St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-11-05
A DAY OF SURPRISES.
Wheat Advanced Barely Two Gents and
Shorts Were Anxious to Get
to Cover,
But a Break Followed that Sent Prices
to Bedrock in LESS Than
One Hour.
Other Markets Went Up and Down In
sympathy with Wheat, All
Closing Weak.
The Stock Market, the Cause OF These
Fluctuations. suffers Two
Point Decline.
Chicago.


Special to the Globe.
CHICAGO. Nov. 4.-This was Nat Jones
day in the wheat pit. There was l24c aa-
vance in prices over the close oatnrday
nioht and the traders who have followed
the advice given recently by Jones got oach
to-day inst about one-quarter OF the money
which they have put out on the strength OF
.Tonts' daily circular. The receipts were
small here and everywhere else. ms was
the main argument at the start. SchWafz
and Dupee were large buyers early, Dut
they were filed up by the anxious sellers at
about SIC for December. There was great
deal OF what is known in the parlance OF the
pit as good selling. Milmine, bodman q
Co, Fraley. and most OF the otler IalSe
traders were sellers. and at one Tune tie
figures for December were as low rs ooIs q.
Then there was talk Of war news ana III
lower cons0lS, and with very llttle uatiiis
wheat went to S6c. This was the cal ,
price. and it made good many buyers Oh
those who had sold these privileges. FROM
that on the temper in the pit was altogetler
CHANGED and from bears, half the crowd
became active bulls December touched
SS2{c shortly after noon. 1t IS
said now that the operator who
has had about the largest line OF short
wheat. and who fought the last big advance
all the way up 10 94c for December, has
COVERED HIS LINE.
He is renorted to have told friend yes
tcrdav that he had covered his line at about
SIC. and to have given the advance TO ms
associates to cover theirs. You can sell
to better advantage later on" he is quoted
As saving. The situation in wheat IS like
this now: The Eldredge-J ones Willard
syndicate have clung to the bull side OF
wheat for a month. They had the market
away up to q4c for December and could
then have "ealized with splendid profit.
They have kept up their opinions all
through the last fortnight, through most
depressing circumstances. They GER
tainly turned the market up.
1t will be d much easier matter for them to
now send the price from SS0S9 to Csc than
it was to stop the decline from 94c to Soc
There were a good many bears who thought
to-day a good one on which to get out OF
the market. The market took the lead To-
DAY and showed astonishing vitality ana
strength fairly taking the breath away
from those who had been anticipating lower
prices. On the curb last night everybody
was bcarsh and on the curb this morning
the same sentiment was in the ascendency.
Gables were dali; farmers deliveries III the
Northwest increasing again: according to
best information obtainable, and Walkers
VISIBLE INCREASE
turned out to be 1,093, 600 bushels, instead
of $50. 600 bushels as reported. The out
look was seemingly as gloomy as could well
be imagined. and prices were IS @Ac lower
at the ouening than at the leaving of place
Yesterday. That was bedrock and they
never cot any lower. striking the level only
once during the entire morning, and that
before the temper Of the market was fairly
determined. The only favorable outside
symptom was a decline i'll cOnsols, and
rather shaky cables from the monetary CEN
tiers of the Old world to two or three
priyate-Wire houses. These houses, which
are generally short of wheat, began
buying quietly from the open
ing. I.indblom bought large quantity,
as did CounseIman. Bloom took some and
Elchhold bought freely. Trading was prin-
cipally in December and January. Decem-
Der opened at S6]5c. The first advance
carried it at SSAc. Then there was
break OF 11l@l$5c, and another bulge
that carried the price to soc, the
close sbeng SSTcMSS$4c at / o'clock.
January travelled from S7%5c to SS$4c back
to SIZE, and then with wh0op to S9}4c.
closing at SS$$c@S91lc. The advance i'll
MAY was from 941ic to 96l5c. Nobody
seemed able to give an explanation for the
advance beyond the fact that the failure OF
ali efforts to beat the, market
down had proved
INEFFECTUAL OF LATE,
circumstance which caused several Of the
leading bears TO conclude that bottom had
been reached for the present at least, and
that it would be good time to close their
trades The market being heavily over
sold, it did not take mitch to start Stam-
pede among the lighter weights, and all
classes of traders, for that matter, all OF
whom like - be on the train when it
moves out Buying by the shorts seemed
to be the only adequate explanation Of the
bulge that was offered. New York and St.
Louis dragged. and the other markets dis
plaved no signs OF special animation until
late. when they ohed " toiied on and
pulled prices upward vigorously. War news
had its influence on the market the last
hour. though the dispatches are no more
sanguinarv in tone to-day than they have
been for three or four days past. Never
theiess, the possibility Of war between the
mongrels on the Turkish border has sud
once more. 1t may again play an impor-
tant part in wheat speculation. But the
rush to buy in TIE morning was nothing to
the stampede to sell on the late board. The
break in New York stocks sent prices down
with the dullest kind of thud, wild sell
ing and decline OF &c resulting, New
York houses, and some of the biggest
BULL TRADERS OF THE MORNING
being the freest sellers. The close was
S1Nc for December and SSSsc 70: January
Corn was fairly active, and larger bust
ness was transacted than for mouth past.
a stronger feeling was developed as receipts
Were small, and with anticipations of
lighter inward movement and moist weather
scared large number of shorts, who
bought freely, and owing to small offerings
prices advanced &c on November, 1c on
year and &c on May from yesterdays close.
The last SaeS of lhe morning were at the
outside prices. November sold at 40$f@4tc
and closed at Ale. Year advanced from
3715 to 3SlZc and closed at 3S$sc. May
closed 1t a9c
This afternoon there was a decline in
sympathy with the break in wheat. 4O1lc
December, year 81 55sc, January $3.50, May
3S15c.
Oats were stronger and 1l@1Sc higher
for futures, but trading was light. May
was favorite and ranged al 295S@3055c.
closing at 291sc. Rye was duh and had to
be shaded &c. November selling at 6015c.
Receipts Of live hogs were again light to-
day and provisions advanced. Pork closed
10@I2}5c higher and ribs sc higher. No
change i'll lard is noted. Estimated re-
cejpts tomorrow are 35. coo head. Packers
continue 10 sell against future production.
ana belief prevails that while stocks here
show considerable reduction. the diStribu-
ting agencies through the country are we'll
stocked. Later in the day there was de-
cline. the close being at about yesterdays
figures and quite weak. The latest QUOTA