St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-11-07
Several Prominent Operators Who Have
Abandoned for the Present the
Long Side"
Twenty-Five Thousand Carloads of Wheat
Now in the Chicago
Elevators.
The Close Was Easy and Lower in
All of the Speculative
Articles.
Stocks Opened Strong but Closed
Weak, Large Lines of Stocks
Being Thrown.
Chicago.
Special to the Globe.

CHICAGO. Nov. 6.-''There is now,
said MI. William Dunn, the largest and
best known exporter of grain in this market
''enough wheat at Chicago to Ill S,ooo
cars. But not a carload goes out ana APP
parently not a carload is wanted Iof export
I'v been believer in wheat for long
while and bull [ turn now, not be-
cause the market is weak.-for 1t is not
weak. but strong-but because already the
harvest is four months past and there is not
demand enough, in my opinion, to warrant
the prices"
MIR. Norman B. Ream was asked to give
his oninon of the wheat market. He said:
II prefer not Dto go on record just now.
have nv opinion, but just now l prefer
not to express it." Mr.. Ream then turned
about and went into Nat Jones' private
office
Somebody" said T. NJ. Baxter. has
the wheat and is holding very firmly l
feel bullish on the market Wheat is
needed in outside speculation. Just now
there is more action in stocks, that is a more
attractive market than this. Wheat, how
ever, will have its turn, and then prices
will go up"
Lmdblom had Milwaukee dispatches to
show that farmers deliveries OF wheat
along the st. Paul had fallen off % per
cent. Last night the Minneapolis millers
raised the purchasing price Of wheat &c
bushel. This probably had something to
crowd is, it Thinks feeling posted as to the
tricks of the
SOUTHWESTERN FLOUR GRINDERS.
''When the millerS want to SELL said
trader who was very certain that he encom-
passed their schemes, they raise their pur-
chasing price to their agents so as to make
strong Chicago market to sell on, and when
they want to buy they reverse the tactics"
Wheat opened to-day 75@4c higher than
it left off yesterday and advanced feebly on
advices that Minneapolis mllers had
marked up the prices. The discovery
was made shortly that they had followed
the MAKEUP announcement with large
selling orders. whereupOn the crowd jumped
on the market and broke it nearly 119c.
The professionals and their followings have
taken to ''coppering' the proclamations of
the Minneapolis niilers Of late with con-
siderable profit. Tips" from that quarter
are at discount from face value. New
York was a tremendous seller, Milmine,
BOdman d Co. leading off. Of the local
crowd Jim Love was the most c0nspic-
uous seller. If the Rean party was in the
the great bear operator was getting on top
OF the market was generally diScredited.
Liverpool was not strong and New York
dragged and tugged at Chicago all day. Its
influence was
TOWARD A LOWER RANGE
values, and this was one Of the days when
New York was power in the market. A
breeze from Bulgaria freshened the bulls
toward the end of the morning session, and
they put the price up a5c. This brought
the net decline from yesterday down to 1c
on cash, go &c on December, and &c on
January and May The situation at best
had few elements of strength, and although
the closing at 1 o'clock was at better prices
than ruled at the lowest ebb of the
market, the bulls themselves were
not sanguine that the values would
hold. Bear talk was loud and
bear predictions of unusual boldneSs. This
afternoon wheat slid down &c and the
situation was described as Every weak"
the latest figures being SEC for November,
S7$5c for December, SSc for January, 9435c
for May. 4 trader says in tO-day's
Daily Business. ''MOralsts who do not
know what they are talking about rail at
the board of trade and charge it with en-
couraging gambling and keeping the coun-
on the Chicago board of trade makes a
market for the farmer that enables them to
obtain 20 per cent. more for products of
their soil than they could otherwise, and
this fOotS up tens OF
MILLIONS OF DOLLARS
every year. The farmers do not send their
money back to Chicago. They keep it.
Speculation keeps Chicago prices up and
Ornl-ac If fine host market in tho world
Were it not for Chicago, the bears of the
East and Of Great Britain would drag values
down to a level that would force the agricul-
tural nose of tie great west and Northwest
down on the grindstone and hold it there.
The farmers may well bless the Chicago
board of trade. 1t is their best friend"
Corn was again strong. Those who were
DESTROYS of buying cash property had to bid
for it and at one time it was at a premium
Of 13fc over seller the month. The closing
price was 421Ic, and the closing sales of
November We're On basis of 4035c, which
was as high as the market got. There was
less activity in the deferred futures. and no
special change i'll values occurred. Oats
tirmed up somewhat and were quOtably
higher, just quotably, May alone showing
weakness. Provisions underwentn change
of consequence. Speculation was slow and
business was quiet. Prices were held
steady and the packers and brokers had
little to say. Receipts of hogs continue
within expectations and do not at this time
act as disturbing element.
PETER BERKEY. Pres. FW. ANDERSON, Cashier
C. W. GRIGGs, V. Pres. A. C. ANDERSON, Asst. c.
THE ST. PAUL NATIONAL BANK.
CAPITAL, 100000.
Corner Fifth and Jackson streets.