St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-11-25
An Advance in Oonsols and an Increase in
the Visible Supply Breaks the
Wheat Market.
Reports From the Minneapolis Millers Still
a Thorn in the Side Of the
Heavy Bulls.
Corn Trif1e Higher and Provis ions
Experience a Genuine Cold
Weather Boom.
Wall Street Under the influence OF
London Quotations Shows De-
cided Improvement.
Chicago.

)f war excitement, auSllenIlilS lccelplS dI
primary points, swollen visible supply,
arger by more than 100, 900 bushels than
It was about week ago, and a powerful
bear party hammering away at the market
Tor dear life and flooding the country with
bear talk, it holds with a SteadineSS that is
to many amazing. The market has been
slowly settling for several days, but it has
not seemed weak at any time. 1t has been
subjected to slight pressure at home and
abroad that would have ordinarily sent
prices down 1c per bushel. From the nature
of the news this forenoon the crowd looked
for great break in prices to-day, and the
opening was %@Tc below yesterdays clos
ing. Quotations hung about that point for
a while, but instead of going to pieces the
market slowly hardened and prices ad-
vanced. The top was touched at SS14c for
December, SS59@SS$lc for January and
943sc for May. which was &c above the
opening and within 4 of yesterdays clos
ing price. Mr. Armour talks very bullish
over it, and says that the talk of shipments
by the millers of wheat here is
A SILLY BLUFF.
n. B. Ream is as bullish as Mr.. Armour,
and Mr.. Hill, owner of the Manitoba road,
not whit behind them. They are all bull
ish, are closely allied. land there you are"
December wheat did sell at SS35c, but did
not stay there long. There was not enough
trading to keep prices up without bOlstering
and nobody apparently was able to do any
bolsterng business. The receipts to-day
and the anticipated receipts for tomorrow
were enough larger than have been coming
i'll of late to turn the tide in the favor of
the sellers. The traders in the wheat pit
have all become wary of selling shorts on a
large scale, and this contrasts the amount
of business done. 1t is generally accepted
that y. B. Ream is in wheat Oh a scale COM
mensurate with all his speculative dealings,
and it is almost universally accepted, too,
that Armour is in some way allied with
him; then if Mr.. Hill is in the pool it really
makes a formidable clique for any short
seller to contemplate. The latter has lost
the advantage of heavy carrying charges
now, and cannot make 2 cents every month
that he changes over. At 10 o'clock the
quotations were about &c away from the
above figures, showing a loss on the day of
about &c, the list through. There was
large trading early, but later it looked as
though neither bulls nor the bears were as
full of fight as they would have it appear.
AN EXPERIENCED OBSERVER
summed it up thus: ''fhere is large capital
and great nerve on both sides of the deal,
and the men engaged have respect for each
other. | do not think either side is tired or
ready to quit, but | imagine the bulls are
not over anxious to buy any more just now,
and, from what L can see, [ fancy the bears
have out about as long lines of shorts as
they care to extend. Both sides seem to be
waiting and watching, and | do not look
for aggressive action Immediately. [ think
there has been little quiet evening up
going on, though" This afternoon the mar
ket declined &c, closing easy at S739c No
veNber, S719c December, 89c January,
944c May. Concerning the reports sent
out from the Northwest. the Daily Bust
ness says editoriaily: THE Minneapolis
millers hit upon on injurious plan for giving
the widest publicity to bear points. They have
held an Indignation meeting and denounced
the Chicago Tribune for daring to intimate
that they are guilty of working the mar
kets and the farmers, thereby making a
profit at both ends of the line. They
threaten to sue the Tribune for libel, at the
same time advertising their regard for the
producer. and burdening their indictment
with a grist of eXtraneous statements to
emphasize their abiding faith in lower
prices. But for
TIE ATROCIoUs LIBEL
perpetrated by the Tribune, they could not
have brought these facts before the public
i'll as strong light, and in the face of their
attacks against wheat. it might have been
weakened. 1t is shown to cast suspicion
on the guleleSs grinders of the Northwest.
They have been industriOuSly looking for
the worst of it for these many years. and it
is CALLING to be accused of trying to chisel
anybody after having made a record for
philanthropy"
Corr was moderately active and stronger,
due TO bad weather. a decrease of $40, 900
bushels in the visible supply and increased
buying by local and New Y ork parties. Re-
ceipts were nearly as large as expected sos
ears, and $50 cars were estimated for to-
morrow. Shippers bought moderately but
paid little premium for No. 2. Offerings
were fair for time at the opening. but de-
creased and the market gained strength
from the action of a large operator who
bought at the bottom, but on the advance
sold. Year was the favorite and opened at
4119c, sold at 414c, advanced to 421lc. but
dropped to Il &c when the demand fell off,
and closed at &c. November sold at 42b
043c and closed at 423lc. May closed at
3915c. Compared with yesterday. prices
were 1@14c higher.
Oats were 1s@Ac higher and fairly
active in the way OF filling shorts.
PACKERS AGAIN BUSY.
The packers were busy again to-day at
the yards and on change covering their
short contracts. The packing company
was reported to be gathering in all the hogs
that were for sale at the yards, although
prices there were 10@15c higher. On the
floor they were believed to be buying. and
yesterday they took an enormous quantity
of pork. The good-natured provision
traders are now Eastern and Western spec
ulatOrS. They started the advance and
kept 1t up in face of the packers oppos-
ton. New York is believed to have made
about dollar barrel on very large
lines, Pork advanced this morning 25@3Oc
q barrel in the first hour and the pit was
crowded. January pork reached S1O.2715
and then, because the crowd became suspi-
ciouS that John Ramsey had orders to sell
from Hutchinson there was a little easing
up. For November and December an adj
vance of zoe was established, and for JAN
uary, February, March and May 15c. Lard
advanced sc. cash stuff closing 15c higher.
The brokers were the best buyers. and the
Kent party, which has been vigorously
bulling the product from the bottom, were
credited with liberal selling. The close
was firm at $500 December. S1O.15 Janu-
airy, S10.27H February, S10.65 May, for
pork: S6.22H December $3.50 January,
S6.S713 February, S6.45 May for lard, and
Sc January, S5.0719 February, for ribs.
PETER BERKEY, Pres. F. W. ANDERSON, Cashier
C. W. GRIeGs, " Pres. A. c. ANDERSON, Asst. C.
THE ST. PAUL NATIONAL BANK,
CAPITAL 100000.
Corner Fifth and Jackson streets