St. Paul daily globe., 1884-11-25
A BETTER FEELING.
The Atmosphere Surround
ing Wheat and Shares
Growing More
Cheerful,
While Corn and Provisions Fluc-
tuate a Trifie and Close
Lower.
The Sudden Cold Snap Makes New
Corn Grade Better and UufavOr-
ably Affects its Price.
The Marked Rise In Stocks Unexpected to
Old Operators, and mas the Odor
OF Manipulation.
jay Gould Makes the Rash Statement
That Union Pacific VIII Sell at Par
In q Year.
The Marked Rise In Stocks Unexpected to
Old Operators, and mas the Odor
OF Manipulation.
jay Gould Makes the Rash Statement
That Union Pacific VIII Sell at Par
In Year.
CHICAGO.
Ispselal Teleerarn % the Glohs. /

CHICAGO. Nov. 24.-Therr was a better
feeling on Change to-day. Wheat was ac-
tive and stronger early, rather easy about
noon and higher again at
the close for the deferred
futures. January gaining Jsc. while Noyem-
Der closed AT Saturdays figures. Corn
opened weak under the influence Of the cold
weather and sold at &c for N0yem Der aud Ie
for year under Saturdays close, but rccOy-
cred &c on the former aud &c on the latter.
Oats Sere stronger with fair business am
provisions ruled easier, ana closed lower,
year pork falling OF l7JIe aud other options
shade, November lard 81, and RIBS csc for
November aud 25<c Cor January aud Febru-
airy. Closing quotations were. January
wheat re, November corn 3SJfc and year
S5Jsc, May oats 2Sc, January pork sIO.75,
January lard s6 20, January ribs $3.50.
JAS. II. Milne, chairman OF the market
reports committee OF the board of trade, has
issued eirculSr explainin why the board
will cease on Nov. % dist ributing its quota
tons through the medium Of the Western
Union telegraph lines. The circular adds
that the board is considering measures TO
furnish uninterrupted dispatches TO its cor
respondents.
There was considerable strength in wheat
to-day. The opening was steady at about
Saturdays close aud there was a slight ad-
vance under good buying by short sellers,
which In turn was lost aud H94c more,
when holders who wanted TO take advantage
of the slight bulge, began selling. The de-
cline induced free bidding BY brokers and
the commission houses VINO were executing
orders for outsiders, these orders being COM
paratiyely liberal to-day, aud sec
ond rally Of ebOut &c followed,
when large selling by local longs agaiu
started prices down and quotations settled
1Ec, closing on the morning board at about
Saturdays figures. On the afternoon board
there was renewed demand from the shorts
and the market hrmed up, closing szc
higher than on Saturday tpr December at
T45se, Hc higher for January at 755se aud
&c higher for February at 75IEc. MAY
closed &c better at s2Sc.. Frank Kennett
says this latter option is a purchase In the
neighborho0d Of Sic and will pay 10000
profit while II need not be margined, he
thinks, more than DC and probably not more
than &c. The same broker predicts that the
visible supply will soon begin to decrease and
thinks the outlook generally is good. Lester
d Co. began buying wheat short time ago
and bought so largely that the concern Is
now thought 10 have something like 2,0OO,-
600 bushels Of long wheat For
considerable time Sam Allerton,
j. T. Lester and Peters have been
avowed bulls with only one In the concern,
Bangs, bear. Now 1t is said that he has
turned. Time was when 1000, 900 bushels
of wheat was not great holding, but that
was before speculation here went to pot and
before Kent and Walker and Fairbank aud
the other big operators lost so much money
trying to support wheat. The purchase or
sale Of ,, 900, 900 bushels was regarded simply
flyer, something that might be done almost
twice over In 4 day and no great comment
be aroused, but everybody understands that
times are changed now. Not since Septein-
Der certainly mas anybody taken THE amount
Of grain, aud, barring the operations Of the
September corn clique, the limit might
safely be extended to six months. Signli-
cance is added because the OpinloE Is general
tdat Sam Auerton Is one of the principals for
whom the purchases are made, and because
the Lester houses here and al New York
are very strong. Besides, It is declared that
while Lester has been buying, Sid Kent has
been selling aud that the latter Is now pretty
heavily short the market or course, Sam
Ailerton is very rich man, slthough not
great manipulator, and, Of course, too, If
SID Kent is short l 1000, 600 bushels, he may
have 10 buy II in, and II that should happen
the market might be treated To n miniature
bull whiri. 1t is explained that Kent, who
has been feeling Of the market every once in
a while since il Was al 81. Is, and after trying
wheat for the last time at about 75c became
disgusted and made up bis mind, IL be could,
10 create a little panic In order 10 get at
the bottom, if there vas any such thing. He
turned seller at 735sc. Now Lester began
buying al about the figures Kent began sell
Ing. The market is now trfe above 74J<c.
While fiighty traders on the floor have been
excited by Lester's purchases and by the &c
advance which has followed the sieadier ones
do not ablieve sensational advance possible
just now, they rely upon the &C. .OOO, 900
bushels visible supply, being the largest ever
known, aud the s, ,OO0. 600 bushels stock at
Chicago to at least make any advance very
slow indeed, II they will not altogether pre-
vent It.
Il believe" said George Brine, "that any
manipulation In wheat is next 10 Impossible just
now, that Is. any great manipulation which would
much advance prices. Too many things must he
changed fret. The visible supply figures must
be turued buck, the To- al stock must be cut
down. the demand must be increased and speeuIa-
tion must be started up. II Testers people
could gst prices mp SC a bushei, perhaps the
countrymen might come in after IT, All other
circumstances might then very suddenly change
Europe might decide all At once that she want.
great deal OF grain and the farmers might all M
once stop shipping. believe myself, before an /
other June passes. that wheat will be AZ Sfl5',
.sfon do not be i.ge. then, thai the price OF
wheat has been permanently readjusted-''
NO., was the reply. 'AoouT eight years ago |
was riding down to New York with a trader
named Hurlbut, who WAS q readJuster in those
days. Wheat. think. was then 90c and rhere
had been 8 CIT Ia rates and We were going 10
New York on tickets which cost us only So He
declared 10 me very emphaEcally on that trip:
Everything is being readjusted. You'll never
see wheat above 90c a. ain and you and I will
never pay SO sgain for 4 railroad ticket 70 New
York Well. I've seen wheat at 81 go since
then and have paid as high zs Ss4 for ticket 10
New York. don't believe In the readjuster
theory"
.sVery few Of the old bulls have any wheat" said
Robert Lindblom- "They are demora.izeI and
waiting 10 something 10 buy on. Many are
aslilng short for q turn and viii fight the upturu