St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-11-18
WHEAT ON A RAMPAGE.
It Advances N arly Two Gents Bushel
Witt the Greatest Possible
Ease,
But Heavy Selling Caused a Decline,
4hough the Close was Strong
and Higher.
Year Corn Becoming a Big Favor1te,
Oats Show Improvement, Prov1-
sions Higher.
The New York stock Exchange Suf'
feri9g from Healthy Reaction
st. Paul Active.
Chicago.

CHICdSOs
Special to the Globe
CHICAGO, Nov. 17.-The visible supply
increase of 1856. 600 bushels was surprise
to the wheat crowd to-day. 1t was just
about double what the statlstlclans had
figured The wise men OF the pit were
fooled on the stocks and were worse fooled
on the markets. The opening was nervous
and 1l@15c lower. 1t stayed low for few
minutes when prices took a turn and started
up the hill at a rapid rate. News of an
other battle between the Servians and Bull
garians, accompanied by advices of panic
on the Paris bourse. excitement and dis
turbances in all the European money
centers, depreciating foreign securities and
strong grain markets abroad, proved too
much for bear courage, and there was pre-
cipitated scramble for shelter. Hutchinson
led the way and bought in an immense
quantity of wheat, presumably 10
lower short sales. The professionals
who were even with the market took the
long side for scalp. and the professionals
who were short cut their losses off as eXpe-
ditiOusly as possible December reached
9oLc. January 81 &c and May 9SBc. an ad-
vance from the opening OF about 178c. A
denial of the panic reports from Paris ana
heavy selling on New York and Milwaukee
account
BROKE THE MARKET,
and December and January declined &c or
Whereabouts. the tirst-named month going to
S935c and January to $3.50. May lost less,
because trading was less active. A revival
of war news again galvanized the crowd
and sent prices whoOping. Lost ground
was all recovered and the high-water mark
passed. The bears once more did some
lofty climbing. For the last hour and a
half the market was decidedly strong, with
occasional soft spots. but on every break the
pit bristled with buying orders and the weak
ness was only momentary. The 1 o'clock
closing was full 1c higher than yesterday
at o'clock on all futures and l &c higher
for cash property. Transactions were very
large in the aggregate, and the market was
excited ard very nervous throughout. This
afternoon the market was active and unset
tied, ranging higher at the start, but broke
on increased offerings and closed B@4c
lower than at o'clock. the latest figures
being 9O1lc for November. Ole for Decem-
Der, 9115c for January, 97Tc for May,
915Ic for February. Predictions on the
future course of prices are hard to make, as
the market depends almost entirely on the
foreign news. The country generally is
buying on the war scare, and this buying,
if continued, will be very likely to carry
prices higher. On the other hand
THE SALES OF WHEAT
to-day at the advance by brokers was very
large and indicates a general unloading by
the leaders, and, in addition to this, the
English and French buyers show no desire
to buy our wheat on the present outlook.
While wheat was going up, year corn
moved up at the same time. The shorts on
December and year are little anxious lest
there be the same sort of pressure early
next month that there was early this. They
are taking advantage of the present in
creased receipts to cover and get out But
the shrinkage is enormous, and it is not at
all unlikely that year will sell as November
did-very near to soc. The opening
was strong, irregular and higher. Cash
and November got together for the first
time since the beginning of the month,
closing at l o'clock at 43Tc, which was
&c higher than yesterday for cash, and &c
and May nc. The bulk of the specula-
tive trading was in year. Roche and Lind
blom bought large lines. November was
bid for early, and business was only moder-
ate in May. The correction in the visible
supply had very little effect on the market.
The break on wheat
DID NOT AFFECT CORN
this afternoon, the close being quiet but
steady at 1890 November. 42Bc Deem
Der, 1880 year, $3.50 January, 4O1Sc May.
November oats advanced &c, and May nc.
The best trading for fortnight was wit
messed in oats. November closed 2715c,
December 275gc, May 314c. AS on yester-
day, an over-supply of live hogs broke the
provision market Early estimates covered
81, 900 fresh arrivals; but it was not
long before private kilograms and tele-
phone advces placed the number as high as
5000. This. however. was considered an
eXtravagant figure. Before noon the pit
had settled on about So, 900 head. The talk
is all in the direction of lower values, but
the speculation is the other way. Packers
do not believe in the future, but their ideas
are not shared by the public, evidently.
January and February pork closed at 1
o'clock at an advance of 719c. and Febru-
airy lard the same. Cash ribs were lower,
February ribs were unchanged and the in
termediate months a little higher. No let
up in hog receipts is anticipated in the near
future. This afternoon there was drop
of sc on pork and 215c on lard and ribs,
caused by this break in wheat. The close
was quite active and may be regarded as
strong.
PETER BERKEY, Pres. F. w. ANDERSON, Cashier.