St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-12-30
WHEAT IS MIGRATORY.
Favorable Advance in May,
Followed by a Sudden
Reaction.
Heavy Clearances From At
lantie Seaboard Cause a
Firm Closing.
Strong Front Presented by
the Wall Street Stock
Market.
The Predicted Holiday Money
Stringency Fails to Ma
terialiZe.

CHICAO, Dec. 29.-Wheat opened
quiet and about steady at around Sat
urday's closing quotations. There being
more buying than selling orders at the
starting moment, there was a rapid, but
only momentary, advance from 96l4c to
96l9c for the May delivery, and as sud
den drop back again to the starting
point. After few minutes of moder-
ate trading there followed an hour or
more of heavy give and take between
the buyers and sellers. The course of
prices at this time was strongly down
ward, the sellers having the advantage
in such SputteringS of news as came off
the wires at the time referred to. The
price quickly dropped to 9513c for May.
and was assisted in its decline by nu-
merous stop orders which had been
reached at 96c. There was very heavy
trading on the way down, and it contin.
ued no less active as it surged upward
again to around 96c. The cause of the
moderate degree of firmness which ex-
listed for few minutes at the start
was the rather better tone than
had been looked for of the English
adviceS. Stocks in England were re-
ported TO be decreasing, the port of
Odessa was said to be closed by ice, and
the demand for cargoes was reported
good, with prices firm. The foreign
news was followed by the reported re-
ceipts of $50 cars of wheat at Minneapo-
lis and Duluth, compared with only 225
cars on the corresponding day of last
year. This caused the break already
referred to. The recovery in prices
from 9515c to $500 was caused by the
heavy clearanceS Saturday from the
Atlantic seaboard. The visible supply
increased during last week 1l4,000
bushels, compared with a decrease of
304, 900 bushels year ago, and reac-
ton from around 961Sc to 96c occurred
upon the making public of these figures.
There was liberal selling against calls
on the first advance to $3.50, and once
more when, after reacting to 96c, the
price again advanced to 96Mc. Firmness
was sustained by the dropping in of
numerous reports from different sec
lions of this state complaining of long
continued drought and an absence OF
snow. Kansas sent similar messages
and letters. and these all keep coming
In much the same fashion, although
earlier than the first murmurS of diSaS-
ter from the winter wheat fields on the
year preceding. There was a very
clear evidence of heavy short interest
which took alarm when to the items of
news last referred to was added sales
for export made here to-day of $4,000
bushels of No. 5 red winter wheat at sc
per bushel under May, and further
order for "a, ZOO bushels being on hand,
but limited about &c under the market
The advance which resulted caused an
advance to 9714c, and the close was 97@
9Esc. The corn market was firmer and
higher, and was maintained in that con-
dltion even when wheat was bending
and breaking under the early onslaught
of the bears. Partridge and Hutchin-
son were both credited with having
their brokers in the pit quietly picking
up the offerings. and others who were
short took the hint thus given and were
buyers also. The opening was at a
slight advance upon the price at the
at 502sc, against 50c15c as trading
ceased Saturday. There was very lit
tie movement either upward or down.
ward in the first half hour, but as soon
as wheat began to shake off its raiders
the corn shorts became more anxious,
and the advance was too rapid for many
OF them to get covered until previous
paper profits had been ruthlesSly Oblit-
Grated. After m0mentary dip to 505zc
there followed an advance to 501Sc: all
other downward turn to Sole was once
more succeeded by an advance, which
lasted until 515sc was paid, and after
that the price fiuctuated between 511Sc
and the price last named, the close be-
ing close to the top, the last sales which
took place having been at 51190515sc.
More interest was manifested in the
oats market, and the volume of business
showed an agreeable Improvement.
There was free selling of long oats. led
by Durham and Hutchinson. Bald
win and the crowd were good buyers.
The provision market opened strong,
apparently because the receipts of hogs
at the yards were 10000 head under
the number which had been estimated.
The opening price of May pork was at
an advance of from 7115c to 1Oc on the
price it closed at on Saturday. 1t de-
clined 715c afterward, advanced 1870,
sold Off TIC and then ruled strong to
the end, which was at about zoe over
the opening price and at an advance of
SOC since Saturday. Lard advanced,
after huctuating early between Sc. 40 and
S6.4219 for the day delivery, and closed
at S6.45@6.4715, which was the highest
price of the day. Ribs were relatively
considerably stronger than lard, and the
gain in the end over Saturdays closing
figures amounted to 10c to 1870 respect
lively for the May and January deliver
les. The packers early in the session
were free sellers of ribs, and they were
reported to be offering the cash product
at considerable discount from recent
prices to make storage room. which was
said to be still very scarce. Hutchinson
was liberal buyer of ribs and took
hold freely for May deliveries.
The leading futures ranged as follows: