St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-12-17
Big SLUMP IN WHEAT
Largest Break on Chicago
Change Which Has Oc-
Cured for Some Time.
Heavy Buying by a Leading
Bull Checks the Demon
alization.
All Other Futures Sympa-
thize With the Decline
in Wheat.
Stocks Decline On Account OF
a Large Advance in In
terest Rates.

CHICAGO, Dec. 16.-DemoraliZed and eX-
Fitted was the condition Of the wheat pit. inc
LARGEST break occurred for some time past
slump of nearly &c was recorded with par
tial recovery at the close. Eggleston, whose
recent buving has been frequently alluded
to as portending big advance, sold some
near the opening but on the break he was
buver, snatching COO bu within Ac of the
bottom from panic stricken seller. IL was
that action which in Il measure restored con-
fidence Tonight the price for May is 1lsc
lower than last night. Corn is Ac lower,
oats are off 1sc and provisions after an adj
vance in the forenoon. wound up at about
yesterday closing prices.
Believers in the existence of a powerful
bull CLIQUE i'll wheat grew weary early In the
day With news That receipts III lhe Noftn TIL
west were again libeTal-G62 cars against oeO
cars the same Gay last year-a report mat
CIauSin. the state inspector or minnesota
had stated that he expected the Northwest
ern receipts to keep up mt the present rate
FOR the entire winter. INN edlately SEMI
panicky feeling developed. and the crowd
began to throw overheard their wheat
About the same time the story be
came circulated that the clique was
selling out and this increased me
decentralization Cables were higher, and
the exports from the seabohrd were large,
but this cut no figure, and the liquidation,
short selling and stop-loss ORDER sales went
On The weakness was by many attributed
chiefly 20 the money scare III New YORK. ana
The anticipated large gold shipments next
week The decline brought out GOOD zeal
Of wheat on SOD loss orders. 1hefe was
buying chiefly by shorts until the last hour,
when EggleSton took q fresh hold lne taIk
Of big receipts i'll the Northwest all winter
was datlv contradcted by messages from re-
liable houses Mt Minneapolis, saying that the
and of the heavy movement is i'll sight.
The opening was the same as yesterday
closing, but became weak. and a decline OF
1S4c resulted, recovered Sac quickly, fluctu-
Ated some. and the closing was about $50
lac lower than yesterday. story is current
that when business opened Partridge was
short 6, 900 bu On the break he IS re-
ported to have covered the entire line, max
ing n large profit II was over torty-hye
minutes from the opening before the
break started, but when it got well
under way it took less than twenty
minutes to knock iSSc per bu on the
price Short wheat was what began TO press
Ilpon the market but as soon as the prices
got under 77l2c there was wild scramble pc
tween both shorts and longs as 10 VINO cou!d
get rid of the most and in the shortest Tune.
Purchasers could not be found except at
lower and lower prices every time a 1resn
veil went up from the sellers. This evening
opinion was divided as to whether the lead
ing longs in the market let go OF important
holdings or increased therlines and strength
ened their position.
In corn operations were confined mainly
TO professional and room traders. The mar
ket opened duh but steady at yesterday S
final uOtations. was firm FOR WhlIe: DuC
when wheat started down corn sympathized'
selling off. with hardly reaction, $4c raj,
lied A6Ssc. afterward changed some. ruled
steady, and closed with ss@l2c loss.
Selling of oats was not OF sufficient mag
nitude TO cause a big break After decline
of ssc, the market closed easy at about inside
prices. ...s
hogs were moderate and prices at the yards
were the highest of the year. The shipping
demand for products was further improved.
More attention was given to pork, al though
other products were well advanced. Armour
brokers were perhaps the best buyers: On
the advance. however. there was realizing.
and the break in wheat induced selling. so
that at the close the gain was erased: The
ribs deal showed weakness compared Win
the others. and closed at a net decline OF zee
for January ana &c for May.
Estimated receipts for tomorrow: Wheat,
210 cars; corn, 26O cars; oats, $50 cars; hogs,
15,000.
The leading futures ranged as follows: