St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-11-08
Hutchinson and Armour Paired to Make
a Sure Thing on Each 9th
er's Deals.
'Hutoh" Looking After ArmOur's Long
Wheat, While the Latter Protects His
Friend in Wall Street.
The Week Closes With an Advance
in the Prices of All Specula-
tive Articles.
st. Paul Matter of Great Interest in
Wall street. Breaking Down
Early in the Day.
Chicago
spec;al to the Globe.

Chicago. Nov 7.-TueSday and w ednes-
dav were the red letter days of the week for
the bulls. wheat advancing from S613c to
soc for December delivery. With this nota-
Bile exception the bears were on top during
the bulk of the time Wheat, however, did
not 90 up because there was anything of a
special nature in sight to bull it on. but
rather because the clique was wearing it so
steady and such a proftleSs market, and
therefore put their shoulders to the wheel.
BY ''the clique is meant Nat Jones and a
select set in Eldredge's office (princi-
pally n. B. Ream), Roache, the Gull
verS, John Lester and many others
whose souls have but single thought, and
whose hearts all beat as one. A single
thought is how best to make the market
boom this week for change. They were
forced to do it by the exercise of good, hard
muscle. The outside conditions were all
against them. True they rehashed war
cables and fluttered them in the faces OF
bear crowd until the paper wore to shreds.
but genuine war news was lacking until
late in the week. Even the weather was
against them, but on Thursday and Friday
it became almost wholly weather market.
OnFthe day first named wheat was heavily
bought on rain, and on the next as freely
sold on sunshine.
GOOD TURN WAS DONE
the bulls by Hutch" who entered the
market about the middle of the week and
loaded up literally and openly, for clutch"
Gossips say that he and Armour have
paired off, the former to do what he can on
the bull side of wheat and the latter to
take care of stocks. Hutchinson, they say,
has a trunk full of st. Paul stock, while
Armour is VIGOROUSLY long" on both
wheat and stocks. st. Paul, in which he
has an enormous interest, shows his fine
Italian hand by walking right up through
the COS, twenty points higher than it
was ninety days ago. A gen
tleman in close communion with
the bull interests mentioned above says:
Their action is based largely on the inter-
eSts Of f-preservation. l do not think
that once even on the market they would
take the bull side. But they were drawn
in with a good many others at the time of
Woerishoffer's bulge, and have not since been
able to get out at profit. Thus you see
their position. Loaded up to the rails with
wheat that cost them nearly as much as the
present market price, they can't afford to
let it go down. By combined efforts they
can support it through noise and buster
buying little more wheat they have to
until such time as they are safe in unload
ing. Then you will see the
BOTTOM DROP OUT
of the market in great shape. lfreports be
true and sometimes they contain grain of
this rare quality, Norman Ream, one of
the heavy weights in the market, occupies a
singular position. His Judgment, gossips
say, tells him to sell wheat. His following
is so large that such action, INDUCED in on
his usual scale, would break the market all
to pieces and prove disastrous to his friend
Nat Jones, who is carrying big load. 1t
is a case of business interest On the one
hand and friendship on the other.
and so far friendship has proved
the lodestone drawing Ream away from
wheat, rare conditions, certainly, to be
met with On Change. For all the effect
they have on the present market the Mill
ers' association might as well have dis
banded ten days ago. The crowd regu-
larry copper all advices coming from that
source, and generally strike it right. Farm
ers' deliveries in the Northwest cut much
larger figure. They alternately increase
and decrease, making the market weak or
firm in consequence. The latest reliable re-
ports, gathered by such firms as Hamil &
Brine, are to the effect that, of the wheat
so far threshed out, not more than one-half
has found its way to market. On this fact
is based expectations of heavier receipts,
INCREASING STOCKS
and consequently lower prices. Lake ship
mentS will cease after the 18th of the pres
ent month, unless cargoes are covered by
extra insurance, but they have recently
been so light that the stoppage will not be
missed The lake once closed, rail freightS
will doubtless advance and check shipments
long enough to increase local stocks. The
effect can only be depressing. Two Min
neapOlis mills. unable to make satisfactory
freight contracts and grind at profit, have
shut down during the week. 1t is safe to
assert that the largest lines of short
wheat have already been covered
and that such demand as will now come
from this element will be so trifing as to
carry with it no Strengthening effect.
Stories of a deal in November corn continue
in circulation, Jones and Ream both being
mentioned in connection with them After
a range of 215c since Monday, wheat closed
little higher than week ago, corn 215c
better for October, oats 114c higher, while
pork advanced zoe Wheat hardened to-
day, and the wise men were fooled again.
A decrease of about l, 200, 900 bushels in
thereceiptS at the primary points of cOncen-
tratlon during the week as compared with
last week, a slight increase in exports,
quiet buying by brokers and commission
men who have come to be regarded as rep
resentativeS of strong parties, and belliger-
ent
DISPATCHES FROM THE BALKANS
were the moving causes. Yesterday the
talk was all bearsh. Nobody had a good
word for wheat and the depth to which
the market was going seemed fathomless.
To-day the sentiment was greatly changed
and friends of the much-abused cereal came
gaily to the front. They predicted highly
favorable visible supply showing next Mon
day. and had bet that the stocks in sight
would not be higher than they are to-day this
crop year. They insist that stocks will
diminish rapidly regardless of foreign de-
mand and that their day is coming. The
bears took no stock in the theory that
change was going on and regarded the ex-
pressiOns of bull confidence as the verest
gulf. Nevertheless they could not con-
trovert the fact that for to-day at least the
market was firm and that the tendency was
upward. At the beginning prices were
shade under those ruling at the close YES
terday, and the market inclined to softness,
but 1t was not long before the tide turned
the other way. Values improved steadily
to the close, with occasional reactions and
at the end of business prices
WERE ABOUT THEIR BEST.
December opened at S114c and closed at
SS$sc, January opened at S75sc and closed
at SS$5c. January opened at size and
closed at SS34c; May opening at 81 &c and
closing at 954@953sc. The sensation of
the day was the advance in cash corn from
4255c to 4514c. Whitney bid it up to 4415c
Without getting bushel and then others
bid cent higher, succeeding in buying
little at that figure. The bins have been