St. Paul daily globe., 1885-11-21
Country Bulls on Hog Products Try to
Pocket Their Profits, Causing
Decline in Prices.
Corn and Oats Suffer From the Cen
eraI Feeling of Stagnation and
Close Lower and Weak.
A Break on the Stock Exchange, Fol-
lowed by a Feeling of Conf
dence and an Advance.
Chicago.


'that all the Eldredge-Jones-N W llilafo
wheat has been sold out. 1t went over
board. not on the recent bulge elther' ou'
at the low figure on the Dreah. Aho
long party in wheat now Is the AIliioul-
Ream combination, which is as much lhter-
ested in advancing the price 10 slarV t,le
farmers moving 1t as 10 aoEahco tiio \,
nrice to make profit out OF II.
The markets were quiet and generally
easier to-day. though toward the close OF
the forenoon session of the board OF trade
stranger feeling manifested itself, accom-
nanied by A hardening of values. Wheat
and provisions opened lower and seemed
without specially stimulating features,
though wheat held its own with considera-
BILE steadiness. It began in the morning 3s
axe lower than yesterdays closing, and
after an hour or two of steady but not large
trading, prices settled another &c. Some
market cable reports from seemingly relia
bic sources that peace between the Balkan
states was about to be restored, and more
bear news from the Northwest, were intu-
ential
FACTORS IN THE DECLINE.
The bears had the call on floating news,
as they have had for the past two or three
DAYS, but about an hour before the close the
bulls had an inning. Minneapolis was re-
ported to be quietly selling. Liverpool
closed firm and there was renewal of war
news. New York was quoted as flat and
tame, however The Chicago market was
at its strongest about noon or a little after.
The close was at a decline from the best
price, and about at the morning opening.
Commission houses, whose sources OF in
formation are exceptionally frSt-claSS, hear
little of the increasing receipts at primary
points in the Northwest. They do say,
however, that the farmers are discouraged
from selling by the millers' agents, who
represent that warehouses are plugged full,
when, as matter of fact, it is only Mime
apolis that is full. The theory held by bull
observers is that Minneapolis millers don't
want to stimulate farmers deliveries just at
present, for the reason that they cannot
conveniently take care of the receipts but
they do not propose to let any wheat get by
them, as they feel that they illneed all
they can buy later on. Their cue is
TO rISCGURAGE DELIVERIES
at this julntlre and preach dullness. On
the long board closing figures were 1 cent
under those at the same time yesterday and
36(016c under the highest for the morning.
but this afternoon reports of additional eX-
ports caused reaction of H@4c, the clos
ing figures being but slightly changed from
yesterdays late prices, at S914 C for NOvem-
Der, S93lc for December, 90Ic for year,
96sEc for May. The Daily Business, in
speaking editOrially of the broadening of
speculation, says: Speculation in grain
and provisions is unquestionably broaden
ing 81 is no longer confined to the profess
sionals. The country is getting into the
market. 1t is not necessarily getting under
the market, but miscellaneous business
is increasing. Orders from inter
ior points are becoming more numerous
every day. The great boom that they have
been enjoying on Wall street has extended
into many branches of business other than
that of trading in railroad shares and bonds.
Commission houses on the board of trade
are always called upon, even in periods of
great depression, to answer innumerable
questions about the market, but when times
are dull these inquiries are rarely accom-
panied by orders. Waiting for orders that
come not Cmaketh the heart of the COM
mission man sick, and
EXCITED HIM TO PROFANITY,
thereby imperiling the safety of his i'm
mortal soul. Now things are different;
inuuirers and orders come together; the
country is losing its fears of the profess
sionals who have been accused-and pos
sibly not always without cause-with hav-
detriment of the casual operator 1t is
taking a hand in the proceedings itself.
The Chicago markets are acting very much
as the New York stock market acted when
it was getting ready to swell up and expand
and SlOp over and take possession of man.
kind. 1t does not necessarily follow that
prices are going skyWard, but it means ac-
ton, it means increasing volume of busi-
ness, it means full pulSe-vigOr, health
and ceaseess activity in the place of
languor, heaviness and painful inattention
that we have witnessed for the past six
months. 1t means the withdrawal of money
that has been hOarded up by thousands and
tens of thousands of men and the infusion
of new blood into channels of trade. 1t
means a return of confidence and an end to
Stagnaton. We are entering upon
A NEW ERA OF PROGRESS
and of prosperity. Chicago affords as good
a field of speculation as New York and to
the Western men it is home. Western men
would rather trade in something they know
about than in commodities concerning
whose intrinsic value they can have at best
only meagre knowledge. They would rather
buy and sell wheat and corn, and
oats and rye and other products of the field
and in the flesh of the hogs that fatten at
their own cribs than to traffic in goods that
are at the mercy of agencies beyond their
control"
Corn was dull and averaged lower.
There were no features aside from the
sympathy with provisions and the constant
fears of a squeeze in the year option. Corn
was slow, trading being confined to small
lots and mostly of scalpng character.
Receipts were liberal-293 carS-and with
drawalS from stock larger-70, ia bushels
;,,I;-
ton of spectators to trade created weak
ness. but soft, cloudy weather exercised
considerable effect on bears and prevented
them from selling freely and that helped
to sustain values. Toward the Close how
ever, the market
EASED OFF A TRIFLE,
and the last sales were at 4@15c lower |
than yesterday. Year opened at 425Sc, !
sold at 42$[c, broke, and closed at axe: |
May opened at 40c. declined to 395Sc. and |
closed at 3955c; November was quiet at |
43$zc. Cash lots in store were taken fairly |
at 44@4415c. Low grades were dull, and |
prices were shaded on very poor.
Oats were fairly active, and transactions |
were on basis of lower prices. Nav fell
Off &c, closing at 313sc.
Provisions were weak, and about half the |
advance of yesterday was lost. Receipts of
hogs were large. and. with the amount left
over from Yesterday. footed up nearly TO-
0OO Early prices at the yards were higher,
but declined 1Oc under yesterdays figures
The feeling in pork at the close was heavy,
closing at 50 for November and December,
SO for January, SO for February. Lard
and ribs closed 215@5c lower than yester
day.
PETER BERKET, Pres. F.w. ANDERSON, Cashier.
c. W. GRIGGS, V. fres. \. c. ANDERSON, Asst. C.