St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-12-01
MIXED THEM AGAIN
M;nneanolis Millers Accused Of the Helm
GUS Crime of Covering Shorts at
Low Prices.
Everybody Wanted Little Wheat, and the
Price Was Forced Up So Cents
Over Saturday.
Hog Products and Corn Were Also
Active, But the Advance was
Partially Lost.
The Brokers at New York Pretty " oi'
Divided Over the Future Oh
Prices.


Special to the Globe.
CHICAGO. Nov. 30.-It is almost certain
that there will be a large increase IN the
visible simply tonight 1t is generally adj
mitted that all the bull wheat cilques are
dsbanded. The war when 50 helpeu an
advance at its outbreak seems about to END,
and the Minneapolis millers have half car
ried their threat TO shut down. 1t does
really look as if there was not just now
ANYTHING or anybody equal to prevent de-
cline i'm prices. The failure of the Jones'
Fldrege-W Willard ssclique to advance wheat
illustrates how much bigger the Chicago
grain market has become than it was five
years ago. 1t is, indeed. so far as wheat Is
concerned, now beyond being manipulated
to any dangerous extent by any one man OF
Dy any one clique. This recent syndicate
s,sss a good deal more money at It's com
nsnd than had Handy. to run his 1850
corner with, but while he succeeded
this latest combination failed utterly.
With New York and st. Louis and
every other great speculative center now
scalping the market every minute III the
day, it's no longer possible for anybody less
than Armour to buy enough wheat to cause
a panic of shorts. 1t was pretty generally
estimated that the CLIQUE had in Eldrege's
office certainly 5000, 900 bushels of wheat.
and perhaps 10, 900, 900 bushels, yet
PRICES SLIPPED SLOWLY AWAY
from it. and at no time did the clique have
the control of the pit. The pork deal has
evidently been at last captured by the pack
sra. The break in wheat made all sorts of
produce more or less unsteady. The heavy
selling by Armour & Co. broke the price
for January under SO. The clever out
sders however, who followed Hutchinson's
lead and bulled the product at the very
season of the year when packers wanted it
to go down were generally lucky enough to
get out with profits. The immediate pros
pect now in the pork pit depends on
the statement of stocks. If these
are increased beyond precedent it
will show that the packers claim that de-
mand for provisions is poor, is true, while,
if the stocks have not increased so tremen-
dously, it will prove that the demand for con-
sumers has been sharp end that a great
many of the live hogs received have disap-
peaTed as fresh meat With the collapse of
the wheat deal disappeared all the chance
of squeeze in year corn. Nothing so dis
mays one manipulation as the collapse of
another. Besides the receipts of corn have
increased materially. The grading, of
course, is poor yet, but it is not any longer
easy to squeeze No. while
THE WANTS OF EVERYBODY
except the spectators are supplied by lower
grades. The speculative markets were
strong to-day. Wheat opened timidly at a
loss from Saturdays closing figures of 40
&c, but advanced Immediately 5s@%c.
At the beginning of business there was
some realizing by commission houses but
offerings were limited and shorts, becoming
nervous bid the market up. The specula-
ton was in January and May options.
January reached S424c and May Ole. at
which point the local scalpers organized a
raid and carried prices down 1c. That was
the bottom, and the shorts began to run at
the first sign of rally. The
selling during the morning was
believed to be chiefly on the
account of the professional scalpers. Com
mission houses did not appear to have many
selling orders, and in the opinion of the
scouts Of the wheat pit very little long
property came out. The price of December
advanced to S49S@s479c, January to s5c
and May to 9156c by II o'clock, and the
market took on an appearance of consider
able tirmness. The story obtained currency
that the Minneapolis millers bought between
5000, 900 and 4. 600, 900 bushels of January
and May wheat this forenoon, beginning at
the bottom and buying up and down, get
ting good deal from Hutchinson, to whose
selling
THE PRINCIPAL BREAK
of the morning was attributed. After II
o'clock prices receded slightly and the
bears undertook another raid, but with re-
suits disastrous to themselves. The mar
l1et rose right up under them and from the
depression touched on the momentary de-
cline advanced lie, closing 13@Ic from the
top. at S514c for November and December,
S5%c for January, S64c for February and
92@92 sc for May, an average gail from
Saturday of 14@13sc and from the
lowest level of the morning of &c.
The report that the Minneapolis mill
PTS had bought in most of their short
Wheat found many believers, but the prin-
cipal element of strength late in the session
was the prevailing impression that the
Btatisticians had made miscalculation in
their estimates of the increase in the visible
supply this week. Two or three days ago
they were talking about a 1000, 000-bushel
increase. to-day many of them reduced
their estimates to 300. 600 to 500, 600 bushels,
stocks at Minneapolis, New York and other
points showing up lighter than had been
anticipated. Rumors were also atioat that
THE NORTHWESTERN MILLS
would be running again before the close of
the week. Nobody seemed to know the
origin of this gossip. but it was floating
about nevertheless Weakness again pre-
vailed on the late board, offerings being
larger and the demand limited. notwith-
standing reports from Baltimore that eleven
6oatloads of wheat had been taken for ex-
port. Prices declined, closing 4@1Sc lower
than at o'clock at S5c December, S515c
January, sec February, 91%c May.
Corn was stronger and higher; Novem-
Der advanced &c, year &c, January lie
and May &c. A portion of the improve
ment was lost, however, November closing
at 10 o'clock at 415sc, year at Ale, January
ut 3S14c and May at 1890. The market
was nervous and the shorts ran at the faint
EST adverse breadth. Lester & Co. bid up
nearby futures but beyond soaring the
crowd did no damage. In sympathy with
The leading cereal the close of the corn mar
ket was lower with a weaker feeling, the
decline being X@4c, cash selling at the
same price as year. Latest quotations were
i1c November. 405sc December, 4OIc
year, 3SAc January, 3915c May.
In the speculative deal oats were Re
higher. The cash market was dull Offer
hgs were small and parties who had to
make up 5000 or 10, 0O0-bushel lots were
obliged to pick up car lots. Holders forced
them to
BID ABOVE THE MARKET
Tor what was needed. January oats closed
1t 2T5sc and May at 315s
Provisions were again strong and higher
The volume of business transacted was
arge. The advance of pork compared with
Saturdays last quotations was 2215c, in
lard 719c and in ribs 5@1Oc. Brokers
seemed to be loaded with buying orders and
the closing at 1 o'clock was at outside
prices. This afternoon. however. the
market was easier, pork losing Zoe with but