St. Paul daily globe., 1890-12-01
MARKETS OPEN WEAK
Wheat for May Delivery
Starts in at an Unex-
peeted Decline.
Local Spectators Depressed
by Recent Shaking Out
Of Bulls.
Prices on Wall Street Droop
All Along the Whole
Line.
General List Was Quite Irreg-
ulap and Shaded Off
Slightly.

CHICAGO, Nov. 29-The grain and pro-
vision markets opened weak and lower than
they closed on Friday, and while the days
business had a Few hard spots interspersed,
the final result was decline in all the specu-
latiye articles. The wheat market was heavy
at the opening and the price of the May de-
livery started at decline of l2c from the
closing quotation of the day before. The
spirits OF the local Spectators were de-
pressed by the evidence which continued to
crop up of the far-reaching effects of the re-
cent shaking out of the bulls in the stock
market. Money is still scarce, even for such
necessary purposes as the carrying of grain
and provisions, as evidenced by the widening
of the premium between December and May
wheat to Sc per bushel. The receipts
here were again liberal and considerable in
excess OF the estimates made yesterday. The
foreign markets were quoted dull, but
steady. Stocks were weak, the New York
bank statement was expected to be unfavora-
bic, and gold exports were expected as pos
sibility within the next few days. These
were the influences under which the specu-
lators in grain could see nothing but gloom
in the outlook when they started trading
The crowd in the wheat pit was unanimously
on the selling side during the first len min
uIes of the session, and the May delivery de-
After this spell of weakness, the news which
came to hand being of q less somber char
acter than the forebodings of the Spectators,
there was period of strength which lasted
up to about II o'clock. The clearances from
The Atlantic ports were again heavy in the
article of flour, but only slightly above zero
in the outgoing OF wheat. Dispatches from
the Northwest advised falling off of farm
ers deliveries ana the demand for cash
wheat in Minneapolis was reported such as
TO keep the spot article at O premium of from
2l2c TO Sc over the December delivery. The
increase Of stocks for the week at Minneap-
oils and ST. Paul was estimated at 275, 900
bushels, and st. Louis expects to show de-
crease of 2J0,OUO bushels The estimates
ventured on the official visible supply were
in the neighborhood of 100000 bushels in
crease. There was a fair degree of firm
ness every time the price of May wheat
got to the neighborhood of SI0U12,
which it did several times during the day,
Sl.Ous8 being the low point. Shorts were
unwilling to sell at under those prices but,
on the contrary, preferred covering their pre-
vious ventures In the meantime the differ
ence between December and May had wild
ened 10 8Ac and that was the spread pre-
va1ling as the market closed. The final trad
ing in May was at 81 1.00s401 .007s. and De
cember was therefore nomlnally worth 92l2c,
with nothing doing in the latter at the last
moment. Some of the recovery toward the
close was due 10 the reported purchase i'll
Lisbon. The corn market opened weak, in
sympathy with wheat and first sales were
made at a decline of lac from Yesterdays
closing quotations The trading was not
particularly active at the time referred to,and
rather dragged during the first half of the
session. Lacking any sufficient support the
prices inclined downward, answering in this
respect the predominating feeling of the
local spectators, which favors lower
range. Reports from Kansas and Nebraska
were as gloomy with regard to the outcome
of the crop as any previously received, but the
active demand for shipment which charac-
terized The closing days of lake navigation is
all rail rates. The business was heaviest in
the last half of the session, during whicn all
semblance of strength was eradicsted and
the weakness developed continued to the
end, the closing price being within 1Sc of the
lowest figures of the day. The
ately after the opening. Oats were
fairly active but weaker unsettled and
prices ranged lower. The opening was at lsc
decline, but on fair buying by a large oper
ator rallied l2c. The weakness in other grains.
and free selling by parties who bought freely
prices receded 34c, rallied slightly and closed
easy, l2c lower than yesterday. Pork-Only
fair trade was reported in and the feeling
was easier. Opening sales were made at Is
@2Oc decline. Later prices rallied 5@71ac,
| and closed quiet at about medium figures
Opening sales were made at 7l2110c de-
cline, but moderate buying tended to q
steadier feeling, and prices rallied 2I205c
Later prices settled back again and closed
quiet Short ribs-A fairly active trade was
reported, and the market in general way
was easy. Prices ruled 212@5c lower, and
the market closed quiet a. inside figures.
The leading futgroS ranged as follows: