St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-11-22
FOOD AND FODDER.
The Week Just Ended Shows an Appar-
emily Healthier Tone to Values Of
All Speculative Articles.
Northwestern Millers Betraying Anxiety
to Get the Best of the Farmers
and Bear Wheat.
Wheat Slow, Closing at Bottom
Prices; Corn, Oats and Provis-
ions also Depressed.
Chicago.
Special to the Globe.

ent occasions during the week. Surprises
have literally trod upon each others heels in
their anxiety to reach here and get to work,
and in keeping with the most marked char
acteristics of surprises, they have come
when and where least expected. Novem-
Der corn surprised everybody by not keep
ing up it's advance. Oats attracted atten-
ton by reason of their unusual strength.
MunchauSen stories come over by cable
which of itself is of remarkable occurrence,
while the staid old pork pit lost all control
of itself and sent prices up nearly 81 per
barrel. Touching provisions first. though
they were the last things to advance, it may
safely be said that the problem is simply
one of supply and demand. Ever since last
July the popular thing has been to sell pork.
Prior to the time mentioned the trading
option was reasonably steady on basis OF
S12.5O, but with little effort it was forced
down under S12. and thence on the decline
has been almost as steady as well-regulated
clock-work, until the shrinkage aggregates
about 50. Packers managed to keep
THE MARKET AT THE YARDS
up in fair shape, but it was only by taking
about all the offerings, and those were a
small matter of so, 900 head daily. 1t took.
however, all their attention, and for a time
they left the speculative market to take
care of itself. Lately packing interests
have realized that the manufactured pro
duct was too low, and set about for means
to advance the market. The best way to
accomplish this was by buying the stuff,
which they did to such an extent that the
shorts became panic-stricken. Packers, OF
course, then left the market in the hands OF
the short sellers, satisfied to see them force
it up as high as they wished. A few of
this unhappy set came in Thursday, paying
sos for January, but the bulk got in at
much lower figures. The advance once
started, country orders came in with free
dom and held up the market until it weak
ened from natural causes. January closed
at $10.07I, against S9.671a a week ago.
While the bulge was undoubtedly started by
manipulators, the advance was considered
healthy. Pork has been too low, lower
than manufacturers could afford to have it,
notwithstanding the apparently unlimited
hog supply. and lower than the speculative
trade can stand market to be healthy.
There is, however, very wide difference
Of opinion as to
WHAT PORK IS WORTH.
Col. Fayorite, who is practically Phil Ar
mour on the board, says hessdoes not think
pork will 60 much lower. He held this
opinion even prior to the recent advance.
AS to George Eldredge and his house. the
memory of a man runneth not back to the
time when they have looked Oh the whole
provision list as anything but sale. Lard
during the week made a net advance of
about 10c and short ribs the same Wheat
is higher than it was weekago, with prob
ably the local crowd growing less bearish
than formerly. By LESS bearish'' is not
meant more bullish, nor can this inference
possibly be drawn unless the market is
looked at through glasses colored to suit the
party using them. The explanation is, in
fact. that pretty much of all the former
friends of wheat have staid by it. while
those who have opposed it have fallen in the
habit OF saving less against it and are get
ting out of the short side of the market.
This they can do without helping the mar
ket by any purchases of long wheat. Ar
mour, for instance, rarely lets slip an Oppor-
tunity of advertising the fact that he has
some 400, 900 bushels stored away and that
he thinks well of it. The big first-foor OPP
orators continue on the bull side. Briefly
THE WHOLE WHEAT SITUATION
hinges Oh the crop movement and the show
ing made on the visible supply statement.
Material increases in the latter will doubt
less bring about lower prices, while de-
crease and small amounts coming from
farmers will have correspondingly
strengthening effect. Another dull day on
change. Gables were tame war news
ceases to interest. and the great bulls, who
are supposed to be under wheat, made no
sign, while the scalperS and the MinneapO-
lis crowd bore down prices. The market
seemed to be in settling mood. But even
in the absence of support, and with the
bears clawing industrousy, surface values
remained surprisingly firm. Minneapolis
sold through Foss, Strong & Co., and
Rosenbaum Bros, Crosby taking rest.
Dispatches were printed in the morning
papers to the effect that an enormously
powerful syndicate in the Northwest had
resolved upon breaking the market by pour
ing in upon Chicago 200, 900 or 300. 600
bushels of wheat, and that steps had al
ready been taken to that end, the first con-
signment of 100 cars having left st. Paul
last night bound for Chicago. Somehow
the tale failed to break the market to pieces,
but the opening was below yesterdays clos
ing A@3sc and the range of prices con-
tinued On scale Of
SLIGHTLY DEPRECATED VALUES
never, however, sinking to depth that
looked like weakness. Throughout the
market was held up more by the moral IN
fuences of reserve strength than any
other definite course. Although buying
orders were not plentiful, the bears expert
enced great difficulty in knocking off frac-
lions. ''The fact is" said Mr. George c.
Walker, ''that the Northwestern Millers
association has ground up 25 per cent. of
this years crop of wheat. which it has not
paid for, and has sold the flour at lower
prices. The millers are bound to lose mill
ions of dollars by their practi-
cally 'shorting' the market at low
prices" 1.-THE SYSTEM" continued Mr..
Walker, sin the Northwest is like this:
The farmer. when the roads are good, hauls
his wheat to the warehouse and takes the
warehouse receipt Of the Millers' associa-
ton. The farmer does not sell, but simply
stores his wheat. Now, the association has
taken a large part of this wheat and ground
it up. 1t has yet to pay for it. and it is
pretty certain that it will have to pay very
high prices unless the farmer can be led into
selling now. This explains why the mill
ers are moving the heavens to break prices