St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-12-17
MAY WHEAT is TIMIn
1t Closes Under the Dollar
Mark for May De-
livery.
New York Houses Sell Freely
on Foreign Gold Re-
ports.
Narrow Market a Conspic-
uOuS Feature in Wall
Street Dealings.
The Close Steady After q
Slight Rally FIR om Open
ing.

CHICAGO, Dec. 16.-The wheat market
needed outside help to sustain it, and re-
celved very little. Ii flared I'D for about
twenty minutes, then fickered while and
expired under the dollar mark for the May
delivery. The closing quotation was 997sc,
with an easy tone as against 81 .00Ia at the
close yesterday. The market opened weak
and lsc lower than it closed YESTERDAY.
Hutchinson bought on the soft spot and his
example influenced the crowd to do like.
wise. There was an advance on May wheat
from Sl.O IS at the start to Sl.0lSs inside of
the first twenty minutes and at that point
Hutchinson turned to the selling side and the
flock followed. Hutchinson's selling at the ad-
vance was supplemented by increased
offerings from Partridge, although the
gossips persisted in saying that the former
Spectator was after the other with gun.
The price of May declined to 997Bc. and
when around S1.O' A@10Oss during the
course of this slump, Partridge considerably
reduced his line of shorts, but once more
took to selling when from 997sc the market
had again worked back to $l0U3S New
York houses sold freely on a report that the
recent gold loan from the Bank of France 10
the Bank of England had been called in by
the lending bank. AS the loan was generally
understood to have been made for a fXeG
term of three months, the report was not
generally credited. But those who were
bearishly inclined took advantage of the
wavering disposition which clearly pos
sessed the crowd at the moment, and
sold with increased vigor. There was a
dispatch received at a later period advis-
ing the Withdrawal from the Bank of Eng
land for shipment to Germany of a sum of
gold equivalent to about 81, 90, 900 and the
previous sogginesS of the market increased
hat
had not Immediately become glut iii the
markets of the world. The price of May
again declined and reached a lower level
than before. sales being freely made at 995sc.
The price held around 997sc and 81. during
the last half hour and the slight recovery
from bottom prices was ascribed to an adj
vanced of lc i'll the price OF cash wheat at
Minneapolis to-day, and the firm tone
of the latest advices from abroad The
corn market was supported by the
purchases for account OF Hutchinson,
May opened ct 527Sc bid. with sales chiefly at
53c, ana there was a speedy advance to
53l2c. The prices once more worked back to
about the opening quotations. and made an
advance to about top prices again near the
close. The highest price was 53l2c and the
close was at 53SBc bid ana steady. There
was good trade in oats, although the vol
ume of business was lighter than Yesterday.
Hutchinson and Sibley supported the mar
ket. The start was 4c lower, at 44c for
May. The price advanced to 44s4c under
ened to 44l2c. Then followed a squirt that
carried the price up TO 45c max
ing the close S4c higher at the top
price of the day. The provision
market opeued weaker on the heavy Ie-
ceipts of hogs and the decline in their prices
which was reported from the yards The
rumors concerning Armour's supposed posi-
ton in the market distributed a few of the
spectators and induced some buying shortly
after the start, which caused temporary
strength and a reaction i'll prices, but this
was overcome later by an addition to the pre-
vlously estimated number of hogs received.
The prices reported as current at the yards
for hogs were the lowest of the year. In ad-
dition to the foregoing was. the knowledge of
thegreat scarcity of regular storage for the
accumulating stocks of product. After the
opening activity there was long continued
dizziness and declining tendency in prices
which were near their lowest level as the
market closed.
The leading futures ranged as follows: