St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-11-12
A Heavy Drop Without a Trade Turns
the Corn Crib Upside Down
With Rush.
The November Squeeze Collapses, Prices
Falling Nearly Four Cents,
Later Recovering.
Wheat Was Steady, But Neglected.
Provisions Stronger and Higher
With Good Trading.
The Day at the Banks and on tne
Stock Exchange--F1 Financial
Matters.
Chicago.
special to the Globe.

Special to the Globe.
CHICAGO. Nov. 11-There was more III
terest in pork and corn to-day than IN
wheat. In the latter there was the liios'
humdrum market imaginable, with JUST as
little action as possible. Inc professionals
have +urned their attention temporarily to
other pits, where they can ge' qulGAei
action and the commission men complain
that there is no speculation in the standard
cereal. If the receipts continue as light as
thev have been for the past few days the
next visible supply statement may show a
decrease, but it is question in the minds
of many close students of the situation
whether such a showing would not
be deceptive. as the stocks in country
elevators in the Northwest are
thought to be increasing. Those
stocks can be made available in very short
time, and might, without serious strain, be
classed as such. Reports from nortn anu
west of ST. Paul are that farmers deiiVerles
are rather on the increase. but the railroads
do not saw that they are looking for an I'M
mediate improvement in the movement.
On the contrary, they say distlnctly IllaI
they do not look for any special accelera-
ton in the shipment while the market re-
mains in IFS present quiet state. The trade
is watching the Northwest very anXlouSly.
The buIIs profess to believe that receipts OF
snriag wheat will steadily fall away, in
which event they will feel safe Ill the falth
that prices will advance. The bears, on
the other hand, insist
THAT ANOTHER RUSH
of spring wheat will set in on the slightest
prov0cation and that an advance Will be
the signal for the precipitation OF millions
of bushels more upon the markets OF the
world. Conflicting views on this point
render the market very nervous, III spite OF
surface dizziness. The market to-day was
quite dull and steady, the range OF prices
being 5SGD$4c. The opening was sc be-
low yesterdays closing. Good buying sent
prices ND &c, and then there was decline
of 35@%c, followed by rally which
brought values back to the starting point,
but the close at 10 o'clock was easier, the
last sales being on a basis OF 6718c for No
vember, SS4c for December, oSA 9o9sc
for January. and 95$5c for May. The last
was &c under yesterday. On GOOD buying
by local bulls the market eased off trlf1e
this afternoon, closing 16@1ac under yes
terday, the latter for January.
Chandler & Brown say tonight: The
outlook continues to grow weaker, and
we tx JecI II ScllSI Va ANiiS
BY the weak bulls in the near future"
Corn came near precipitating panic on
the crowd. but nobody i'll particular was re-
sponsible for it. 1t has been enormously
said that 1.-The clique let 60" There was
NO PARTICULAR CLIQUE
Inder it and therefore no grip to be re-
eased. 1t was one of those peculiar deals
where the article comes itself. For days
past the shorts have been crying for corn
and almost daily bidding the market up.
They came in with a decided rush to-day
and as a result somebody got his fingers
burned. The big shortage in November
has been at all the large speculative points
and places of actual consumption, like
Peoria Cincinnati, etc. The speculative
shorts were located principally at New
York and Chicago. From an opening at
45&lc for November to-day, there was such
an enormous demand for it and such scant
offerings that the price ran quickly up to
47c. Here some large lots changed hands.
Leopold Blum is alleged to have bought
about 100 900 bushels, picking it up from
brokers. Ball also paid 47c for about
so. 600 bushels. The Youngs sold IS, 600
bushels at 47c. At this point stop orders
played sad havoc with the market. They
came in by the dozens from all imaginable
quarters There were few commission
houses trading in this grain, but had them.
most all being within 1c of the market.
Bliss probably sold around 47c, as he was
induStriously engaged
IN HAMMERING THE MARKET.
afterward. There was drop of 1c without
a stop. when the feeling became still more
panicky. the crowd almost climbing up on
each others shoulders in their anxiety to
sell. The rapidity of the break is best Illus
trated by a few examples. Lverngham
had stop order at 4619c. He got it off at
4614c. but before he could rush to the tele-
graph counter, fifteen feet away, and wire
his client the market had broken to 44c.
Milmine & Bodman had stop order at
$3.50, which they succeeded in
executing at 1870. A broker for
CounseIman started in to sell
at 45Hc and took 4315c. Dwight & Gillette
were in about the same boat. Mccormack
Kennett had stops at acc and sold at 1870,
the nearest they could get to their figure.
There were very few sales between Acc and
431lc, though the tickers sent frequent
nominal quotations between those points.
The probable range of the market was from
Al to 4314c After it had steadied up to 44c.
and between that and 4412c McDermid.
Russ, John Rumsey, Clifton and other big
operators took in fair-siZed amounts. 1t is
now thought the celebrated November
shorts are all in
AND THAT THE SQUEEZE
will extend no further in the month. 1t is
reasonable that if any large lines are still
out they would have made themselves ap-
parent when the figure was down to nearly
43c. On the short afternoon market long
futures were stronger and higher than at l
o'clock. closing 4411ac November, 41c De-
cember Ale year, 37Ac January, $3.50
May. The large receipts of hogs seem to
have stimulating, rather than depressing
effect OH the price of the product. The shorts
were the best buyers in all speculative
months, many of them fearing manipula-
ton, and not caring to be on the short side
in an excited market. A large amount of
speculative trading was done in provisions.
The closing at O'clock was 20@22c higher
for pork than yesterday. 715@10c for lard,
and 5@71Sc higher for ribs, concluding quo
tations being below the best prices of to-
day. The close was rather weak. This
afternoon ribs were trifie easier, but other
product closed firm at nearly outside prices.
January pork closed at $685., January
lard at $500 and January ribs at 81. S919.
PETER BERKEY, Pres. F. W. ANDERSON, Cashier.
c. w. GRIGGs, V. Pres. A. c. ANDERSEN Asst. c.
THE ST. PAUL NATIONAL BANK,
CAPITAL, S5OO,00O.