St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-11-03
A VERY POKEY DAY.
Small Amount of Speculative Articles
Change Hands on Chicago
Change.
Wheat Moved Nearly One Cent, But Closed
at About the Opening
Figures.
All Vacillate With a Narrow Mar
gin and Trading is Incon-
sequential.
More Activity in Banking Circles--
ABullish Day in Wall
Street.
Chicago.
Special to the Globe.


Special to the Globe.
CHICAGO. Nov. 2.-The deliveries were
very light this morning. There was prob
ably not a million bushels that went round,
and of this Counselman q co. delivered
out about 200, 900 bushels. Armour took
and held more than anybody else. The
deliveries signiied simply that the local
stocks are back into the hands OF the pro-
fessional carriers and that they have it all
sold for May. The feature of the wheat
market this morning was the buying OF
November shorts, who, for some in
scrutable reason, became frightened
at the smallness of deliveries and
went into the pit as though the
last bushel of grain in the world was
about to get away from them and they must
have it. Sharp November buying carried
the rest of the market up and the advance
in November and December was N@1Sc
from the prices that ruled Immediately after
the opening. Trading began on basis OF
&c below Saturdays closing figures, and
after a decline of 1S@Ac the rally above
described took place. November touching
S5zSc, December S73sc and January S855c,
or &c above Saturdays final quotations.
The desires of the shorts seemed to be sat
isiied when that limit was reached and the
market dropped and declined materially,
the local board following it down with good
selling. The guessers on the visible supply
were all at sea to-day. Fraley bet Lind
blom that the increase would be inside Of
1000. 900 bushels w. T. Baker thought
that the increase would not exceed $50, 900
bushels. Lindblom, who is accepted as the
best authority, put the increase at l, 300, 600
bushels. Reports that the New York
visible
WOULD SHOW AN INCREASE
of 1. 600, 600 bushels and that the Chicago
statement would add 1900, 900 bushels to
the total were circulated freely and acted
as a damper on the feelings of the bulls.
The bulls were at no time aggressive how,
ever, and as far as could be ascertained
purchases for investment were light in
volume Later estimates made the Increase
in stocks less. but the feeling continued
heavy. The gain accomplished during the
first hour was nearly all lost, when the
market steadied and during the last half
hour quotations moved up to about the level
that it obtained at o'clock Saturday and
closed with some show of strength at S55Sc
for November, S775 @S71lc for December
S7Tc for January and 9419c for May. The
largest buying early was attributed to
Bloom and George Smith, who, according
to the floor goSsipers, bought about 1,000,-
900 bushels to lower shorts. There was
some selling at the bottom, about II o'clock
or little later, on report that somebody
had figured out an increase of 2, 81, 500
bushels in the visible, but when it was dis
covered a few minutes afterwards that this
somebody was
AN UNTAMED CURBSToNE CRANK
they fastened to ''even up their trades.
There was no conspicuously heavy trading
done in the pit and the tone was of compar-
ative quiet throughout the whole morning.
Business was mainly local. On the late
board some of the big bulls made an effort
to boom the market without success. The
market held steady, showing considerable
negative strength. There was no change
in quotations. An official of the Chicago
Milwaukee & st. Paul road says: ''All the
wheat fit for milling in Minnesota and Da-
kota goes to the mills and at a price at
least 10 cents per bushel higher than it
would be worth to ship to Chicago. The
basis of prices at Minneapolis is the Duluth
market, large proportion of their wheat
coming from Manitoba and Northern Pa
cific territory where the rates are the same
to Minneapolis as to Duluth. This in turn
forces up prices for some grades of wheat
on the Milwaukee & st. Paul and Chicago
q Northwestern lines in Minnesota and Da-
kota. No road could obtain more than
cents per cwt. on any grade of milling
wheat as rate of freight from Minneapolis
to Chicago or Milwaukee. Thus it will be
seen that no milling wheat will go to Chi
cago and Milwaukee unless
WANTED FOR MILLING PURPOSES,
and the market price reduced on the roads
at least cents per buShel or the freight
rate reduced from 10 to Is per cent. The
movement of wheat on our line in Mime
sofa and Dakota, especially the latter, has
been very large. but is now Stacking up.
owing to the drop i'll prices. Chicago may
get some soft or low varieties from South
ern Minnesota, but receipts generally will
be light"
Corn was stronger and prices averaged
higher. Trading, however, was limited and
mostly in November. which advanced &c
and closed firm at 1890. Offerings were
small and shorts anxious to cover. Ship
pers bought freely and paid 1c premium
over November for car lots of No. 9 and Is
@Ic premium for No. 2 yellow. The
short period that shippers have to ship by
water induced them to take hold more
freely and absorbed all the offerings.
Lighter receipts were predicted for to-mor-
row. The close was firm at 1890 Novem-
Der. 371sc year, Soc January. 3S1 May.
Oats were firmly held and averaged H0
&c better, the demand being good on specu-
lative account. Rye was steady and quiet.
Barley was in good request for the upper
grades and full previous prices were realized.
Pork was 10@l5c higher because the hogs
were higher at the yards. Winter cholera
is alarming the shorts some. Armour is
said to have bought in November pork to-
day at SIS that he sold at $40. He sold for
January. The close was steady at So. 050
S.121a for November and December pork
S5.S279 @5.S719 for lard for November and
December. and ribs 81. 5215 for November
and December, S4.55 for January.
The Quotations.
CHICAGO, Nov. Flour quiet and IN
changed. Wheat opened easier on weak
cables, declined sc, rallied on report that
the stocks at Duluth showed q reduction of
10000 bu, and the report that deliveries on
November contracts were light, prices ad-
vancing SIC, broke Off again on the report
that the visible supply would close an in
crease of from 100000 to 2,000,O 900 bu, fiuct-
uated and closed &c under Saturday. Sales
ranged: November, S5@S5Isc, closed at S54c;
December, S6Is@s794c, closed at S71sc;
January. ST1s0SS$sc, closed at S754c: Nav,
941s995c, closed at 94$Sc: No. . spring.
s51s@S515c: No. 5 spring, 69@7Sc; No.
red, SOC; No. 3 red, 7sc.
Corn was active for shipping demand and
ruled stronger, closing 15@s4c higher for
cash and re higher for November; cash.
4OSsc; November. 39SS@13934c, closed at $685.
@39s%c; year, S71sc. Oats rallied firm owing
to light deliveries on November contracts:
closing was 1s@14c higher; cash, 264c;
November 2554@251sc closed at 25Ac; De-
eember,255s@s6c; May, 299so. Rye quiet; No.
orln NJ u
seed easy on large receipts; No. L, S1.15@
1.l51a. Mess pork prices ruled easier early,
rallied 77a@10c and ruled steady; cash, $50
s 10 for old and S9.12@925 for new; packed