St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-11-29
Bears, Determined that Prices Must TO no
Higher, Put an End TO High
Prices.
The Entire Speculative List Shows a
Marked Decline and Another
Promised.
The Big Guns Seem to Have WIN
drawn from the Pits AL
most Entirely.
Wall Street Quiet, Prices Being some
what Lower and the Market
Inactive.
Chicago.

Cn1CaSOs
Special to the Globe.
CHICAGO. Nov. 2s.-December wheat
was 415c lower at the close yesterday than
it was at the same time last week. EACH
of these figures, however, are probably ex-
tremes. A week ago the war news gave
wheat a fictitious value, while yesterday
news of a decline in Liverpool wheat
brought out a combination of circumstances
which had an exactly opposite effect, and
probably even to greater degree Oper-
ators on the bull side of the market have
about come to the conclusion that pony
edition of European war, OF which they
have seen the start and almost the finish
within few weeks, has nothing In 1t Tor
them. Many of the largest holders OF long
wheat realized this several days ago and
quietly let slip their moorings on portions
of it in lots not calculated to alarm their
fellows and the country contlgnent.
Wednesday the selling was more general
among them, and yesterday the entire
crowd, with country included. caught on,
and everybody who owned sold out. Inc
effect on the market was disastrous, De-
cember wheat. which sold at the opening
Yesterday at $3.50, sold down before the 1
o'clock close to S415c with few takers for
time at that price. Later on, however, the
loss was partially regained. The only con-
struction that can be put on the case is that
the bulls themselves have at last concluded
that
WHEAT WAS NOT WORTH ITS PRICE.
For some time the bulls have bravely stood
under wheat, although it is an open Ques-
ton whether it has not been to their inter-
est and by one means and another have
vainly tried to anticipate the advance which
liz ,,Ifi talT
terdav's market showed that their patience
was exhausted, and that they believe their
confidence in the tickle cereal was mis-
placed A few of the bulls are still holding
on to their May wheat, while others have
concluded that the premium which they
have had to pay for it was too
high and have let it go. Whether
the general selling of yesterday
placed many heavy short lines out or not
is question. but it is hardly probable that
in face of decline of &c, that many peo-
pie went short so late in the month at a
price which must look low to most OF the
people who have been paying the higher
prices. 1t is hardly probable that any one
would run the risk of staying short over
Sunday, let alone taking the risk, when
only two more business days remain in
the month. Wheat has been without friends
to-day, and but tor the
KINDLY OFFICES OF THE SHORTS
there is no telling where it might not have
landed. The market opened s5@1ac lower,
advanced to yesterdays closing prices and
then sickened, and by IL O'clock had lost
lie, December being quoted at S44c, Janu-
airy at S4115c and May at 9055c. During the
last two days great many shorts have
covered, and the bulk of the buying has
been on the short account. To-day this
feature of trading was especially notice
able. The exchange was inundated with
bear talk, the Northwest. as usual, con-
tributing its full quota of dispirlting news.
Duluth dispatches estimate the increase in
stocks at that point for the next three
weeks earring snow blockades) at
1,500,000 bushels per week. Mime
apolis is represented as being too full
for 'utterance, and the country
elevators, according to the news bureaus,
are suffering from acute congestion. Some
local statisticians are figuring on an in
crease in the visible supply this week of
1900, 900 or 2,O0O, 900 bushels. Consider
able long wheat, said to be on New York
account, was offered during the day, and a
good deal more bought on narrow margins
came out. Commission houses have been
calling margins sharply of late. and weak
brethren have had hard time of it. Feeble
efforts were made to rally the market, but
on every rally the pit was
DELUGED WITH RENEWED OFFERINGS
and values settled. The closing at o'clock
was at about the bottom and about a C
below yesterdays last quotations. In corn
also the week mas not been an entirely
profitable one for the bull side of the house.
Heavy receipts of low-grade corn had de-
pressing effect on the market in the early
part of the week, and yesterdays doings in
the wheat pit reflected in a smaller degree
in corn. AS compared with a week ago
December corn is about &c lower. Noyem-
Der and year corn were equally weak to-day
and the more remote futures also suffered,
but not so much. The decline in Novem-
Der was lie, in year 75c, in January 40
35c and in May &c.
Oats were frmer with fair business in
May early, but Quietness prevailed during
the major part of the session. December
sold at 2S14c and May at 311s@3136c, the
latter closing at 314@3135c.
The week has been fairly active one in
provision circles, and prices have fluctuated
sufficiently to invest the market with in
terest. The top prices were reached on
Tuesday when January pork sold to
S1O.2715. lard, same option, at $685. and
short ribs at $5.021s. and since have
dropped to 1915 for pork, S6.1215 for lard
and S.. IS for short ribs. Thus it will be
seen that while
THE BULL ELEMENT
had an inning the first half of the week, the
bear was favored the latter half The
shipping demand has been very fair and the
outgo liberal. Freight rates were advanced
on Monday last and this will tend to con-
tracted shipments for some time, as out
siders are stocked up pretty well, being az
vised of the advance in transit rates some
three weeks before it occurred. Receipts
of produce have been quite liberal for the
season, and it looks as though the country
had sold some stuff on the recent upturn
and were delivering the property. Receipts
OF hogs were again large, and the million
notch will be passed for the month.
Bnt packers have bought freely each
day. and prices have ruled much more
strong than weak. As compared with fig
ureS current week ago mess pork has de-
clined zoe per barrel, lard 1870 per 100
pounds, and meats 10c per 100 pounds. 1t
is expected the stocks in store will show
liberal increase of everything on the 1st
proX., and large receipts of hogs are also
anticipated. While prices have receded
some it's rather remarkable that greater
decline was not established, for general
heaviness has prevailed. Nearly all the
grain markets and supplies of everything
have been large. Indeed it is rare that the
combination of circumstances
TENDING TO DEPREss VALUES
has excited so little influence as it has the
past week. Receipts of hogs have been
very large and the packing in the West to
date Is fully SO per cent greater than