The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-12-21
LETTER STIRS may
TuRN TAKEN AT THE OPTION BY
THE CHICAGO BULL
CLIQUE.
DAYS CLOSE AT THE TOP.
NET ADVANCE OF ONE AND FIVE
EIGHTHs ON AN ACTIVE
MARKET.
DECElTHER FIGHT NARROWED.
Small Fry Staying Out While the
Rts Fellows Settle Their Dif-
ferences-Grains Firm.
MARKET SUMMARY.
FINANCIAL

CHICAGO, Dec 2O-Ihe Letter cIo"u l00h
O turn at the May option in wheat To-Day anu
The market in consequence closed at the Top
NJ am advance of 15sc. The trade was the
biggest in the pit for several weeks Corn
was very strong and advanced 5s@%c. Oats
closed ls@zc higher Provisions were in
fuenced by grain and advanced lOgZoc WIN
a big trade. o.z..,u
wheat oDened a trife under Saturdays
chasing nrice. May starting at 92A@929Sc- IN
dor covering by shorts the slight decline was
r,icliv recovered, and the market during the
,,evt hour kept a little above the final quota
lions of the preceding session. Trade during
tbs time referred to was not heavy and was
.l-,cst entirely of a local professional char-
scter The opening decline was probably due
81, the heavy receipts at Chicago, much OIL
which vas of contract quality, but this was
.nnarautlv forgotten when it was seen thdt
n aid not keep buyers out Of the market
MINNEAPOLIS and Duluth reported recelpCs DIT
ee5 cars against 1,2S4 the week BEFORE anu QUO
the corresponding week Of last year. Chlcago
recaived 5lS cars of which 272 were NO.
northern spring and 90 cars OF No. red VIII
Ter and III 500 bu. and 1873 carloads were
transferred from unlicensed TO regular eie
vators An addition of about 5n,Ooo pu was
made to the contract stocks. me toea4 quar-
+Itv shipped from all quarters to europe anu
49, 1rnited Kingdom last week was 6756,OOO
hi against 1885, 600 bu the week belore' vi
last weeks total Russia contributed only l.
$50 600 bu against 2,1120OO bu the previous
,o,,o, DAYS mis- country and Canada shipped
as usual two-thirds of the whole the day
cIearances of wheat and flour from Atlantic
morris were $4,000 blu. 1t was not until AFTER
the visible supply statement for the week was
completed and the increase in the STOCKS
found 10 be smaller than expected that the
market gave any very clear indication as to
which side of the deal it would ultimately ia
vor With that out of the way and the
weeks increase only S21, 900 bu, as against
from 1000 bu to 100000 blu increase
looked for, the bull feeling began to predom1-
nae and the price soon responded.
The total of the days clearances from the
seaboard was increased to 717,COO Blu by ship
mats from Galveston. That gave further
courage to the buyers, who took more wheat
al an advance of 1c over the earlier price they
paid for May, and by such Of the bears as
had been selling during the first hour. Allen
a. Grier, representing the Letter crowd, were
very prominent in the buying, leading 1t in
fact but trade was greatly increased, with
plenty of outside orders. Shortly after the
opening May advanced to 92azc and hung for
an hour between that price and 921ac. The
heavy buying which commenced after the an
nouncement of the days ciearances gave fresh
impetus to the advance and at the close May
was bringing 941Ac. December attracted little
attention, the general body of spectators
abandoned it long ago, and are now merely
Onlookers at the narrowed-down combat be-
tween the Leiter-French bull combination and
the Armour Weare- Seaverns-Peavey elevator
interests. 1t ranged between 800 and $102
and closed at 81. About 10000 blu is said to
have been delivered by Armour to the Letter
crowd in the afternoon.
There was a greatly increased trade in corn,
operators i'll wheat and provisions both being
in the market, and prices were firm and
higher almost from the start. The action of
wheat, the small receipts-163 cars-and the
visible reduction of 2141, 600 blu all helped the
price. The market showed its greatest
strength after the visible statement. May
ranged from 297sc to 291sc and closed 5000
higher at 29Bc Oats were firm, but did not
keep pace with wheat and corn, and showed
but B@Ac advance at the close. There was
better buying by elevator concerns and by
commission houses in general, but there was
also a tendency TO realize Cash demand was
not so good. The visible increased "a 900 bu
May ranged from 22Bc to 2212c and closed at
HAqHBc. Provisions were very strong and
the volume Of speculative trading showed con-
siderable increase. The market started firm
and higher, he-ped by the light run of hogs.
Some Of the later strength came from the adj
vance in wheat and corn. The feature was
the purchase of about 1000, COO pounds of ribs
by one firm. The highest prices of the day
were quoted at the close; May pork zoe higher
at $9.OS; May lard 10c higher at $4.65, and May
ribs 15c higher at $4.671a. Estimated receipts
Tuesday Wheat, $50 cars; corn, 400 cars;
oats, 440 cars; hogs, So, 900 head.
The leading futurpS raDpnd &c fO1louc.