St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-11-24
Things in the Speculative Pits are Just
Now Going Badly Against
Them.
Both Wheat and Corn We're Pulled
Sharply Down, Closing Weaker
and Lower.
Hog Product is Clearly King, as the
Provision Shows Increased
Values.
Railroad Stocks at New York Suffer-
ing at Present Just as Much
as GRAIN
Chicago.
Special to the Globe.

special TO Une
CHICAGO, Nov. 23.-The selling out OF
''long" wheat by the -Eldredge-W IL
lard syndicate left spectators at the close
of last week without any motive. Traders
decided that with the bull clique, which
has been doing most OF the speculation
disbanded, there was very little prospect
for an advance. The smaller operators
drew out to await developments and the
larger ones were occupied, the most of them,
either with stocks or corn or pork. The
result was that the price of wheat dropped
until on Saturday night the price was soc
for the December option. There is now no
more prominent figure than a Minneapolis
miller an exceedingly busy and pertina-
cious Spectator, who operates as any other
on both sides of the market, but who just
now is moving heaven and earth to lower
prices. Chicago spectators do not admit
it, but the truth is that the Northwestern
miIlers are the same factor in wheat that
The packers are in provision speculation.
MIR. Armour in speaking of the situation to
a friend. said: 1.-The millers undoubtedly
hold the key to the situation. II they shut
down. wheat will decline, and if they go on
grinding. wheat will go up" Everything
at Chicago down to the little scalper knows
why packers write at certain seasons Of the
year TO depresS the price OF
THE HOG MARKET.
They want to put into their cellars their
millions of dollars worth of stock at the
lowest possible cost. To them the loss of
$500. 900 in speculative efforts to get down
The price of hogs l or p cent q pound is
money well spent. But while Chicago spec
ulators admit the reasonableneSs of the
packers taking most active part i'll provs-
ion speculation the same ChicagoanS are
stamping about and showing off a fire frenzy
Of Indignation that Minneapolis millers
should try to manipulate the price of wheat
down. Even the newspapers have joined
in the cutlery and printed editorials and
berated the millers for trying to make their
$50. 600. 900 worth OF flour just as low as
they can. The Northwestern millers have
bigger stake in lowering the price of
wheat than even the packers in depressing
the price of hogs. The houses at the yards
cali buy or not as they please. The situa
ton in the Northwest by those who have
been I'D there is said to be this: The millerS
have really ground up about % per cent. of
this wears crop of wheat, which they have
vet to pay for. The farmers in the North
west cart their wheat to the elevators of
The Millers' association to hold. They take
the warehouse receipts of the association to
sold. The association uses from these ele
7ators the wheat as they require, aware of
course that when the farmer vine holds
their receipts wants his wheat either he
MUST HAVE THE WHEAT
IL the market price. Now it is not pleasant
for all the millers to contemplate that they
have ground about $4,000, COO bushels of
wheat and sold the flour when the price of
wheat was 10 cents lower than it is now,
and that they are likely to be called on any
day to pay for this grain. The abolition of
the commission rule which put penalty
upon the cutting of commissions will help
trade. Several large operators, who had
practically retired from the commission
business because the rule put those who
would not stoop to petty deceit at dsad-
vantage with those who would, are going
back into the trade again. Business the
country over will be better drummed and of
course this will greatly increase specula-
ton. Wheat to-day was weak. The moral
support that held wheat up during the latter
part of last week was lacking after the first
hour, and the magnitude of the corn move
ment from the interior frightened the corn
bulls Some of the professional scalpers
bought early on the report that Armour
was giving out bull tips, but an ill-natured
counter report was started that these gentle
men were buying ArmOur'S wheat. The
Armour furry was of short duration, and
probably had a foundation no more sub
Stantial than the Imagination of a curb
stone operator. 1t was soon forgotten, and
the
TEMPER OF 1.-THE CROWD"
speedily became DeariSh. Prices were &c
under Saturdays closing, when the regular
trading began, and after an advance to &c,
wheat slowly receded, until drop of 40
sc from the best figures of the day was re-
corded. The market hung about that level
for quite awhile. but about II o'clock a cog
broke and tumble of about 1000 was
witnessed in short order. values making for
bottom at rapid rate. The bottom for the
morning proved to be S74c for November.
S7$4c for December SS15c for January and
9414c for May, from which point there was
a recovery of 14c, the 10 o'clock closing be-
ing 1@11Sc below Saturdays last quota
tions The rally at last was due largely to
buying by commission houses. The heavi-
est selling of the day was done by Hutchin-
son 81 Roche. This afternoon stronger
feeling prevailed and prices reacted slightly
from the depression of the morning, closing
3s@19c higher.
There is now some doubt whether the
two houses of Lester & Co. and McCor-
mick, Kenneth 81 Co., who were bulling
''year' corn, did not beat up the shorts too
quick. The receipts of corn are being
stimulated by talk of this projected squeeze
and at the same time and for the same
reasons the shorts are quietly but rapidly
stealing IN out of the danger. The weak
ness in corn was marked from the outset.
November and year being especially limp;
May remaining fairly steady throughout the
decision; November and year dropped sc,
but during the last hour
THERE WAS GOOD BUYING,
and quotations travelled back part way. At
l o'clock November was &c lower than on
Saturday and year &@Tc lower, May
having lost only &c. On the short board
there was an improvement of 1$@4c, clos
ing fairly steady at 1880 November, 414c
December, 41Ac year, 3Sc January, 394c
May.
Pork opened 4@71Sc under Saturday and
closed 219@5c above, having during the
morning advanced to point sc over prices
that ruled at the close. Nearby lard closed
the same as on Saturday with very light
trading and late futures were shade easier.
Trade in ribs was light and quotations were
unchanged. Later on active speculative
demand advanced the price of all products
sharply, pork closing 1Oc higher than on
Saturday at SO for November and Deem
Der, $40 for January. $40. 1211S for February.
Lard advanced 2 &c and short ribs about sc
all around.
c. w. GRIGGs, V. Pres. A. C. ANDERSON, Asst. C.
THE ST PAIL NATION RANK