St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-12-17
CEREAL PRICES DROP.
Diseouraging Conditions Ex-
ept a Disastrous Effect on
the Market.
European Holders Have Lost
Confidence and Turned
Free Sellers.
a Steady Selling Pressure,
Sluggish Demand and
I Dull Trading.
Moderately Firm Movement
and Good Volume Of Bust
ness in Stocks.

CHICAGO, Dec. 16.-Wheat was weak today,
and prices ruled lower. The conditions
were full of discouragement for holders, and
there was a steady selling pressure most OF
the day, with a sluggish demand, ana trade
was dull and narrow. The weakest aspect OF
the case was the situation in Europe, where
holders seem to have lost confidence and
turned free sellers. For some days the situa-
tion there has been growing worse, and now
there appears to be a general slaughter of
the longs. Europe has been getting more
than it was consuming for some weeks, and
this bas finally had its effect, and today most
of the private cables reported The market
sick, both on the continent and in the United
Kingdom.
Domestic markets have sympathized with
conditions abroad and are tending down
ward. Local bears sold freely and longs
were also inclined to let go their holdings.
The decline met some stop loss orders. whose
execution added TO the weakness. st. Louis
operators sold. and there were free selling
orders from the Northwest, while Schwartz
Dupee. Baldwin Farnum and Milmine Bed
man led the selling on The part of the local
commission houses. Partridge was also
liberal seller on all the hard spots. The buy
ing was confined largely to the covering of
short sales, which show satisfactory profit
Bradstreet's reported net increase for the
week in the available supply in this country
OF 446C0O bushels. The export clearances
were light and the receipts in the Northwest
were heavier. May opened at 97c, against
q l2c al the close yesterday, broke TO yGl2c,
reacted to 9684c, weakened again during the
last hour. selling Oft to O. lSc, rallied 10 96l2c,
and closed at 9lSSc.
Corn was weak and lower on all the fut-
ures. The weakness in the wheat pit was
one of the depressing features. but the chief
one was the improved Inspection, which
in This is a larger. per cent than
for some time previous. This dis
couraged the bull party, and their fears were
augmented by the statement that at least one
Chicago elevator was engaged in making
contract corn at the rate OF several thou
sand bushels day by drying out its excel
lent No. new. Word was also received
from other points that good deal of corn
IS now grading contract and the proportion
is expected TO increase. So shorts felt
more q ease, and bought while the selling
by longs was free. A slump was the result
December opened 1.2c down al sec. sold off
without reaction TO 4'c, a decline of lie from
the high price of @ few days ago, reacted on
purchases to take profits. and closed at sec.
January opened at lc lower al 4is4c, sold as
low as s. Il, and closed at 4cssc.
Oats were quiet steady, and without feat
ure.
Hog products were steady and inclined to
frmness. although the trade was light. Re
ceipts CT live hogs were smaller than esti-
mated. ana prices at the yards were 10c
higher; this tended TO keep product steady.
Notwithstanding The weakness III wheat and
corn.
Allerton and Dunn were free sellers. while
the Anslo-American, Charley Wright and
Hatley Bros, were good buyers. The close
shows practically no charge from the last
figures of yesterday. Estimated receipts for
tomorrow-Mheat 29) cars; corn, 30 cars;
oats PIG cars
The leading futures ranged as follows: