The Saint Paul globe., 1896-12-18
LONG LINES DUMPED
DUT REPORTS OF HEAVY SEA-
BOARD CLEARANCEs BRACED
CHICAGO WHEAT.
MARKET WAS UNSETTLED.
CLOSE, AFTER SOME FEVERIsH
ELUCTUATION, FIRM AND
HALF HIGHER.
MILLION BUSHELS PUT. ON THE PIT
BY One Operator During the Heavy
Selling That Induced an EARLY
Depression.
MARKET WAS UNSETTLED.


CHICAGO. Dec. 16.-Wheat acted feverlsh
and unsettled today, fuctuating over 1Ac
range, but finally closing firm, at 1ac ad-
vance. Large lines OF long wheat were
dumped on the market, but reports of heavy
seaboard clearances sustained the market and
were the main features of the advance. Corn
and oats were rather heavy closing un-
changed and 1sc higher, respectively. Pro-
visions declined slightly. In wheat there was
some good buying early for a reaction, as a
good portion of the trade looked upon yester-
days weakness as without warrant from any
thing which could be discovered in the legti
mate situation. II further helped by the
report that over 100000 bu cash wheat had
been taken yesterday part of it to go East by
rail, and seventy-five cars were said to be
loading at one of Armour's elevators for Bos-
ton by rail freight. The opening decline at
Liverpool was only I'D, equal to less than 1ac
and was not regarded as serious in view of
our weakness yesterday, and New York wired
liberal acceptances last night. Northwest and
Chicago receipts, as usual, were a factor in
the early tone. These points reported 495
cars, as compared with 4S6 last week. and SS2
last year. Opening prices for May were prac-
tically the same as yesterdays closing figures,
initial trading being at 79A @S0c yesterdays
closing being at 1880. moment after S0hc
was quoted But then began heavy selling
orators on the board, which slowly but surely
pressed prices. One operator was credited
with dlsposing of over a million bushels, and
the depression which naturally followed the
unloading Of such large quantities of wheat
on rather unwilling market was increased
by rumors that it was for Armour. Cudahy
was also credited with it, but this was en-
phaicaly denied by that gentleman. The
result was that May, by II 80, had declined
- lEn TTnA
Of the day. 1t soon became evident that the
clearances would be heavy, and as confrma-
tory dispatches as to crop damage came in,
the selling furore was checked and prices
soon advanced to soc. reaction to 791hc
then occurred, but it was temporary, and
during the last hour the market gained
strength on the Newport News advices that
14,0O0 bbls of flour had been exported from
there. While it was afterwards corrected to
read pounds instead of barrels it neverthe-
less had Its effect. The market closed firm
ct S03sc fer May.
Corn was quiet and inclined to weakness.
The cables were easier. trade very dulI and
when wheat made it's sharp break, corn also
sold off some. The prospect Of cold weather
has made larger receipts probable and was
partly responsible for the sluggishness the
market displayed. The closing strength of
wheat had sufficient influence on corn to rally
prices to the opening figures, where the mar
ket closed. May opened at yesterdays clos
ing price, 2512c. 1t sold at 255sc, declined to
2514c, and closed steady at 2515c The market
for oats was stubborn one. There was
some attempt at trading during the early
hours OF the session. but prices held we'll in
spite of the liberal offerings, and finally ad-
yanced slightly. Business was fairly heavy,
though mainly of a scalping character. May
opened about lac higher at 200201sc, sold be-
tween 1s9s sgnd 201B@ 2014c closing steady at
201sc:s FrQYis phs Were slow all day. The
opening was sfrm, although at practically un-
changed figures, in sympathy with a heavy
hog market. and a slight advance followed.
Under liberal offerings by packers, an easier
feeling was created, and the advance was
lost. May pork closed about 21ac lower at
S7.90@7.9259; May lard, 212c lower at $4021a;
May ribs PIC lower at 81. Estimates: Wheat,
"a cars; corn, $50 cars; oats, $40 cars; hogs
80, O00 head.
The leading futures ranged as follows: