St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-11-17
The LOGICAL Fellows Who Figure Out the
Wheat Situation Still Out
of Pocket,
While the Devil-May-oar Crowd Engaged
in Hurrahing Turn Out the
Winners.
Traders Waiting for Visible Figures
and Allow Prices of all Pro-
duct to Decline.
A Lively Day in Wall street, 81
Being Heavily Sold ana
Declining.
Chicago


tha wheat nit. and the party of figures was
in very bad plight somewhere near tiie
bottom. 1t was fact, 1t shouio oe hone'',y
added. that privileges on Saturday last SOU
nc apart. very wide spread lndeeu' anu IL
should he honestly explained that this very
wide spread in privileges, puts" on lie,
cember being away down at e92sc anu
.'calls'' away up at 94c, meant that traueiS
were very much mixed on the sltuatlon anu
very fearful indeed that the advance might
all be lost, but when all these CONCESSIONS 1i
and admissions are made 1t IS plalil' al the
same. that the traders who olscaroeo tile
statistics and the logic and all tilat maui "
great deal of money out OF the trauels WIZ
5aJ oil thasa in mind and sold wheat on
tbem Armour made the prediction last
week that ST. Paul stock and wheat would
sell together at S1.25. 1t is very generaiiy
tnown now. also. that Norman b. Ream Is
allied with Nat Jones on the bull size, SO
that
THE SENTIMENTAL BULLS
have gotten some very substantial allies OF
late. 1t is part of the gossip, indeed, tnat
Armour Ream and Jones are III together
for FLYER" the combination having Deen
recently made and it is explained that one
of the reasons for it is that Ream and Jones
were of material assistance in getting west
erners into the st. Paul stock. Ihls Cos
sin is most likely OF the 'moonShlne" order.
Armour did not need it, either OF Jones OF
Ream. to advance st. Paul, and While MS
relations with Ream have latterly been very
close. it is dead certainty that he would
make no compact with Jones. 1t is posi-
bic that the visible supply statement VIII
show no further increase this week. A very
good amateur authority declares tlat, unless
there is a great deal of wheat IN New Ork
harbor to be added this week. the hgureS
will show small increase. II this shoula
prove true. then tonight Will be turning
point in speculation. A great most OF
traders, big and little, have been Waltiig
for the figures to cease increasing and Degln
decreasing. The turn in these figures now
they will regard as the first sign that the
world has begun to eat into the surplus.
The present speculative move by Jones was
made to
ANTICIPATE THE TURN
in these figures. and Jones had so hard
time of it so long because they did not turn
as soon as he expected them to. The mere
decrease in petty degree, of the figures
which represent the amount OF wheat IN
the elevators is, of course, no less purely
sentimental reason for an advance III prices
than the little Servian-B Bulgarian war. There
is very little theory in it.
There is the usual uncertainty over the
course of provisions that exists at TINS sea-
son of the year. Old-timers i'll the pit were
amazed last week to see the countrymen
dip into the market and get out again
with profit-and well they might be. 1t
was the first time within the memory of
ANYBODY that outsiders had done anything
in proyisons-wlth profit to themselves.
This is the time when the packers are talk
ing lower prices, and trembling lest the tg-
ures will go up where they belong.
1t is more than likely that in year" corn
there will be the same pressure from shorts
that there has been in November The
short interest is large, and the receipts are
marvelously small for so large crop. Pro-
fessional money that has been employed in
Wall street latterly seems to have been
Withdrawn from that quarter and blown
into wheat.
THE WHEAT MARKET ACTIVE.
Speculation has surely got into wheat
again. The market to-day was very active
and, until well along in the day. the under
living tone was one of great strength. The
local crowd was bearish in sentiment and
sold enormously, but there was steady and
undismayed buving, regardless OF breaks
and rallies. Attempts to locate and CEN
tralize the buying were fruitlesS. Heavy
houses and light houses, brokers and COM
mission men with country ard city Client
ages were in the market on both sides, but
buying orders predominated apparently.
The opening was sc above the prices that
ruled at the close Saturday, viz: 904c for
November, 9114c for December, 92c for
January and 9S15c for May. December
and January advanced 4@35c and then
declined sc. Strong cables. excited con-
soils. war news from the Balkan states, the
threatening political outlook in Europe.
continued light receipts at primary points
and a renewal of the talk of decrease in
this weeks visible supply statement, all
aided to give strength to the market and
courage 10 the bulls and prices evinced a
disposition to crawl back toward higher
standards. The best prices were obtained
early, but
VALUES CONTINUED FIRM
until nearly the close, and quotations were
within easy reaching distance of the top up
to noon. The market developed sudden
weakness about half an hour before closing
and prices run down 19@3sc. 1t was cur
rently reported that several Of the largest
sellers of the morning gave up on their last
trades the names of two or three heavy
operators who have been supposed to be
under wheat for long campaign, and that
those same operators had unloaded between
1900. 900 and 5000, 900 bushels at profit
of ease. This gossip, whether true OF
false, was undoubtedly instrumental in
breaking prices the last half hour. At the
end of the long session wheat left off g q
&c below Saturdays closing. This after
noon wheat opened &c under the closing OF
the regular session and sold ssc lower, the
loss being partially recovered at the close,
which was 3s@1ac below the 1 o'clock
close. The latest quotations were 901Sc
December. 9O5ac January, 97c May.
Corn was moderately active, but devoid
of any striking features. The war news
caused the market to open at the highest
prices of the day, and &c higher than
Saturdays close. Longs took advantage
OF the squirt and unloaded early. Shorts
did not care to buy. Cargo receipts were
expected tomorrow, as the weather was
clear and cold.
THE ABSENCE OF SUPPORT
produced break of &c on November and
year and sc on the longer futures. The
latter received more attention and
showed more strength than the nearby.
November was dull and broke from 1870
to 1890 and closed weak. Year opened at
401@c bid broke to 40c and closed at 1910
bid. May closed at 3911sc bid. Shippers
made fair purchases at 451lc for Novem-
Der.
Oats were very quiet for future delivery
and the sales too meager to establish any
change in the rates.
Pork and lard opened at an advance upon
Saturdays concluding quotations, and after
l spasmodic bulge in pork the market
wilted. Compared with Saturday, Novem
Der pork closed at l o'clock Zoe lower. De
cember 15c, and January and February
1719c. Lard closed 755c lower for Novem