The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-12-14

but they finally helped to break the
price. Everybody is still astonished
that the December bulls permitted any
such price as ruled last week. Today's
receipts clearly showed the result of
the Chicago premiums. Minneapolis ad-
vices were that the Letters had people
buying up there in order to increase
the difficulty of bringing the Minneap-
oils grain down here. The elevator
people are still keeping the December
bulls in the dark as to the amount of
contract grain they are to get. Prac-
tically no delivery has been made by
the big shorts, Armour and WeaFe.
Carrington-Hannah delivered out 100,
900 bushels today.
Up to about the noon hour wheat was
comparatively quiet and steady. May
opened a shade higher than Saturdays
closing price at 91A@91ssc, and during
the morning fuctuated between that
price and 919s@91Ac. December, which
broke loose during the afternoon
opened 1ac higher at $105, and up to
11:45 had not sold below $1.04. Traders
were disposed to await the announce
ment of the government crop estimate
before plunging too deeply into a sensi-
was that the report would show much
larger acreage harvested last summer
than the department has heretofore es-
timated and this had a bearish inf1u-
eree on the scalping sentiment, al
though a firm and slightly higher open
ing at Liverpool caused the price Of
May to advance somewhat at first.
The government report when finally
posted estimated the yield at $50, 900, 900
bu, or from 5O,0O0o0O to 70,000,000 bu
larger than statisticians generally have
predicted. But the report had been
pretty we'll discounted and followed as
it was by a surprise in the shape of a
visible decrease of 100000 bu, where an
increase of 100000 bu had been
expected, it had little or no effect. A
feature of the early market was the
large quantity Of contract wheat added
since Saturday morning to the stock in
Chicago elevators. From unlicensed
elevators, there were transferred 1877
carloads and $4,000 bu No. 1 northern
spring; by lake, 1861 800 bu No l north
ern spring, and by rail, 119 carloads No.
l northern and No. winter, total Of
about 425,000 bu. Nearly every re-
ceiving house in the trade was in re-
ceipt Of inquiries from country ship
pers wke had from one car load to
10000 bu, they wanted sold to arrive
for December The uncertainty of its
grading, however, made commission
men averse to selling in advance Of it's
arrival and inspection. Northwest re-
ceipts were liberal. Minneapolis and
Duluth reported 1924 cars against 1,315
cars week ago, and 80 the CORE
spending day of 1896. The total re-
ceipts by rail at Chicago were 371 cars
Notwithstanding the heavy receipts Of
contract wheat here, the trade did not
appear to have any doubt Of the abil-
ity Of the bull clique to take care Of
all that could be brought in up to the
end of the month.
About 11:30 q. m. the price of De-
cember began to weaken under a SELL
ing pressure which was credited to
Armour. The decline was slow at first
but as the pressure increased and the
fact developed that December was re-
ceiving practically no support the mar
ket began to slide off in way that was
sensational in its rapidity. By II
o'clock December had declined to $1.02
where 1t remained for short time
Suddenly fhe market began to slip
away Nc And 1sc at time, and in fif
teen minutes the price had struck 971sc.
declined to 99c and was bringing 9915c
when it closed, or SC under Saturdays
closing price. May was, Of course, af
fected but not severely. 1t declined to
901kc during the headlong plunge of De-
cember. but by closing time had
reached to 911kc, a decline for the day
of but &c. Undoubtedly the heavy ar
rivals of contract wheat had much to
do with the decline, especially in start
| ing it. but Allen & Grier. the bull clique