Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-11-21
A WHACK At THE BEARS,
The Bulls at Chicago Enjoy That
Amusement Yesterday.
WHEAT HIGHER AND STRONGER.
Corn and Oats Also Take Better Tone
and Rise Peg.
PROVISIONS MUCH HIGHER.
An Active Speculative Demand fol
Stocks In Wall Street.
WHEAT HIGHER AND STRONGER.
PROVISIONS MUCH HIGHE
CHICAGO.
Especial Telegram to the Globe. |

CHICAGO, Nov. 2O.-On 'change to day
the markets were higher under speculative
influences. For the first hour or SO values
were weak and lower under the influence of
general desire to go short and scalp nc
or SO out of the market in the rise which
is pretty certain to follow q concerted
bear movement, and which was therefore
expected to-day. Later on the price took
an upturn which was maintained with
triaing reactions to the close of business
at which time the leading articles were
active, strong and bullish.
In the wheat pit there was a
faireiy active business and prices
were somewhat irregular, being weak and
lower in the early part of the session, but
afterwards frming up and improving
about 1 80, closing with December about
&c higher than at 1 o'clock yesterday
January about &c higher and May about
&c higher. The first sales this morning
were at about the closing figures of yes
terday, but after time became weak and
fell off 10. Later there was a good deal
Of tirmness, influenced somewhat by ru-
mors of liberal export movement in
new YORK, and there was a good
deal of briskness in the trade
here, prices advancing about 116c
from the lowest point, then changing
slightly and closing firm. Charters were
made for $4,000 bushels wheat to be
loaded. The bulls say it is on orders, and
the bears say it is being sent down to
Buffalo to lay in vessels over winter and
save storage. Leading operators believe
an export demand now quite natural.
Speculation will control the values next five
months, and the legitimate level of prices
will not be felt until spring. Wheat lie
little below the average of the last
twenty-four years, while money is certainly
more plentiful. The price is now down to
very near the bare cost Of production, and
decline below that point must be
of very short duration. The trading IN
wheat was almost entirely local, the only
heavy buyers being Schwartz & Dapee on
Wall street account They have been car
rying this account for some time, and
bought also considerable Nay corn for the
same parties in New York and some May
for local account. But" said member
OF a well known firm with bearish procliv-
tiles, the market is purely speculative
and not even legitimately speculative at
that. For instance the market frmed up
about noon on reports of moro unsettled
relations between China and France,
the same old scheme which
has been worked for week. The natural
situation, however, is growing weaker"
The bears base their predictions on the
unusual receipts of wheat and the light
demand. The posted statement this morn
ing showed 100000 bushels on hand, or
nearly 100000 more than the same time
last year. Next Saturday night, from pres
emit indications, there will be 100000
bushels in Chicago and 100000 in New
York. Foreign farmers being hard up
have marketed their crops, and Europe
seems to be taking what other wheat she
needs from other countries than America.
Marine insurance expires Dec. l and
about the end of next week in view of
this the lake steamers will stop running,
and then it is claimed Chicago will be shut
up for the winter with it's large amount of
wheat On hand and no outlet but the rail
roads. Those who take more favorable
view of the situation, cite the actual quo
tations to show that despite al depressing
influences and the everlasting hammering
of the bears, wheat would not go below
9Gc and q fraction, and even
then kept rebounding to higher
figure as the result of two conditions
First, the efforts of the bears to cover, and
second, the fact that the wheat they had
sold, was taken by people who were willing
to keep it firm in their belief in its value,
A quiet report was started just before the
close that the banks had raised their rates
on call loans one per cent, but careful in
quiry failed to confirm 1t. In fact bank
president said he had heard nothing of it,
and he thought he surely should if it were
true. On call there was an active de-
mand and offerings were liberal
prices we're frmer and &c higher. Trad
ing was principally il the January de-
livery.
In corn there was better demand and
prices were firmer, November or cash clos
ing about ID higher than yesterday, De-
cember higher, the year q c higher, sell
Ter January IS higher,and May q C higher.
The market was influenced good deal
by sympathy with the course of the wheat
market, and was weak early when that was
but advanced later when the
market improved. The feeling was also
strengthened by reports of stronger mar
ket in Liverpool, and the shipping de-
mand was quite brisk. A number of
heavy operators were buying pretty freely.
There was large speculative demand
owing to wet weather and strong desire
pa this part of the shorts to cover. New
YORK has large amount bought here for
and it will be easily manipu-
lated If there is desire to do so. Vessels
we're engaged to carry 100000 bushels.
0n cali the market vas moderately ective
md prices we're comparatively steady. |
Trading was principally in the Nay
option.
The tone OF the oat mar
let was strengthened htle
y the improvement in other markets.
,ut the volume OF trade on speculative &C
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