St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-12-08
RADICAL WEAKNESS.
Wheat Rules Dull, With an
Occasional Spasmodic
Reaction.
Good Demand From Millers
for Carloads Of No. 2
Red.
Wall Street Was Active, With
Slight Symptoms Of a
Semi-Panic.
A Rush Of Short Sales in
All the Leading
Stocks.

CHICAGO, Dec. 6.-The financial situation
was not more assuring than BEFORE and it
was an ovcrshadowjng influence upon all
the speculatlves. The lower prices which
were the outcome of the days trading do not
reflect any opinion of distrust i'll the grain
situation, but are the natural outcome of the
Sympathy which spectators in good com
modities never fail to express when any
other commercial interest suffers. Wheat
closed a4c lower. corn lost Ac, oats 3sc. and
provisions also were sharply lower. Some
of the headlines in the morning papers were
worth thousands 10 the bears in wheat. This
refers 10 the announcement of heavy
failure in New Orleans. V. and A
Meyer Co., Il reputed wealthy cotton
house Of old and hrst-class standing.
1t was under the influence OF The
foregoing item that wheat started very weak
compared with the moderate degree of stead
mess with which it closed on the evening be-
fore. The opening prices for May covered
wide range. There were sellers anywhere
from 9S5s to 1914, with a sale or two within
second of the start at Csc. Every one no
was short of wheat became buyers Instantly
on this break, and corn had been soaring
while wheat was thus sinking. There was
quick reaction TO 81 lsc. but those who had
covered wheat on the up turn turned around
as sellers. and the short-lived strength was
replaced by another and more lasting ST ell of
radical weakness. Distrust in money mat
ters was the sole cause of the sub
sequent decline. A good demand was
reported from millers in the interior
OF the state for carloads of No. . rei at
about &C per blu, and the price of May deliY-
cry. The December delivery i'll the specu-
latiye market maintained Il dlscOun. of about
Sl250sss from the May. Bradstreets weekly
hgures giving the exports from both coasts
flnf \
foreign shipments have so tar been substan-
tally on = scale of equality with those from
the comparative 10 crops of 1851. The di-
mlnlshlng stocks in st. Louis are somewhat
remarkable mt this time of the year. 7 he
mliiers there are now having good demand
for flour from Southern points, ard Teunes-
see millers are now drawing supplies of
Wheat Tor grinding from the elevator
latter city have no elevators attached
to their mills. but rely upon the daily rail re-
celpts ana The public elevator stocks to fur
nlsh them their grinding requirements from
DAY 10 day. After enumeratiug the foregoing
points Ill he situation ut the place referred
TO- the agent here for one of the largest mills
mere remarked that unless receipts very
largely increas d. st. Louis milIers- would
certainly not have wheat enough to last
Them until spring. Failures in the East held
possession of the speculative mind early in
the day, and the New York rank statement,
showing very heavy decrease in reserves,
caused prices to decline to 9.sc for May.
The feeling of depression was not relieved
by the reported taking Of sixteen boatloads
at New York for export. but
deslre to even up OH the part
of the local scaIpers caused a reacti1n
IN the last two minutes under which May
clcsed.at 9Sc. Corn was the oasis in the Sa-
nara or dependency which characterize,l The
opening 1T the other markets The Illinois
STATE report Of the final estimates on this
years crop was the cause of Al very strong
feeling among the bulls and a very general
desire 10 cover on the part of shorts. The
report referred to makes this years crop
$4,000 BIZ less than that of the year be-
tore. There were tuyers at Yesterdays clos
| ing quotations, butsthe bulk of the opening
transactions were at:14c, Or 1sc Improvement
since the previous afternoon. There were at
| me same moment few sales at 537Sc
ana one or two at 53S4c. Under very
active demand there was an advance
III me IN, hrst twenty minutes to 547sc
Wn!tn latter figure marked the elimination
| OF the advance. Shippers and receivers were
! the buyers along wi, that part of the short
contingent which also thou ht it prudent 10
| buy Hutchinson had lots of corn 10 dispose
! OF, and fed ii ont TO all ctmers. The weak
| ness III wheat startedthe subsequent decline,
ana caused slump TO 55l2c, with 535sc the
closing price. Oats were quiet, and without
| individuality, the market depending to
| great extent upon the course OF wheat and
| corn. opening sales were at slight de-
| cine put became firmer, and rallied ssc in
! sympathy with corn. Later weakness devel-
| INV pllCCS IeCSutu SSc. itilu the ludTheG
closed easy at about inside figures, anG
at slight decline form yester-
gay prices. Pork-An active bust
| ness was transacted, prices opened
| 5@l'c decline from Fridays closing figures,
ana declined, with slight fluctuations, 5@
doe Toward the close prices rallied 500 2c
ana the market closed quiet Lard-Ralber
&, good trade was reported. Early in the day
the market exhibited some steadness, but
later prices receded 5GD1Lac. Before the close
prices rallied slightly and ruled steady. Short
were made at 2l9@ &c decline and rather free
selling caused reduction of TO 2l2c.
Liter, with slight rally in prices the market
closed quiet.
The eadlng futures ranged as follows: