St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-12-05
TO-DAY'S REACTION
In the Wheat Market Solaees
the Dependent
Bulls.
Improved Condition Of the
English Market Ac-
counts for 1t.
On Wall Street the Country
Buys for the Long
Account.
Loans Are Easy and No I'M
mediate Squeeze Is Now
Anticipated.

CHICAGO. Dee. A-The shorts covered freely
on the soft spot i'll the market which devel-
opcd early III the session. " heat and corn
were strengthened by heavy export clear
anees OF the former and the good cash de-
mand reported As existing tor both. The de-
Ginning tendency i'll provisions was also ar
rested, ana although the closing prices were
lower than on the day before, there was q
hrmer feclIng at the decline. Wheat wound
up al an advance Of about age, corn tie. and
oats Csc; pork. lard and ribs were somewhat
lower. AS had been predicted yesterday, the
Bank of Engl3nd rate of interest was re-
duced from To per cent, but, contrary 10
general expectations, neither the stock
market at New York nor the wheat
market here were Immediately responsive
TO that emphatic expression of returning
confidence III The financial situation. The
price OF May wheat at the opening was I'M
changed from the resting figures of the pre-
vlouS day. Some buying orders firmed up
the market Immediately and an advance 10
99iSc took place while they were being ex-
ecGted. This advance was quickly over
come, however, and without any fresh de-
velopments The pressure of short sales began
10 increase i'll volume after fifteen minutes
OF the session had p. ssed. and IN a short
time they were in overpowering abundance
and caused quick decline. which only
stopped when May wheat touched craze and
December was being swapped for May at a
the latter. The trading in this
months delivery has now gotten down
to wonderfully small proportions, indicating
a present small open interest in it. When
the price was hesitating at 977sc and csc
after the break alluded to above, an operator
who Keeps close watch Oh the condition of
Things IN the pit. and who had made himself
T1ch from his accurate interpretation uf them,
remarked That everything was then ready for
a sharp upturn of lie or &c. irrespective of
carrying charges or outside news The news
necessary to inaugurate the predicted ad-
vance came duly to hand The improved
EnOljah rkaf in
tue first place appeared to have taken deeper
root than was apparent when trading com
menced. After bankers had been consulted
1t became more convincing TO the grain
SPECTATORS that relief from the pres
ent prudent but ODpiessiy conservation of
some OF The banks bese was now IN 81. hit
ana reduction in the cost of Carrying grain
and PROVISIONS might lie expected to follow
III due season. Ono of the principal points
III the days advices contributing to the re-
covery from the early decline was the heavy
ciearances OF wheat and -four from the At
lanuc ports. Another circumstance con
tribu.ory TO the strength was the purchase of
100 cars of No red winter wheat he e for
shipment to millers in Indiana. There we're
also sales tc country millers yesterday after
noon which were not renorted until to-day,
and these were generally at LIP cents per
bushel over the price OF the delivery for No.
soft red winter The prices under
the stimulation Of the foreign items
and the consequent covering of short lines
day. A strong drive at the same time was
made ut the markets by a host of sympathetic
bears. during which prices dropped Ss@y74c.
but recovered almosti mediately and closed
at 99i4c The corn market was easier in
sympathy with the early decline in wheat,
but the average of the days trading was at
about Yesterdays closing prices Hutchin-
son and Bryant were reported as buying on
the first decline, and tine latter was credited
with selling later. There was a good demand
foi the cash otferil e. here, and New York
was reported short of stock and bidding I'D
for the receipts. There was fair demand
for export. May corn opened at 53c and
53lsc was paid almost Immediately there
after. There was a further IBc added to
the latter figures. and this was followed
quick recovery 10 SIC, with q subsequent adj
vance to 53Ssc, and at the close 53ssc was
bid. Oats were weaker and l2c lower early.
loading by several large holders After the
selling subsidized offerings were light and on
1alr miscellaneous buying frmer feeling de-
Neloped, and prices advanced 5sG134c and
the market closed steady at about outside
figures and "A higher than Yesterday Pork
Trading was rather active ut an Irregular
range of prices. AT the opening prices ruled
2l2O5c higher. ices receded 2OGl22lac
Later steadier feeling prevailed, and prices
rallied Tl2010c, and closed rather quiet
Lard-A moderate tFlde was reported
| Opening sales were made at the closing fig
ures of Wednesday, but gradual reduction
OF 2l205c and closed steady. Short Ribs
nlar and declined ;@11l2c early in the day
but rallied again slightly and closed compar-
atively steady.
The leading futures rarped nc ToIlowc.