St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-11-06
WHEAT UNSETTLED.
Wet Weather, Light Receipts and Local
Leverage Brighten Shorts and Early
Trading Was Quiet.
Trading Was Mainly Speculative to Fill
Contracts but the Close Was About
One Cent Higher.
Corn Was Active and Strong, Oats
Higher, and Provisions Moved
Upward.
Par Predicted for st. Paul--.A Day
of Activity in Wall
Street.
Chicago.
special to the Globe.


Special to the Globe.
CHICAGO. Nov. 5.-The tone of the
cables was weak this morning, ana private
wires reflected more dismal state Oh alLalrS
on wheat across the water than the puollc
dispatches New York was rather gfoggy
and uncertain after the Shake-up Yesterday
afternoon. Diminishing receipts at the
northwestern points OF concentration, ana
a feeling that perhaps yesterdays late break
NAV have been without sufficient justfica-
ton. Inspired the bulls and many of the
professionals with ambition to buy, and buy
they did, With the outside influences run
ming strongly beariSh, Chicago wheat opened
&c above where it left off, viz, S815c for
December. SS5Ic for January. and 9519c for
MAY. December and January advanced &c
from these figures, and May 55c. After the
first hour the tendency was downward, and
the o'clock closing was just shaving
above the opening, and though several
times prices spurted up as II they were
going through the ceiling, the market did
not have the buoyancy that the most mer-
cural of the bulls would like to have seen.
On the contrary the drift was the other
way, and more bear talk was heard on the
floor Of the exchange than for many day,
the burden OF their song being an increase
in the imports into the United Kingdom,
an increase in amount on passage in the
face of shrunken clearingS for American
ports, American stocks 100000 bushels
more than they We're at this time last year,
and prices f3c higher, etc.
Degrading THE OUTLOOK
Chandler q Brown say: ''Wth everything
in the outlook favoring a decline in prices
for the past three days, they have advanced.
The sentiment of the local crowd generally
is extremely buiiish, and they have bought
freely to-day for long account. We do not
believe il the advance, and look for lower
prices. The increase of 100000
bushels on passage, bear out
our statement Of a few DAYS since,
that England is getting all the wheat
wanted from countries other than the
United States" George Everingham says:
The market is certainly in very nervous
and unsettled condition, ana jumps around
one cent per bushel without either rhyme
OF reason; but amidst all the hubbub it is
evident the market is on the upgrade, and
that all setbacks are but temporary, and this
we think will continue until we reach
higher level Tran at present. Hence we
expect a nervous market with frequent
breaks, but think wheat purchase on every
Decline"
Winnie says: THE trading having
dwindIed down to a local fight, fluctuations
are frequent but unimportant. Not the
kind of market
OUTSIDERS CAN MAKE MONEY
out Of especially if they work on small
margins. The entire absence of a great de-
mand is still noticeable. ConsOlS are I'M
changed, so there is no chance to work the
wal rumOr business. The unfavorable
weather prevailing now all over the country
TetardS the movement from first hands, and
this lighter movement favOrs tie bulls
greatly. and is really about the only legiti-
mate argument they now have. Mill
ers in all sections report flour
dull. The large holders show no
signs of unloading yet and all are afraid to
short the market While this is the case,
we see nothing in the world to sustain an
advance now. and regard short sales COM
paratively safe on ali important bulges."
This afternoon wheat advanced Sake,
with strong buying by local houses, closing
at SS35c for December, S914c for January
and 9575c for May.
The corn market is in an anomalous con-
dition these days. Cash corn is, and has
been selling at 5I@1c over seller for the
month, and shippers cannot get enough Of
II. L Htll lU-Udt Jue crown UOuSllG May
and sold year corn, but now
a MAJORITY OF TIE OPERATORS
are buying year and selling May. This has
brought the two options close together in
price. whereas the difference has been Ia
lie through summer and winter months
The premium of cash over November corn
is explained on the theory that New York
support for this months delivery and that
extraordinary endeavors to get the neces-
sary property on the way East before the
18th, which date marks the formal
close Of navigation. Commission men
find it profitable to handle corn at present
prices here, and in New York they are
making hay while the sun shines. The late
close was steady at 40$5c November, 3S34c
year, 3655c January, 3S5s May. Oats were
very quiet in a speculative way. but prices
did not undergo any quotable change. No.
2 for December closed at 2614c, and the
closing for May was 3O4c.
A rather firm feeling in oats is noted.
Provisions were strong to-day. A large
number of outside orders for pork and lard
We're filled on an advancing market. and
the packers as usual, were the sellers. The
country is taking hold of the product at
current prices with considerable confidence
apparently. December pork closed Csc
higher than yesterday, and January 1715c
higher. The market was shade easier
this afternoon, closing SS.45 December
1885 January pork, IS December, S6.O715
January for lard, S4.67H November, $4.70
January for ribs.
PETER BERKEY, Pres. f. w. ANDERSON, Cashier.
c. w. GRIGGS, V. Pres. a. c. ANDERSON, Asst. C.
THE ST. PAUL NATIONAL BANK,