St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-11-14
Wheat Opened Dull, Declining Later, But
Closed Strong and One Cent
Higher.
Excitement in Corn Dying Out, Closing
Weak---Oats in Slight Demand
and Lower.
The Countrynen Turn the Iaoies'
Taking Profitable Flyer In the
Pork Pit.
A Sensation Caused in wall street by
Sharp Advances in Granger
Stocks.
Chicago.
Special to the Globe.

ct hot tho situation in wheat is up
+baro The information that l get. that
r,.h;Ia tho warehouses in Minnesota are
nrettv full. the country elevators nearest
forms are not more than 40 per cent. 1ull
and that the Northwestern wheat OF Dakota
and Minnesota will not come here' Dut 20
into the railroad houses. This Will depeho
very largely upon the plans or the MIXERS
however. Last year the bulk OF the receiptS
from this on were from the Northwest.
Receipts now are very small, ihoeeu,
and promise to be slnall I oniS
little coming in from Iowa
and Nebraska. 1t may be that we have
seen the last increase in the visible supply;
That is the talk to-day; and l am OF the
opinion that just as soon as the visible does
sion increasing a number of rlch men
here who have been waiting for that mo-
ment will take the bull side aggresslVely."
The wheat market was rather quiet ana
tame to-day; it opened &c on seeineu
weak but advanced g @73c. then decllneu
to about the opening range and advanced 10
the best figures of the day, closing hrm at
I o'clock. The market was stupid at times
and speculation almost lifeleSs. AN occa7
sionaI hurst of animation relieved the mo-
no1onv. Good selling by Hutchinson.
Rayter and Stauber was the most conSpicu-
ouS feature of the early dealing. 1t was
under the pressure from that source that
THE MARKET SOLD DOWN
the first time. The support given came
from commission houses. This support,
none too strong at its best, was WITHDRAWN
later on and prices again fell away. Inc
market showed symptoms OF general de-
bIlity. and the lowest level reached on the
initial decline of the morning was sought
by wheat and found. That low Level was
found without great difficulty, but prices re-
fused to go into the depths beyond. on tie
contrary. there was very good buying at the
bottom and all the way up the scale.
for the market strengthened percep-
tibIy and quotations improved. The
market positively refused to go
down. though repeated efforts of moderate
force were directed against it. The heavy
weight professionals seemed to be out en-
tirely. being more interested in the Wall
street game than anything else just at pres
ent. The floor goSsipS have it that they are
getting out of stocks and that they are
about to take hold of wheat. This same
story has been told and retOld in various
forms for week Some of the buying to-
dav was credited to these professionals.
whose movements in the background are
being watched so warily. Manipulation IS
HOPED FOR AND FEARED
on the floor these times. At O'Clock quo
tations were the same as yesterday on all
months excepting December and January
which were & C higher. The market was
very tame until late in the session, but at
the bottom large amount OF wheat was
thrown on the market. Brokers were the
largest buyers and shortly gave Armour's
name on about half million bushels. This
started the shorts and they covered wildly.
the result being an advance Of &c from the
lowest point reached. The close was only
shade under the highest point. -Four boat
loads were reported as taken for export.
Latest quotations were 81 "a for November,
SS35c for December, S914c for January and
959Ic for May. Chandler IL Brown say
they have no confidence in the advance in
prices 1t was caused, they say. by COM
binatiun of circumstances. A large amount
OF puts were sold last night at SIC. The
sellers OF these privileges sold the wheat as
a hedge, and when the market started up
they were compelled to cover, which carried
prices to call figures, and the buying to
hedge calls added to the excitement, and
closed the market at about the top. he
ports of lower conS0lS were circulated, but
they had no foundation in fact. The eX-
element
Is SLOWLY DYING OUT
of corn, though the market to-day was
nervous and wide and rapid fluctuations
were not unfrequent. Activity was chiefly
confined to November which opened 1c be-
low Yesterday advanced &c went back to
42J%c again. where fresh start was taken
and the &c recaptured only to be lost once
more. The l o'clock closing was on a
basis Of 433Ic for cash. 43c for November,
zoe for year, and So sc for May. a loss from
Yesterday OF &c for November, 3sc for
year and &c for May. Cash corn sold down
from 45c to 1890. The cold wave and re-
ports of increasing movement choked off
the demand aud weakened the market.
This afternoon the market closed d higher
all around.
Oats were very dull and prices fell 80
re, November closing at 26Mc December
at $3.50 and May at 30$5c. Rye was also
dull. but prices were unchanged. Barley
was picked up by maltsterS and shippers and
prices were steady. 1t has been many a
season since
THE BUCOLIC PROVISION TRADER
failed to sacrifice himself to the cunning of
the Chicago packer. This month. however,
it is actually fact that the simple country
man who spends nine months OF the year
raising hogs and in accommodating money,
and who spends three months of the year in
marketing his hogs and playing the money
on the board of trade, bought pork and lard
at low figure and (mirabiie dictu) sold it
out at a high price. In other words, the
simple, guileleSS countrymen got the
better of the millionaire packers. The
sheep Just tackled the wolves and got away
with them. The Chicago Packing COM
pany this morning bought in probably TO-
900 tierceS of lard on which there was
loss of Il of a cent a pound. All the
heavy buying during the past fortnight,
and it has been very much heavier than for
three weeks past, has been by the great
packing houses, which have been short at
lower prices, and by the great local opera
tors, who boast that they are never despoiled
i'll the pork pit. This unusual and uneX-
pected success in provisions by outsiders is
to be accounted for by the unwillingness of
the packers griSt now to force fight.
IT WOULD NOT DO
at the very outset of the packing season to
start quarrel over prices which might re-
suit at least in temporary advance. The
price of hogs must be kept down and in Or
der to keep it down products must be
kept down in the pit. To get cheap pro-
thing at the yards at this season of the year
and in order to achieve this hogs must be
bought low and packed cheaply
Provisions opened higher for all articles
on the list, pork showing exceptional
strength. The demand from speculative
and consumptive sources was fair and prices
advanced. Later transactions were on a
declining scale, however. and closing trades
were at about opening prices. Pork was
5@7}5c better than yesterday, lard 215@5c
better and ribs unchanged except for No
vember, which was quoted sc higher In
the cash market there was good trading in
green hams. about 100. 600 pieces changing
hands. one sale of $4,000 pieces by the