St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-12-18
Local Causes Produced Some
Strength on Change at
Chicago.
Conditions Abroad Growing
More Diseouraging and
Lifeless.
Nearby Corn Futures Score
a Good Advance, Oats and
Corn Likewise.
New York Stock Market Is
Still Stubbornly Strong,
but Action Limited.

CHICAGO, Dec. 17-Wheat opened a little
lower this morning. but soon improved in
tone, advancing to point above the closing
prices OF yesterday. The strength was due
almost entirely to local causes, as the condi-
tons abroad grow more and more discourag-
ing. The foreign trade is not only dull and
nearly Hteless but prices continue to recede.
This morning Liverpool cables quoted that
market I2@1 penny lower, while London was
3 pence off; Berlin 1 mark down; Paris 20
centimes and Antwerp % confines lower. 1t
was this weakness abroad which started the
market here weak
But there was good covering by shorts to
secure profits, and there was also a feeling
on the part of the scalping element that after
such break as we have had some reaction
might reasonably be expected, and there was
some buying on this theory. There were
also some crop damage reports in circulation,
the plant having been injured, II was said by
late freezing and thaWing; besides, the re-
ceipts in the Northwest were smaller-only
$50 cars against 96l cars yesterday.
The Cincinnati Price Current said there
had been some damage in places to winter
wheat from freezing and thawlng, but that
as WhOle, the average condition of the crop
had been maintained. The same paper put
the aggregate of the last crop in the United
States 9nd Canada at go, COZ, 900 bu, with q
surplus for export of go, 900, 900 bu. OF this
amount l2,OO0,0e0 blu had been exported
during the last five months, leaving I4s,000.-
900 oil for export during the next seven
months, which will not require so rapid a
movement as has thus far taken place. The
average rate so far has been % 4OU. 600 bu per
month, which would amount to 156, SOC, 600 blu
for seven months.
AS rule, the short selling was less agrees
siye, although Partridge was still very pro-
nouneed bear, and was thought to have in
lie limo rlnro =
Schwartz-Dupee and Baldwin Earnum led
the selling on the part OF the commission
holders. but on the later appearance of
strength took the most of it back and also
went long.
Smith, Baxter and Mitchell were moderate
buyers on early weakness; Poole Sherman
also bought a moderate line. As a rule how
ever, trade was slow and exceedingly narrow,
with the operations largely of scalping
character. May opened at 96Gt96Ssc and soon
advanced TO 96s4c, grew steady around that
Inquire TILL afternoon, when late private cables
quoted an advance IN prices at Liverpool
This caused an advance in the price TO Y71sc
and the close was steady at 967sc.
Corn was quiet but firm. the nearby futures
scoring decided advance, while May rose
only trife. The receipts were 400 cars, of
which 81 graded contract. This continued
improvement i'll the grading, together with
adVlces from outside points, indicating that
the improvement has come to stay. caused
temporary weakness near the opening but Il
lot of shorts had good profits in their deals
and proceeded to cover: there was also
good demand for the cash article with talk of
some export orders. The result was the ad-
vance noted. December started at 47c, sagged
off to 46l4c. then advanced steadily 10 sic, at
which 1t closed. January started at 4314c
sold at 43c, advanced ana closed at 44Ssc
May fiuctuated between 42lsc and 42lac.
Oats were quiet but stronger and closed
with a substantial betterment in prices in
sympathy with the advance in corn.
Hog products were strong and closed with
moderate advance in prices. The receipts
Of hogs at the yards were considerably
lighter than had been estimated and prices
were sc higher. This. with the active sup
port given the market by the longs made the
tendency upward during most Of the day.
Estimated receipts for tomorrow: Wheat.
:2sj cars; corn, 225 cars; oats, 10 cars; hogs,
$1,000 head.
The leading futures ranged as follows: