St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-12-13
Reference is Made to the Wheat Market
and Comments offered
Thereon.
The Close of the Week Finds the Oerea
Much Depressed and Still on the
Decline.
Other Cereals Quiet and Lower--Pro.
visions Show Improvement,
Though Receipts are Large.
Vanderbilt's VIII Knocked the Bot
tom Out of the Bull Movement
in Wall Street.
Chicago.

| CHICAGO, Dec. 12.-The monotony of
reviewing bear markets remains unbroken
and is becoming so thick one can carve it
! into thin slices. In news way the week
has been as featureless as possible. The
course OF the market has illustrated in
| very clear and perfect manner the remarks
made in this column week ago to-day, and
has in every respect conducted itself as
| ShreWd guesser would have it. Realizing
the impossbilities in the case as they were
then pointed out, there have been little or
no attempt to bull the market. On the
other hand, it has suffered from want of
support, while at the same time no especial
pains have been taken to bring about
lower range = of prices. The load
of wheat has been heavy and
values have fallen largely of
their own weight. In this connection Billy
McHenry. than whom no man is better
posted, said yesterday: "a vague fear OF
foreign war is all that is holding up wheat
in even the imperfect manner that it is be-
ing supplied. know dozen men who.
were it not for this fact, would sell wheat
right and left, and take a good 10c per
| buShel out of it, but they are little afraid
to enter the market very heavily while it
shows its present peculiar condition" For
some reason there is no liberal buying on
the part of those who have confidence in it.
While now and then the situation looks a
little warlike, they are afraid that war may
not eventuate and they recognize that moth
ing but war can materially help prices.
Thus it is that the deal IS not
much better than on the scalping
order. A few men are believed to be
| heavily loaded up. In certain we'll
informed offices it is the talk that Hutchin-
son has more wheat now than Armour
has, but their methods of trading are as
different as black is from white. Armour
will lock his holdings up in an elevator and
let the market go whittier it listeth, while
! Hutchinson will unload on Nc loss, let the
effect be what it may. In this particular
the difference between a scalper and spec
ulator is very great. At the risk of being
called a
| CHRONIC BEAR,
candor prompts the statement that there is
| still nothing in the shape of a foundation
on which to build wheat. We are so far
over Liverpool prices at the present time
that an export movement is not to be
thought of. Besides, the history of the
board for months has been that the moment
an order comes in from the other side up
goes the market and shuts off any
uUpc VI dDIodu. Ills, VI CUulSc, udp-
pened more frequently a month ago when
prices were nearer together, and a foreign
| order was not the rarity that it is now. Be-
sides war, there is one other factor in the
Chicago markets. Reference is had to the
Minneapolis millers. Like the poor. we
have them with us always. To-day they
are on this side of the fence, tomorrow on
that. In the rapidity of their jumps they
put the flea to shame. AS the week closes
they areaoaded up to the gills with wheat.
and moving heaven and earth to advance
| the market for no purpose except to sell on.
Their success is far from brilliant. With
all their bulling there has been de-
cline in wheat of from &c to 2lc
| during the week. Before next week they
will doubtless have .unloaded, and after
very brief rest will bob up again with
choice assortment of bear news. guaranteed
| strictly fresh or no sale, and with it depress
the market to figure where they can go
through the same old performance. The
squeeze in year corn is q thing of the past
Best judges are of the belief that it was not
very condensed deal, and that all interests
are glad that it has eyentuated. Even in
these degenerate days little odium attaches
to running a corner" Banks are growing
more conservative in the matter of loans.
borrower and make it an object for him
to take their.money, but he finds the bank
people won't walk further than the corner
and are very stiff in the matter OF rates now.
The provision list is getting to be less of
sale than formerly. The main thing to
help it is good packing weather and re-
turn of confidence among local operators.
Values are about 10@15c higher.
| WHEAT WAS EVEN FURTHER
from being an interesting deal to-day than
it was yesterday, with less, if possible pre-
senting itself in the way of war news for
the consideration of speculative minds.
Little consolation for either side was de-
rived from early cables. They were mac
tive and heavy in tone, and helped as much
as anything else in opening our markets &c
off for near options, though deferred fut-
ures, in which is centered the bulk of such
speculation as is carried on, kept up
with reasonable show of steadiness.
Opening quotations of 92$lc for May proved
the top for the day, and no large quantities
sold at this figure. The entire range was
from &c high to sc low. The wheat pit
was as often filled with impromptu quartet
clubs as by traders The sentiment Of the
pit was expressed BY an active young trader,
who said: 1--WE wish it would 90 down.
but we don't like to sell It," mus, IN &C
cOrdance with a time honOred custom, the
good offices of the sweetest voiced operator
were enlisted. and an attempt made to
''sing' it down. Success was only indif
ferent, because traders were not disposed
to do anything on either side. For brief
season during the early part of the morning
hours the market was held up by
reports that Minneapolis mlllers were pur-
| n has MT fbprp than
wheat floating around the pit to supply all
demands from this source, they did not
have very much real effect. January
dropped from s65sc to s61sc, but recovered
to s61ac, and passed the bulk of the day
around s61ac. The impression continues
to prevail that England can get along with
out American wheat for couple of months
at least. To land wheat in LIVERPOOL at
3Os means cash wheat here at 66c. This,
to large extent, explains the falling off of
! some 6,5O0,00O bushels in our ex-