAT LACKS SPIRIT.
Change ofHeart Results From
an Easier Tone in Ca
bleS.
All Outside News Was Like
wise Quite Favorable to
Bears.
Wall Street Stock Market
Sluggish Throughout the
Session.
Publication of the Bank State
ment Reviye5 a Show Of
Interest.

CHICAGO, Dec. 20.-The wheat mar
ket opened tame aud lacking in the
spirit which usually characteriZes
bull market. The price. however, was
&c higher than it closed Yesterday, but
that anomalous condition Of affairs soon
disappeared. A few sales were effected
at S1.002s, and then gradual sinking
took place, which was not materially
overcome until the price had gotten be-
low 81. The change of heart was the
result of an easier tone to the cable
dispatches and the suggestion of Strin-
gency of money in commercial circles
in X. G. Dun Il Co.'s weekly review.
The outside news regarding the move
ment of wheat was likewise in favor of
the bears. The Minneapolis dis
patches reported the farmers de-
liveries increasing in the North
west and from Kansas City the
reports were likewise of a similar char
acter and cash wheat had declined &c
per bushel. 1t will be remembered that
a consignment of wheat to Chicago from
Kansas City was said to have been re-
called on account of 4c per bushel over
the Chicago prices having been obtained
for it in their own market. Cash wheat
at st. Louis was 112c lower than on the
day before. The weather was damp
and drilling at st. Louis and threaten
ing rain generally throughout the win
ter wheat belt. The ground is badly in
need of moisture and the above weather
probabilities was another argument
used by the bears. The New York bank
statement was even more favorable than
tod l..,%
influential factor in the wheat market
Although much Of the heaviness dis
played by the course Of prices to-day
was ascribed by the sellers of wheat to
the stringency of money when such an
indication as was conveyed by the finan-
cial statement of the New York banks
of returning ease, the improvement
which logically should have resulted
was conspicuOusly wanting. Logic and
wheat speculation have, however, no
more connection than the barometer
with the price of hogs. Hutchinson
was of more account than all other in
fiuences put together. He sold the
crowd all they would take at from 81 .0O$l
to S1.001s and bought back from them
all they would sell below 81, and it was
surprising how the crowd supplied his
wants at their own cost i'll both in
stances. There was no life to
the mrrket after it had gotten
down In the neighborhood of 81. 1t
chung there despite Hutchinson's later
purchases, and Partridge was seller
at that price within few minutes of
the close, and 81 was the price bid as
the bell tapped. There was no feature
i'll the corn market beyond the general
heavinesS which oppressed il all day.
The best prices were made at the open
ing, and the lowest as the end APP
preached. The trading in May at the
opening was at from sac to 54115c, only
one or two trades taking place at above
SIC. The trade dragged, and prices de-
clined to $500, and at the close there
were sellers at $500, which is drop
of &c since yesterday. The shipping
demand was slack and an increase in
the movement is anticipated. Irwin
Green. RumseyChandler and William
Dunn were among these who were con-
SpicuouS sellers. There was a fair
amount of activity in provisions, and
the days trading was done at the eX-
pense of the holders. The packers sold
all that the market would take without
breaking up entirely, and the result
was decline of 25c per Dbl in the May
delivery and SOC Ill January. Lard
broke nc in the nearer option and sc
in the morning remote. Ribs were very
weak. January opened at $5.05
and closed at $3.50, the open
ing quotation being the highest
and the closing price the lowest of the
at S5.75, and closing at $5.55@5.7711S,
after selling squarely at S5.55. Among
the packers. who sold freely, were
Cudahy, Allerton, Ryan, Armour and
Underwood. The receipts of hogs
were lighter than had been looked for,
and prices were somewhat higher, but
the packers appeared to have come to
the conclusion that the outsiders were
getting Ion to their little game" and
made haste to get rid of what they
could while the profit i'll sales was still
SO handsome.
The leading futures ranged as follows: