St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-12-09

D1SCuSSlOn-h hsSky the LeaO-
er in the Market.
CHICAGO, Dec. s. The boom in grain
futures collapsed today. and. under re
ports Of heavy gold shipments from New
York and The expectation that the gov
eminent report viii show a higher con-
6ItiCn of wheat, prices were smashed
down &c for wheat sc for corn and
75c65sc for oats. The provision market
went The other way on peculiar local
conditions and closed higher all around,
pork jumping SOC.
The wheat market opened firm with
May &c higher at zoe. Early cables
were higher, and Northwestern receipts
were again light, and for q while trades
were near The opening 6gure- Before
the first hours trading was ended, how
ever, the decline began. There were
dispatches from New York 10 almost
every house here advising the probable
shipment tomorrow of from $500, 900 10
81, 0OO, 600 in gold. This alarmed the
longs, and, with numerous selling orders,
there was decided slump. W. II. Linn
and other operators appeared as heavy
sellers. and the constellation # the
great bear became a prom en- one.
There were lew reactions, 49, NEST
notable Of which was the result of pr
vate cablegrams from Berlin and Paris
which said: w neat stocks IN Germany
small and likely 10 decrease" and
French stock Of wheat is small"
But the few bUlliSh influences of the
cav were not sufficient 10 stay the
downward course of the market. 1t
was expected that the government re
bort TOMORROW viii Show a higher con-
dltion of wheat than for the last two
wears, and StaiSliclan Robinson wired
that the reduced wheat acreage viii not
be part OF the report The decline
continued, and threatened TO develop
into a selling panic. There were all
sorts OF rumors. One was that the
market was raided by a few big 0per
ators friendly 10 former high roller
who was heavily short and trying 10
get on his feet again. There were hints
that big long line, held 10y small out
Siders in q certain big bucket siTup, had
10 be shaken out.
Another story was that the big fell
lows, like Rean, Linn, Kent and others
who have been On the bull side. got part
Of their wheat sold quietly and uu
loaded tue balance with a great flourish
10 smash the market and buy again al
better price. Closing cables were firm,
but caused but Sllgnt reaction, and
closing trades were at the bottom. May
opened al zoe. declined sc, rallied sc,
lost &c. rallied sc and lost 35e, 10 close
al 695sc.
The action in corn was similar To that
OF the wheat market. Opening where
It had closed yesterday. with May al
4O34c. it sold up DC, and then began
rapid decline in sympathy with wheat.
May touched 4Oc. and then reacted &c,
10 close at 4o1sc.
Considerable long oats were sold out,
and that, with the slump in curn, caused
q decline in values. May started near
yesterdays closing price at 81 sc, and
declined 10 305sc. where il closed
The prouisIUu market was an advanc-
Ing one on covering by shorts and the
bullishness Of scalpers. Swift L Co..
and Ryan & Co. with other packers, had
sold more January stuff than they found
possible 10 deliver, and they We're forced
To cover. The trade made the shorts
pay for the stuff. PORK. after opening
215e OF. jumped soc 10 $3.50 and clused
471zc higher than last night. Lard
closed 1215c up and ribs 1755c higher.
Estimated receipts for tomorrow:
Wheat. ia cars; corn, 800 cars; oats. 145
cars; hcgs, 5000.
The leading futures ranged as follows: