St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-11-10
THEY ADVANCE WHEAT
Figures Not Likely to Gut Any Figure
in Making Prices for the
Present.
A Bull Pool Whose Members Comprise the
Largest and Best-KnOwn Chicago
Operators.
A FURRY Among the Shorts causes
an Advance in the Provision
Market.
The Long-Talked-of Healthy Drop III
the Stock Market occurs
at Last.
Chicago.
Special to the Globe.

Chicago
Special to the GLOBE.
CHICAGO. Nov. 9.-The grain specula-
tors who disregarded figures and relied on
sentiment had the best of the contract last
week. The close Saturday was better than
the week before, and several times Decem-
her touched soc. The price is pretty GER
tain to improve during the week, without
any reference, of course, to the statistics,
and altogether, perhaps, in the face OF the
logic, but this is nothing new. Ii the logic
OF the situation, or if the statisticians who
stand in the vicinity of the wheat traders,
had anything to do with liking
the price of wheat, it would have
dropped zoe under the present figures
long ago. There has been combination
effected among certain of the large local
operators to work the price up and the OBJ
ject of the combination is quite certain to
be effected as everybody knows that
Eldridge & Co. are ''long' a great deal of
wheat at high prices. Now, perhaps Nat
Jones. who owns most of this Eldridge
wheat has prevailed on his rich friends,
who have had great many profitable
alliances with him in times past, and who
know him to be first-rate fellow, to join
him in a bull raid for the purpose OF letting
him out. Perhaps he has convinced them
that the price can easily be whirled up 10
cents and
THE WHEAT UNLOADED.
At any rate Norman B. Ream. who came
back from San Francisco laxative bear,
has stopped all his bear talk. He announces
that he has no desire to go on record for
week or so. Fraley, the ST LOuiSan. who
has plenty of fire and plenty of money, too,
has suddenly gone over from the bear to
the bull side. Mr.. Cudahy appears for the
nonce to be out of the market. Now, does
ANYBODY doubt that if all these-Ream,
Jones. Fraley and Cudahy-appeared on the
buying side, wheat would advance? Against
a speculative combination OF this sort
does anybody believe that visible sup
plv figures or lower cables, or
want Of export demand would cut any
figure? The local traders are now largely
short in this market. They are not pre-
pared or disposed to stand a movement of
prices one way or the other OF more than
or points. An advance of sc would
make buyers of them all, with crowd in
panic to cover its ''shorts," as an advance
of 1Cc would not be difficult thing for
clever and rich spectators such as these
are, who are now apparently allied to bring
about. All the signs indicate that the
wheat market is TO be controlled more by
sentiment this winter than figures.
IN AN INTERVIEW
last week Fraley pointed out the signifi-
cant fact: 1--WE were all lost or cents
above export basis, and yet there were 1885,
600, 600 of exports in the shape OF wheat
and flour" Corn has caught the influences
which were predicted last week as coming.
Before the end of the month 45c may not
be considered an eXtravagant figure for No
vember, and, perhaps, SOC may not. Ship
pers anxious to get their grain off on boats
can afford to pay SOC buShel it they can
get the stuff, rather than pay the 15c per
bushel which the railroads will charge
after Nov. Is. Wheat was dull, strong
and higher to-day. Gables were easy and
although the war dispatches sent out by
London bureaus were exciting, the Euro
pean money markets did not reflect the
alarm that is felt at agencies re-
ferred to. New York was far from buoy
ant and the outside conditions were to all
appearances as bearish as they have been
at any time for the past two weeks. The
Chicago bulls were confident, however,
and prices advanced. The opening was
about at Saturdays closing and the first ad
vance was occasioned by the report that
the visible supply statement would show
no increase to speak of. The statistiGians
had an increase of between 800, 900 and
500, 900 bushels, with a prospect OF
AN ACTUAL DECREASE
In stocks next week. Upon this showing
the crowd bid for wheat and put the price
up 5560Ic. Receivers of grain reported a
slight increase in the movement of wheat
from the first hands in the Northwest, and
an increase in stocks at Minneapolis and st.
Paul of 1862, 900 bu for the week was adj
vertised Altogether, the fight in the
wheat pit was q slow and stubborn one.
The extreme range was &c and at
! O'Clock the price was only 4@35c
higher than Saturdays last sale.
The undertOne remained strong
one reason for which lies in the belief that
q general bull movement by strong parties
is on the tapis. There may or may not be
anything in the talk on this score, but it is
presented for what it may be worth.
November corn advanced 1$sc and lost
3sc, closing strong as bull beef at 4215c,
cash closing at l o'clock at 45c, upon which
basis the bulk of the business was done.
Year and May ranged 4@35c higher than
Saturday. Transactions were large in the
aggregate, and the spectators have gone
into the deal with vim.
THE SITUATION
remains as it was the last days of last week.
Cash property is scarce and in good de-
mand and receipts are light-not more so
than might be expected when freight dis
elimination against Chicago is taken into
account, but smaller than the trade had an
ticipated. Corn seems to have cOrnered it.
self neatly. Oats advanced 4@3sc in
sympathy with corn.
Light receipts of hogs and a willingness
on the part of packers. to pay more for
them and dearer corn put life in
provisions to-day. November pork adj
vanced SOC, December Csc. January
45c, and February 25c, closing at zoe
higher than Saturday for November and
December. 1715c higher for January, and
15c higher for February. Lard closed SO
re higher, and ribs at an advance of Toe.
The market was put up by shorts, who bid
against themselves, and the packers helped
to boost prices, only to turn when near the
top, and let the spectators have what they
were so very anxious to get-hog product.
They met the demand, and the liberality of
their offerings broke the market. The clos
ing was nervous. but not weak.
$50 p. m.-Wheat advanced on the after
noon board, but closed a shade easier at 1
o'clock. Corn advanced sharply on the sus-
pension of Stanbro & Watkins, but receded
fractionally, and closed 1$@4c higher than
at o'clock. Stanbro & Watkins. who have
been trading of late on the short side of
corn, gave notice this afternoon of their in
ability to go any further. They were short
about 1850 bushels, mostly November.
Their trades were closed out on the after
noon board. Their liabilities are about
$4,000.
PETER BERKEY, Pres. F. W. ANDERSON, Cashier
c. W. GRIGGs, V. Pres. A. c. ANDERSON, Asst. C.
THE ST. PAUL NATIONAL BANK,
CAPITAL, 100000.
Corner Fifth and Jackson streets