The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-12-16
QUICK NET PROFIT
EFFORTS OF sCALPERS TO REA-
I,IzE PULLED DOWN CHICAGO
WHEAT PRICES.
OPENING FIGURES THE BEST.
STATISTICAL NEWS AT THE START
FAVORABLE TO THE BULL
SIDE.
OTHER MARKETS DULL AND WEAK
roarse Grains Scored Fractional
Losses While Wheat Closed One
and One-Eighth Lower.

CHICAGO, Dec. 15.-After a brief period OF
strength and high prices to begin the day
with, wheat became very weak, and fell OH
Ikc below the price it closed at yesterday
The principal reason for the decline was that
scalpers who bought yesterday saw net
muck profit at the opening, and hasteneo
to accept it. Other markets were dull and
weak Corn declined nc. oats, 34c and pro-
visions 21a@71hc. The opening of the wheat
market today was very unsatisfactory to the
traders who held wheat over and were anX-
lous to dispose of 1t. Both of the sources OF
news which most influenced the market-Liv-
erpool cables and Northwest receipts-Were
favorable to higher prices. Liverpool re-
ported an opening advance of I'D per GENITAL
which was a very generous response to the
advance here yesterday. Northwest receipts
were light, decidedly Minneapolis ana
Duluth reported $40 cars and Chicago IL
cars. a total of 511 cars as compared with
BIS last week, and 552 year ago. Infu-
enced by this news, May wheat, which closed
yesterday at S21ac, found plenty of buyers at
the start at from $3.50 to 825sc, and for
about fifteen minutes there were frequent OPP
portunities to dispose of long wheat at S212c.
In addition to the Liverpool news the press
cablegrams in the evening and morning news
papers concerning the extensive area in In
dia affected by the drought helped to encour-
age DuylnSs Inc opening prices, AOWOfOi'
were the highest of the day. The scalpers
who started to sell out their lines were
spurred in their efforts by reports that Brad
streets worlds visible statement was likely
to show an increase for the week of 5000 600
bu or more. New York reported very poor
foreign demand, and that Russian wheat was
being offered at Liverpool cheaper than
American The Bradstreet statement when
received, showed the stocks of the world to
have increased only 100000 bu. Meantime
however, May had declined to Sic After a
protracted struggle, it recovered to S17sc on
q report Of continued unfavorable weather in
Argentine. The closing cable, however,
showed most of the Liverpool advance lost;
Paris a shade lower for wheat, although a
trif1e higher for flour, Berlin Il mark lower,
and Antwerp unchanged. The demand in the
cash market was slack, and only 600 blu
of spring reported sold for rail shipment to
country millers. The market became once
more exceedingly weak near the close, and
got down once more to Sic. The closing
price was S1@S11sc.
Corn was dull, featureiess and unworthy
of extended remark Its general tendency was
sluggishly downward. May opened unchanged
at 25Ac, and that was the bid price at the
close. The weakness of wheat and rather
liberal receipts were the influences, al
though the last was somewhat neutraliZed
by the small estimate for tomorrow. Oats
were very weak for the greater part of the
session. The heavy receipts today, 664 cars
caused free selling and limited demand
augmented the weakness. Towards the close
a little improvement took place, Influenced
partially perhaps, by Bradstreets repor
showing visible decrease of 522, 0O0 bu. May
opened unchanged at 2O24c, declined to 201sc
and sold at 20A 020$4c at the close Trading
in provisions was very dull, and consisted
mostly in changing contracts over from Jan
uary to today. Yard prices were lower, and
large receipts were expected tomorrow, botf
of which facts helped to push provision
prices downward. After the opening decline
however. the market held comparatvel!
steady. May pork closed 712c lower at $7.921a
May lard, sc lower at S4.05; May ribs, 2l5
lower, at s4.02K. Estimates-Wheat, L
cars; corn, 1853 cars oats, 29O cars; hogs
q, 000.