St. Paul daily globe., 1891-12-04
A FRACTIONAL RAISE,
Wheat Gains Nearly a Cent
on the Days Trading at
Chicago.
Professionals Ruled the Mar
ket, for Lack Of Public
Interest.
A Scarcity Of Contract Corn
Creates Firmness and a
Raise.
Purchases for Investment
We're the Feature on Wall
Street.

CHICAGO, Dec. 3-Trading in wheat here
today was largely of professional character
The market seems to have fallen into a rut
and the public has ceased to take much in
terest in 1t; as consequence, commission
hou ses are having light run of orders 1t
is only when boom is on and there are
prospects of higher prices that the outside
public dabbles in grain or provisions just
now the situation both at home and abroad
is bearish, and but for the purchases of pro-
fessionals. who are buying to cover shorts or
foreign investments on the theory that prices
have got low enough and they are due to
advance, values would probably have gone
lower today.
The synthesis of the situation is that with
very quiet market and q run of bearish
news, there was an undertone of strength
throughout most of the session, resulting in
an advance of nearly one cent in prices.
There was less liquidation than at Yesterdays
session. during which most of the tired longs
got rid OF their burdens. while the decisive
break OF the past few days stimulated cover
1ngs by shorts to realize their profits. Cables
were weak and lower and private dispatches
represented the bear sentiment as pronOuced
ana gaining strength on the other side where
the large stocks and the near approach of the
harvest In some important exporting coun-
tries is having It's effect. Domestic markets
are holding up very well i'll the face of the
weak situation abroad. Cudahy aud Ream
bought good deal of wheat presumably to
cover shorts, though some dealers were of
the opinion that ii was for investment May
opened at 97c, sold at 967Sc, then went up
quietly and SLOWLY to y734c, weakened to 9rIac
on BradStreets' report that the available
stocks increased 1880, 000 bu last week, grew
strong on renewed buying during the last
hour. advancing To Y77sc and closing firm at
97S4c
Corn displayed a good deal of strength
early, year opening l5c higher than it closed
Yesterday. and selling up &c more. The
hrmness was due to free covering by
shorts, who were somewhat alarmed at
the poor inspection. Out of the SIG
cars inspected into store, only IS
cars, or about q per cent graded contract.
Fear OF manipulation, owing to the difficulty
IN making contract corn, started brisk buy
ing. But when the most urgent shorts had
covered, the buying became slack, and there
was drop from 47s4c TO 471Sc. Later, the
wet weather reported all over the West tend
ing to lower the grade, caused renewed buy
ing and an advance to 4Sc, the market clos
ing 1sc lower. The fluctuations in the more
deferred futures were confined to 140Ssc
range. Oats were very dull but strong
closing With an advance of 1sc for December
and ssc for May.
Provisions were weak in the early part of
the session on account of the continual heavy
run OF hogs. There were nearly 10000 head
IN the yards and ON the side tracks adjoining
this morning, and The prediction is made
that the aggregate receipts of the week will
reacn 1,OOn. the largest in the history of the
trade. The decline in the price of products
was moderate. however, and during the
afternoon. there was a reaction in thy
with the strength in grain, which left prices
at Insignificant changes from yesterdays
last figures
The leading futures raneei as follows.