St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-12-03
The Market Showed Decided Strength, Ad-
vanoing Sharply and Closed at
Outside Prices.
Corn Dull, Oats Trifie Higher, But
Provisions Closed Lower But
Steady.
The Stock Exchange Gives Ev1oehce
of Approaching Holiday DULL
ness--FinanciaL
Chicago.
Special to the Globe.

member of the board was bull to-day.
Wheat at one time showed an advance OF
11lc and sellers of calls were very much
parturbed. There was a little war news to
vary the monotony. ConsolS were quoted
ex-diyidend, and this fooled half the trad
ers. 1t was really remarkable that after
all the big ''lays" had liquidated, after the
announcement of big increase in the VS.
ible supply, and after everybody, locally,
had gotten fixed for a landslide in prices,
the market should show exceptional
strength. The fact that this was some
thing that was unexpected and rather Hiys-
FERROUS made traders wary ana III
clined 'sshorts'' to cover. Perhaps the IacG
that receipts were only moderate had some
thing to do with the strength, but prooaoly
NOT. It has been sort Of sentimental
market for a week or more, wherein
cables supply. demand and surrounding
markets have had no influence at all. Inc
domestic situation is more favorable, and
the bulls now ennumerate among the causes
which should lead to
THE ELEVATION OF PRICES
these facts: That receipts at primary
noints in the Northwest are certainly d.
minishing very fast; that the movement OF
spriug wheat from first hands must grow
less and less from now on; that the mlllers
in Minneapolis are no longer hammerlng
the market, but are quietly resting on their
oars awaiting an advance on the price OF
flour. taking care in the meantime to let
very little Northern wheat float past them
on the sOuth-bound current; that the Win
ter-wheat region has consumed its grain
and is now drawing on the stocks III store
in Northern markets: that these drafts
must in the very nature OF things, become
heavier as the season advances; that.
whether the Minneapolis mi1lerS grind or
not, the visible supply will not show an IN
crease after the 18th, and possibly not after
the 18th of December, and that the process
of the extinguishment of the visible supply
will be so rapid that the mountain will melt
away long before receipts from the next
cIopS begin to come on the market. The
bulls are more conversatiOnallY disposed
than they have been for several days, and
the shifting ''crowd' is i'll mood to listen
to their talk with patience. The facts upon
which they base their arguments have eX-
listed for some time past, but nobody will
listen to bull lectures on
A DECLINING MARKET,
skeptically asking, what protiteth 1t II
man hath too much wisdom and loseth his
margin? Wheat opened to-day where it
left off yesterday. and the drift was stead
ily upward until nearly the 10 o'clock close,
which was &c below the top. The advance
established compared with the last quota
tons yesterday was &c. Commission
houses and receivers did the heaviest selling
early in the day, and the shorts seemed to
be the principal buyers. The bears made
an effort to break the market, but failing in
that many of them turned and went the
other way. On the afternoon board
stronger feeling prevailed, and higher prices
ruled on grain. The air was filled with alb
surd rumors put atoat to account for the
advances, put the only one having any
weight was the fresh complications that
were about to occur in Europe. Closing
sales of grain were at outside prices. and
showed an advance of 5s@Ac, at $500 De-
cember SIC January, ST1ac nominal Feb
ruary, 9314c May.
SOME OPINIONS GIVEN.
L. Everingham:
Those who endeavor to base an argument
upon the enormous visible" fail to take
into consideration the additional points Of
accumulation which are now embraced in the
visible stocks. Neither do they seem to be
able to comprehend that the invisible, or the
stocks left in farmers granaries are more
than 10 900, 600 bushels less than they were
one year ago. This latter fact will only be
considered by the bear element when the visi-
BILE is being rapidly reduced and the drafts
upon the Invisible, in the way of daily re-
ceipts, are largely diminished.
c. \. King:
When prices look cheap wholesale and re-
tail merchants in all branches of trade an
ticipate their wants-even the frugal wife
lays in an extra barrel of iour-but when
prices are regarded as high they are disposed
to go from "hand to mouth, a fact which
shows that everybody speculates. That is
with possibly one exception-the Minneap-
oils mlers. They don't speculate. The sew
eral millions they are reported to have
bought in Chicago for the past few days
were to grind. What generous and noble
men to pay the freight to and from Chicago!
The 100000 bushels in store at Minneapolis
must belong to farmers whose identity is pre-
served and being held sacred.
Chandler Brown:
Ii we are to have another series of war
scares we will have hard market, and perhaps
higher prices, but without these we will get
lower prices. The fact that scalpers and pro-
fessional spectators are bulls will soon prove
an element of weakness.
George Bodman:
am afraid this boom in wheat comes too
sudden to hold. ! advise watching close now
for good place to sell, and it is not far away
/ judge.
The year corn deal is provoking more
comment now than wheat or pork. To-day
over so. 900 bushels of corn was shipped out
on the steamer Liberia, and the holders of
the cash kept all they had
to themselves. The pressure from
the shorts was shown by the fact that
the price of cash was kept above the price
for December. Lester IL Co., who are en-
cheering the deal. have kept bold front
on, and although this was only the second
day of the month, there were orders re-
ceived by firms from shorts to buy cash to
on g.
Co. are said to be loaded with December
for the account of Chapman of st. Louis.
Between the two firms there is said to be no
connection in the deal. Opinion is divided
as to how large the shortage is. Last No
vember, although the price at one time
pushed up to 47c. not bushel was de-
faulted on. Some of the deliveries came
in at almost
THE LAST MINUTE OF THE LAST DAY.
1t may prove the same way this month.
Every little corn trader may fix himself for
a squeeze. and then surely the squeeze will
never take place. Nat Jones enlivened the
pit by bidding 40c for 400, 900 bushels Of
May. He sold the very next instant 100,-
900 bushels of May to A. II. Bliss at 401sc.
The close was strong and 4@1ac higher
than yesterday at 41c year, $3.50 January,
SSc February, 401sc May.
Oats were stronger and nc higher under
good demand from shorts. December
closed at 29hc and May at 315s@32c.
The stocks of provisions, as shown by
the monthly statement of the registrar.
We're so much larger than the most liberal
estimates of the traders that the immediate
effect was to depress prices this morning,
pork being the weakest article ON the list.
A total of 127, 900, 600 pounds of the product
in store on the 1st of December against
$4,000, 600 poundsa year ago and 81, 600, 600
pounds on the 1St Of November last was too
much for the equanimity of the trade, and