St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-12-12
BEARS GET The DROP
Despite Bullish Government
Reports, Wheat Declined
at Chicago.
Local Operators Had Business
Largely in Hand During
the Session.
Shorts in Year Corn Recover
ing From Their Recent
Fright.
Trading on Wall Street Was
Irregular and Without
Feature.

CHICAGO, Dec. 1.-THE combined action of
several OF the largest local bear operators in
wheat overcame the effect of a very bullish
government report, and closed the market at
decline since yesterday of s4c, and about
&C below the highest price of the day. Out
side business was scant throughout the SEES
sion, leaving the market largely in the hands
of local operators. Iu corn the year shorts
are rapidly recovering from the fright. Pro-
visions were overcome by the heavy receipts
of hogs, ana closed lower.
The government estimate of S5.3 as the con-
ditiOn of fall-sown wheat supplied the
motive for an advance of 5sc at the start,
compared with the closing price of the pre-
vious day. the opening price was just high
enough to tempt bears 10 sell, but not too
high TO keep bulls from buying
2 here was big trade for half an
hour, and, with a good many dull
session, there were still enough busy
moments to make the average of the
day fairly active. From 99A099Ssc
for May there was a gradual decline TO $3.50
9S$4c. That was succeeded by q considerable
interval of bdllishness and an advance TO
99s4c, and that again by another and heav-
Ter decline than the first. prices sagging
steadily until 9ig4c was reached, the closing
being at 977Sc.
The receipts here were 80 cars. and the
outward inspection only 1863 bushels Min
neapolis and Duluth had $50, against 534 cars
last year. The Liverpool cables were only
slightly better in tone at the opening. and
weaker at the close, without appreciable
change III the quotations; and although the
continental markets were higher ana the
Atlantic clearances heavy. the action of one
heavy Understandings the floor seemed
to be sufficient to overcome all other in
tuences Pardridge was the heaviest buyer
at the lowest prices, and the heaviest seller
at the highest. December wheat sold as high
nlAc
flour clearances fIom the four ports yester-
day were equal to about 100000 bushels Of
wheat.
In corn January was the strongest option
on the list, the shorts evidently being in
clined TO take a lesson in prudence from
what they have seen in November and so far
i'll the present month; it closed at 46l4c,
compared with 45l2c at the end of yester-
days session. The December ana year de-
liveries are gradually losing their terrors for
the shorts. the transactions in them during
the first hours trading not exceeding $1,000
bushels, although the price even at that
trlfing amount of business rose to 5Sc, as
compared with 55l2c at the close of the pre-
viCus session. The last sale made today was
at Sac. May was strong during the greater
part of the session, advancing from 435sc to
44c, and closing at 45l20 f39sc. The receipts
were 210 cars.
The oats market was firm, the range of
prices being only Ic until the last half hour
Trade was rather quiet, and the market did
4iluC Oub Aldll dLtCI Odlo uleb
with q good demand for shipments at prices
that were I2c higher The receipts were light
at 40 cars. December started at 33l2c, sold
TO 335sc, and hung around the latter price
most of the session, broke to and closed at
33c. May opened at 33S5c, sold 10 33S50
33l2c, to 3o5sc, TO 53l2@35s5c, and closed at
33l5c.
The provision market was fairly steady at
the opening, but the receipts of IS, 900 hogs at
the yards and the weakening grain markets
told on prices later, and everything was at its
lowest as the market came to u close. Pork
left off with q decline of l0c in January and
15c III May. Lard iI2c and ribs 10c lower.
Rye was fairly firm and moderately active.
Only p cars received. Shipments were also
light. No. , in store sold at soc. December at
S.0S9Iac January al 9OI4690Izc and MAY at
96GS96I2c. Estimated receipts for tomorrow:
Wheat, 220 cars; corn, 21O cars; oats, 100 cars:
hogs, 10000.
the leading futures ranged as follows: