St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-11-02
Develops the Bear Assurance That the
Markets Generally Have Been on
the Down Grade.
But Wheat Bulls Made Such Stand To-
Day That the Bears May
Yet Run.
Other Grain Markets as Well as Pro-
visions Temporarily Quiet,
Closing Unchanged.
Railroad Stocks on a Wild Uphill
Chase--An Increase in Bank
C1earings.
Chicago.

Special to the Globe.
CHICAGO, Oct. 31.-Everything is a little
lower. Wheat is &c, corn &c, pork l27ac,
lard SC, and short ribs 779c. From this II
might be inferred that the condition OF the
market is little more bearish than for
merly. but such a conclusion is not war
ranted by actual facts. The real conditions
are very little. if any, different from those
existing last Saturday, while the changes
in price are not greater than could be made
in half an hour any time by an energetic lot
of bears This is the present plan as
nearly as it can be stated in a few words:
Bulls are not bulling wheat but, on the
contrary, are concentrating forces for the
purpose OF breaking the market and again
loading up at lower prices. The action
may seem inconsistent with bullish princi-
pies, but the tactic is recognized as entirely
legitimate in the trade, and will be remem-
bered as an old friend by many trader on
the floor to-day. Not always does bull
work the market up from principle, nor
does bear hammer the stuff because he IS
9 conscientious believer in lower prices.
Sentiment and conscience are unknown
qualities on the board of trade.
Wheat could have been easily bulled this
week, but the fact of the matter is there is
NOBODY TO BULL IT.
The acknowledged leader in the; last
movement, Woerishotfer, is out of it all
recognize this fact; though few are pre-
pared to say just how he got out or whether
he made or lost money by the operation.
The presumption and the general belief is
that he made money, for it is pretty well
known that he was ''long" when wheat was
down in the 70s, but the fact as to whether
he made or lost is of very little moment to
the Chicago trade. Nat Jones, and in fact
pretty much all the Eldridge crowd,
who were the mOuthpieceS of this
New York element, have been
called off, and the market permitted to take
care Of itself. Thus, during the best half
of the week the tendency i'll values has
been to shrink. This is always noticed
when present conditions reign. A visible
supply of 4S, 600, 900 bushels is a pretty
heavy load when neither America nor
Europe are crying for 1t. and a statement
that the market needs active bull support
even to maintain present prices, to say moth
ing of the action necessary to bring about
an advance, is not all imposition on any
body's credulity. The ''MillerS' assoca-
tom bugaboo is dead dog.
EVEN THE SMALLEST SCALPER
has learned that when &c advance is made
by milers on Northern roads a reduction of
an equal amount takes place on Southern.
They simply change the channel of wheat
to Minneapolis and Duluth and sell or buy
on the market in an attempt to discount the
effect of their decrease or advance in bids
to farmers. November deliveries will
doubtless take a good deal of capital out of
wheat, which in turn will be put into pack
ing operations, but it is not thought
the effect on the market will be
a very large matter, one way or
the other Hog product, by the way, has
been little neglected of late, but it is gen.
orally regarded sale by everybody except
packers. George Eldridge is especially
prominent as q bear, but probably because
he has not forgotten the time, a few months
ago, when he was short so, 900 barrels and
knocked cool So per barrel out of it on
the subsequent decline. Wheat was quiet
on the curb this morning. At the regular
opening on change the feeling was easy,
starting sales for December being at 81 sc,
which was sc under yesterdays closing.
The weakness was attributed mainly to the
continued
DULL AND WEAKER TONE
of cables both public and private, the latter
quoting decline Of Id per GENITAL in spot
wheat with cargoes off coast and for near
delivery easier. Throughout the entire SEES
sion trading was OF a very moderate vol
ume and fluctuations in value within an ex
ceedingly narrow range. For fully an hour
and a half after the opening December
property did not sell above S71Ic or below
S65Sc, and not for many a day has there
been such dearth of outside ORDERS 1t
proved, in fact. strictly local scalping
deal from first to last. A good many shorts
are covering rather than leave their trades
unprotected over Sunday. In the way of
outside news there was nothing sensational,
and, as on the two previous days, local in
tluences appeared to be more potential than
anything that came over the wires. The
increase in the stock of wheat and flour in
Liverpool since the last report amounts to
the equivalent of S72 600 bushels of wheat
and exports from the ports of New York,
Philadelphia and Baltimore during the past
week aggregated 326, 600 bushels. 1t was
reported that three of the st. Paul mills
would close to-day, and that more would
follow suit next week.
IT Is DULL DAY
when there is no news from that section Of
the country. Another dispatch from Min
neapoliS had it that there were 1,640 cars of
wheat, including to-day's receipts. on the
sidetrack there waiting to be unloaded. A
strong effort was made to bull November
property, and the discount on December
was narrowed at one time to l sc. a weak
undertone prevailed most of the time, how
ever, and the market dragged heavily of its
own weight. No large blocks of property
changed hands in prices within the
range of 1l@@5c. That covered all
of them, as December did not sell below
S6$4 @S6Tc on the split. nor above
S15sc. During the last hour business in the
nit IN nd af no
final close the latest bids stood at SIC for
November. S7$5c for December, SSc for
January and 9424c for May, being just sc
above Fridays last quotations. Since Aug.
80 the stock of wheat in Liverpool has in
creased 900, 900 bushels. and in flour there
has been decrease for the same time
equal to $50, 600 bushels. or q net increase
in wheat of about $50, 900 bushels.
CORN WAS FAIRLY ACTIVE,
and the cash market attracted considerable
attention, there being free sales at 1910
Ale foE No ,. The last sales were made at
inside figures. 1t is said there is long
line of shorts out in November and light
receipts are predicted for the next thirty
days, but there was insufficient shortage in
October to admit OF squeeze, and there
was tame closing to the trade. The more
deferred deliveries attracted no attention,
and all closed practically the same as yes
terday.
OOats closed &c higher for cash or Octo-
Der, at 255sc, and at one time sales were
made at 2679c. Provisions were active but
lower, with selling January the pivotal OPP
ton. In mess pork for forward delivery
there was decline of 715@1Oc. in lard of
215c aud in ribs of 5@1Oc. Large sales OF
lard were reported at So. s219@5.S5.
H,r,a
CHICAGO, Oct. 31.-Flour steady and I'M
changed. Wheat opened 1s91lc lower sold