St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-12-03
MAY WHEAT DECLINES
Gradual Thinning Out Of the
Bull Ranks Is Pre-
dicted.
The Small Stock Of Contract
Corn Prohibits Radiating
Tactics.
Wall Street Stock Market
Closes Firm Above
Opening.
Northern Pacific Regains All
Losses and Something in
Addition.

CHICAGO, Dec. 2.-There was a good deal of
activity in the several trading pits to-day,
and a general recovery in prices at the OPEN
ing. Corn and oats retained some of the i'm
provemeut, but wheat and provisions closed
lower to-day than they did yesterday. A de-
crease in the amount of wheat afloat for Eu-
rope and England, according to Beerbohm.
gave wheat good start at Ac advance on
the closing price of the day before. This
succeeding yesterdays publication of much
smaller increase in the visible supply in this
country than had generally been looked for,
was certainly enough to impart considerable
courage TO those who had wheat already
bought, and 10 create uneasiness among
those who were short. There have
been times when such a comparatively
diminished movement would have caused
much heavier advance to start with than Ac
per bu, but the incubus OF q pervading fear
of The present condition Of financial affairs
was evidently still hanging upon the spirits
of the crowd, as was more forcibly demon
strated later in the session. The bullish
items OF the morning and the action of
Hu,chinson's brokers caused wheat to adj
vance TO SI.O2. 1t hung at that point few
seconds. sagged back to Sl.OlB, and made
another upward heave to ST.. O2ls with q sale
or TWO al 81 OLA. The bulls realized very
freely on this advance, and after l2c had
come OFF the price from that cause the finan-
clsl bugaboo commenced working, and be-
fore its effects had ceased the price of
May wheat had declined to $lUN The
Keystone bank, of Philadelphia, was reported
TO III financial straits and bank at West
Superior, the National Bank of Commerce,
was reported commercially defunct. A
dispatch from Duluth said that the West Su-
perior bank was small concern which had
been sagging for six weeks or more dropped
hall tt,,-
was the occasion of the principal break in
wheat. The December delivery made wider
siraddle than before, ana. after standing at
Sac discount, 1t gradually widened TO 99Sc
per Du under May. This heavy difference be-
tween the futures named is, Of course a great
dlScouragemeut to those who expect wheat
to sell higher and have wish to buy
some; 1t is giving enormous odds to
affairs should continue. the most probable
results shall be gradual thinning oilt of the
bull ranks and considerable curtailment of
speculative business. This was forcibiy felt
III the last half hour of the session, and gave
great confidence to the shorts Although
the price of May wheat recovered to SlUl3s
1t sold off again and closed at 81 .OuS4 The
trade IN corn was governed, in great meas
ure, by HutchlnSon'S operations, ana he was
buyer for the most part. The general crowd
was inclined to take the bear side, but were
careful about pressing their offerings. There
was only one occasion upon which The price
day, and that was Immediately at the opening
and all advance of 75 over that price tCok
place in the course of the tracing. The fiuc-
tuations were to a moderate extent in sym
pathy with the course of The wheat market
The meager stock of contract corn is. of
course, prohibitory of any raiding tactics,
even with December delivery selling &c be-
low May. The price OF May was irregular
from 33l2c TO $3.50, and it advanced to 81 Ac
with sale or two at 54SSc. The tendency
was toward lower prices near the end and
there was reaction to 5334c. with buyers at
that at the close. Oats were fairly active
stronger and higher. but outside prices were
not maintained until the close, when last sales
showed mel gain of A@12c. The feature of
the trading was the persistent buying of May
by q large operator, Pork-Rather an active
business was transacted. Prices opened 10
@l2l2c lower ard further declined Toe, but
at this reduction prices rallied 7l2@lc and
closed comparatively steady. Lard-A fairly
active trade was reported. Prices ruled 56
7l2c lower early in The day. but rallied
again 2l2@5c and closed comparatively
steady. Short Ribs-1rading was moder-
ately active. Early the feeling was rather easy
but about the middle of the session a reduc-
ton of DC was submitted to. The market
closed comparatively steady at medium fig
ureS.
bo g.,