The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-12-11

CHICAGO, Dec. 10.-After considerable eff
fort, the bull clique in the wheat market
succeeded today in closing the lid ON the
boiling December shorts and getting the
price down to a point that does not so openly
invite all the contract wheat in the country
to Chicago. December closed at $1.C3, a de-
cline for the day of 4c, while May showed
about 1c decline at the close. Corn and oats
were governed by the change in wheat but
showed very little change at the close Pro-
visions also closed substantially unchanged.
Wheat, at the opening, was a very uncer ain
quantity. 1t was generally conceded that it
was to the interest of the bull clique to al
low thep rice to settle down to a point where
It would be less attractive for country holders
to send all their wheat of contract grade to
Chicago, but because this was so palpable
many others expected an opposite course and
the result was a nervous market There was
some disappointment over the poor response
of Liverpool to the advance here which had
some effect on opening prices. The early
course of December was downward but very
soon It became strong again and took only
two skips in recovering from $1.06h to $1.0S.
1t opened at $1.07, the same figures as at
the close the day before. 1t soon became evil
dent that the price went up not because of
any manipulation by the clique, but in spite
of their efforts to keep it down They tried
1t again later in the session, and had more
success, December selling on that occasion
at $1.O5. May was largely influenced by the
course OF December 1t opened &c lower at
21s@92Ac. Trade was very quiet for the
first 40 minutes during which May kept with
in the range of 92Ac and 91Hc. At the end
of that time some few buying orders came
in together. the crowd in the meantime hav-
ing got short and a rapid rise to $3.50 oc-
hill +l,t,c
given tofthe market did not last long. 1t
worked downward after that notwithstanding
some rather bullsh items of legitimate mar
ket information. The ordinary market news
was principally of a bullish character, but
because New York exporters did not report
an active demand for export, the encourage
ment from elsewhere was forgotten a minute
after received. Liverpool advices confirmed
those of the day before regarding heavy
rains in Argentina. There will be pract-
cally no wheat to ship from this years Aus
tralian crop and san Francisco reported the
purchase fGr shipment to Capetown, South
Africa. Of three cargOes of wheat, giving cor
r0boratton to the news of a continuation of
last years dear,h In Australia. The North
western receipts were liberal, but smaller
than last weeks-62S cars today, 759 a week
ago and 537 cars the corresponding day Of
1885, Liverpool expects 5000 600 Blu of Chi
cago clique wheat to be sent there and
was feeling easy about supplies in conse-
quence. That market closed 1sc lower for
futures, but 11ad higher for No. l northern
spring. spot. The Atlantic port clearances in
wheat and -four, inclusive of 1000 bbls of the
latter from Newport News. were equal to
925, 600 bu. Continental markets showed
moderate strength and slightly higher prices.
The market became quite weak toward the
,A,I
for Chicago from all over the West ac-
count of the high prices prevailing here were
circulated and made 1t very easy for the
clique to keep the price down. December
got down to $1.O3 and closed at that price.
while May declined to 9l%@9112c and wound
UP at 9l12c.
Trading in corn uhimportant through
out. Up to the late decline in wheat how
ever. the market held firm and at a slight
advance. but this was lost when wheat sold
off. Scalpers had the market to themselves
for the greater part Of the time and even
they were not disposed to do much There
was a little covering by shorts in the morn
ing. The market was entirely sympa
thetic one, no important independent features
developing. Receipts were AL cars; clear
ances, 317 COO bu. May ranged from 2S7BQ29c
to 2S9sc closing &c lower at the latter price.
The aggregate business In oats was quite
heavy and the tone Of the market distinctly
firm though closing unchanged. Outsiders
and local shorts were both good buyers dur
ing the session and prices advanced both for
December and May. During the afternoon
realizing was more pronounced. especially
during the decline In wheat Cash demand
was very dull. Receipts were 379 cars May
ranged from 22%Q227sc to 229s@221kc and
closed at 2212c.
With the exception of pork, there were
almost no gains in provisions Offerings out
side of a little selling by packers at the
start we're very light and continued SO until
wheat gave away when they became too
heavy for the EXTREMITY limited demand.
sulting in slight decline all around. Trad
ing was entirely professional. At the close,
January pork was a shade lower at sS.25.
January lard a shade lower at 1921 and
January ribs a shade lower at $420Q4.221a
Estimated receiptsS Saturday: Wheat, 16
cars; corn. 1856 cars; oats, 800 cars; hogs,
% OG0 head
The leading futures ranged as follows: