St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-11-23
FOOD AND FODDER.
The Week Just Ended Shows an Appar'
emily Healthier Tone to Values OF
All Speculative Articles.
Northwestern Millers Betraying Anxiety
to Get the Best of the Farmers
and Bear Wheat.
Wheat Slow, Closing at Bottom
Prices Corn, Oats and ProV1s.
ions also Depressed.
Chicago.
Seeeial to the Globe.

Seeeial to the Globe.
CHICAGO. Nov. 21.-Everybody IN inc
market has been paralyzed on severai uiiioi-
ent occasions during the week. surprises
have literally trod upon each others heeiS III
their anxiety to reach here ana get W "olA'
and in keeping with the most marked char-
acteristics of surprises, they nave come
when and where least expected. NoNell-
Der corn surprised everybody by not Keep
ing I'D its advance. Oats attracted atten-
ton by reason of their unusual strength.
Munchausen stories come over by cable,
which of itself is of remarkable occurrence,
while the staid old pork pit lost all control
of itself and sent prices up nearly 81 per
barrel. Touching provisions first, though
they were the last things to advance, it may
safely be said that the problem is simply
one of supply and demand. Ever since last
July the popular thing has been to sell pork.
Prior to the time mentioned the trading
option was reasonably steady on basis OF
S12. so, but with a little effort it was forced
down under S12, and thence on the decline
has been almost as steady as well-regulated
clock-work until the shrinkage aggregates
about 50. Packers managed to keep
THE MARKET AT THE YARDS
I'D in fair shape. but it was only by taking
about all the offerings and those were
small matter of 30, 900 head daily. 1t took.
however. all their attention, and for time
they left the speculative market to take
care of itself. Lately packing interests
have realized that the manufactured pro
duct was TOO low, and set about for means
to advance the market The best way to
accomplish this was by buying the stuff,
which they did to such an extent that the
shorts became panic-stric&en. Packers of
course. then left the market in the hands of
the short sellers, satisfied to see them force
il ND as high as they wished. A few of
this unhappy set came in Thursday, paying
$40. 30 for January. but the bulk got in at
much lower figures. The advance once
started, country orders came III with free
dom and held up the market until it weak
ened from natural causes. January closed
at S10.07T, against S96115 a week ago.
While the bulge was undoubtedly started by
manipulators, the advance was considered
healthy. Pork has been toS low, lower
than manufacturers could afford to have it,
notwithstanding the apparently unlimited
hog supply. and lower than the speculative
trade can stand market to be healthy.
There is however, very wide difference
of opinion as to
WHAT PORK IS WORTH.
Col. Fayorite, who is practically Phil Ar
mour on the board, says he does not think
pork will go much lower. He held this
opinion even prior to the recent advance.
AS to George Eldredge and his house, the
memory of man runneth not back to the
time when they have looked on the whole
provision list as anything but sale. Lard
during the week made a net advance OF
about Zoe and short ribs the same. Wheat
is higher than it was a week ago, with prob
ably the local crowd growing less bearlSh
than formerly. By LESS bearish" is not
meant more bullish, nor can this inference
possibly be drawn unless the market is
looked at through glasses colored to suit the
party using them. The explanation is, in
fact, that pretty much of all the former
friends of wheat have staid by it, while
those who have opposed it have fallen in the
habit of saving less against it and are get
ting out of the short side of the market
This they can do without helping the mar
ket by any purchases of ''long" wheat Ar
mour for instance, rarely let's slip all oppOr-
tunity of advertising the fact that he has
some 400, 900 bushels stored away and that
he thinks we'll of it. The big tirst-foor OPP
orators continue on the bull side. Briefly
THE WHOLE WHEAT SITUATION
hinges on the crop movement and the show
ing made on the visible supply statement.
Material increases in the latter will doubt
less bring about lower prices, while de-
crease and small amounts coming from
farmers will have a correspondingly
strengthening effect. Another dull day on
'change Gables were tame. war news
ceases to interest, and the great bulls, who
are supposed to be under wheat, made no
sign. while the scalperS and the Minneapo-
lis crowd bore down prices. The market
seemed to be in settling mood But even
in the absence of support, and with the
bears clawing industriously, surface values
remained surprisingly firm. Minneapolis
sold through Foss, Strong IL Co., and
Rosenbaum Bros, Crosby taking a rest.
Disnatches were printed in the morning
papers to the effect that an enormously
powerful syndicate in the Northwest had
resolved upon breaking the market by pour
ing in upon Chicago 100000 or 800, 900
bushels o1 wheat and that steps had al
ready been taken to that end, the first con-
signment of 100 cars having left st. Paul
last night bound for Chicago. Somehow
the tale failed to break the market to pieces,
but the opening was below yesterdays clos
ing L(036c and the range of prices con-
tinued On a scale of
SLIGHTLY DEPRECATED VALUES
never, however, sinking to depth that
looked like weakness. Throughout the
market was held up more by the moral IN
fluences of reserve strength than any
other definite course. Although buying
orders were not plentiful, the bears expert
enced great difficulty in knocking off frac-
lions. 1.-The fact is" said Mr.. George G..
Walker that the Northwestern Millers
association has ground up 25 per cent. of
this years crop of wheat, which it has not
paid for, and has sold the flour at lower
prices. The milers are bound to lose mill
ions of dollars by their practi-
calIy 'shorting' the market at low
prices" 1.-The SYSTEM" continued Mr..
Walker, Sin the Northwest is like this:
The farmer. when the roads are good, hauls
his wheat to the warehouse and takes the
warehouse receipt of the Millers' associa-
ton. The farmer does not sell. but simply
stores his wheat. Now, the association has
taken a large part of this wheat and ground
it up. 1t has yet to pay for it. and it is
pretty certain that it will have to pay very
high prices unless the farmer can be led into
selling now. This explains why the mill
erS are moving the heavens to break prices
and get the farmers on the run" As the
day advanced the pressure from the top be-
came greater and the
MARKET Jagged
more and more. The o'clock closing was
at about the bottom, and the decline from
yesterday measured &c. The fluctuations
to-day were within range of re. Moth
ing was talked about in the wheat crowd
except the program of the Minneapolis mill
ers. That they are largely short of wheat
in this market is taken for granted; that
they will succeed in depressing prices much