St. Paul daily globe., 1885-11-28
THBULLS AND BEARS
Gossip About a Prominent speculator
Greatly E1cites the Holders
of Wheat.
The Market Sold OF, Closing Weaker and
Lower With Depressed Feeling
Predominating.
Dearth ofInterest in Corn, Oats and
Provision Pits, Prices Showing
A Decline.
the Probable Action of The North
Western Directors.
Special to the Clone.

0POSIdi W lLS OlObe
CHICAGO, Nov. 27.-A medium-slzed
man with an iron-gray beard with very
shiny black stovepipe hat and broadcloth
suit of clothes was the cynOsure of all eyes
on change to-day. He appeared composed
enough, but everybody else on the floor
seemed to be very much exercised over him.
The gray-bearded man was "Gyp" ADAMS,
and the crowd was exercised about him be-
cause in the morning papers 1t was SHOWN
that he had made large transfer OF prop
erty to his brother. Il can pay
100 cents on every dollar l owe"
he said this morning. The transfer
of property to j. q. Adams was made be
cause he wanted it and did not" The
market, principally under the effect OF all
the talk about ''Gyp' Adams, broke all to
pieces. From So &c December went to 81 y C
and January from SIC to S5c. There were,
of course, other influences. Everybody felt
certain that the Jones-Ream- Eldredge- W IL
lard wheat syndicate had sold its wheat
The price broke to-day until December sold
down to sac. 1t is said that the bulk OF
he selling was done Wednesday BY Crosby,
and that the crowd was cleyerly led to be-
lieve that he was
SELLING SHORT WHEAT
for the Minneapolis millerS. He was in
fact selling for Ream. The open purchases
by Armour on Tuesday and Wednesday are
now believed to have been made to help
Ream out of the hole. Perhaps Armour 5
name was only loaned for the occasion.
Baker, another of the old guard Of the bull
party, was large seller this morning early
This seemed to cap the climax of the woes
of the bulls. The price went all to pieces
All other influences were bearlsh to-day
There was an increase OF the amount OF
wheat in passage 1920, 600 bushels) and
rather liberal receipts. too, for this
time of the week. Then, too, all the news
that came from Minneapolis was beariSh,
showing that, whether it was ''blutf' or
dead earnest. the millers in the great flour
making city were carrying out their threat
and closing down their mills. a fresh
amount of property came out about noon,
and a second break in prices occurred,
which carried the market down &c below
the lowest point reached previously and 1c
below the prices that ruled on the recovery.
This brought quotations 24c nearer zero
than Wednesdays closing, and at l o'clock
prices were within &c of the bottom.
AMONG THE WEAK HOLDERS
who were forced to let go was a well-known
room trader, who miscalculated his grip.
The closing Of his trades was an element
of early weakness, but as no one was hurt,
that factor soon ceased to be felt to any
considerable extent. The weakness of the
seaboard markets was pronounced, and re-
ports from the Northwest continued bear
iSh. but on the late board good buying by
big bears caused a sharp reaction, prices
advancing 1605sc, closing strong at S54c
December, S53sc January, S61sc February,
91$4c May.
Corn was fairly active and weaker.
Nearly all the influences were bearish.
Gables were dull and weak, New Y YOrk
lower, weather fine and favorable for curing
the new crop. The break in wheat also had
a depressing effect. and as larger receipts
were expected tomorrow many of the
leading longs sold. There was also some
short selling by several big operators. TAX
ing all things into consideration the market
held up remarkably well, and at the close
November and year were only 14@3sc
lower than at the same time Wednesday.
Longer futures were tritie easier. lear
opened at 1890, broke to 401sc, reacted
and closed at 401lc. November held at Al IS
0424c. and closed at 42c. May closed at
$3.50. The shipping demand was fair, but
no premium was paid.
OATS WE'RE QUIET.
Oats were quiet and prices were shaded
K@35c. December closed at 28c and May
at 311c Rye was 1c lower, but more
active. December closed at Gle and January
at 61Hc.
Provisions ruled weak under large offer
ings, and prices dropped 2O@25c on mess
pork, 59715c on lard and 5@1Oc on short
rib sides. The decline in wheat and
the tone of the adyices from the
stock yards had depressing in
fuence. Mess pork was active and
for January opened at S9,S716 and closed
at S9.S2]9, with the sales ranging at
S9.7219@99 80. February closed at 1896,
and May at S1O.3 .3215, opening at the highest
and closing at the lowest. February closed
at So. 2215, March at 63215. Short ribs
for january sold at 81. S5@4.9O, the OPEN
ing being S4.S713 and the closing S4.S5.
PETER BERKEY. Pres. F. W. ANDERSON, Cashier.
C. W. GRIGGs, V. Pres. a. C. ANDERSON, Asst. C.
THE ST. PAUL NATIONAL BANK,
CAPITAL, S500,000.
Corner Fifth and jackson streets